Incoming IFoA President says profession must look beyond insurance and pensions

The incoming President of the Institute and Faculty of Actuaries (IFoA), Matt Saker, (above) has called for the profession to look beyond its traditional working boundaries.

“Actuaries still work predominantly in the traditional fields of pensions consulting and insurance, but we cannot assume that this will remain the case,” he said.

“We must push forward with plans to work with our members to provide the right skillsets so that as opportunities in wider fields arise, we are ready to jump in and demonstrate the relevance of actuarial science.”

He said that the most obvious example is climate change which spans all sectors, in the profession’s traditional fields and beyond, adding that if the IFoA doesn’t equip its members to move quickly into these new domains, then others could move in first and the opportunity will be lost.

“I believe our current IFoA strategy has put us on the right path to give actuaries, qualifying now and in the future, the skills they will need to work across an even wider range of disciplines,” he added.

“But this is a partnership and we encourage our members to harness an entrepreneurial mindset and seek out new fields with new employers so together we can seize the initiative and showcase the broad range of expertise that actuaries have to offer.”

He added: “We must ensure we are adapting to a rapidly changing society. Many employers are rethinking the structures within their organisations and as part of that, the use of those qualifying in traditional professions like ours.”

“We are navigating the rise of the semi-professions, such as data science, where qualification and practice are less well-defined, and also dealing with advances in technology like Artificial Intelligence and Machine Learning which will change the nature of actuarial work. The marketplace for actuaries is changing and we must be agile in order to remain fit for the future.”

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