The Institute and Faculty of Actuaries (IFoA) is delighted to announce that John Taylor (FFA) begins his presidential term today, taking over from Jules Constantinou (FFA). John has been part of the Presidential team for the past year, in the position of President-elect. Tan Suee Chieh (FIA) joins the team as the next President-elect.
IFoA President John Taylor, said:
“It’s an honour to be taking on the IFoA Presidency for the next year. Since I qualified as a fellow of the IFoA, I have seen the role of the actuary change with the traditional focus on pensions and insurance shifting into wider fields. Technology has played a big part in that transformation and I believe we can continue to harness that technology in a way that will help us realise our potential.
“Every industry sector is being fundamentally altered by a deluge of data and both institutions and individuals are struggling to create value from it. This is where actuaries can play a pivotal role. Our training and expertise means we understand the business context and excel at generating value from data. But to be ready for new opportunities in new fields, we need to keep our skills current. So as I begin my Presidency, I am delighted to announce the IFoA’s first Certificate in Data Science, due to launch in March 2020.
“During my term as President, I also want to ensure that we keep the IFoA’s public interest remit at the front and centre of our members’ minds. We are experts in risk and we are living through a time when institutions that once shouldered risks on behalf of individuals are no longer willing to do so. Employers are closing final salary pension schemes and insurers are less willing to set aside capital to support long-term investment and longevity guarantees. Our profession has provided the tools and techniques to support institutions in the past. Now we must focus on finding ways to use them to support individuals. Helping them to manage risk will be vital not just for their future but also the future of the profession.”
The Presidential handover took place at the IFoA’s Annual General Meeting in Edinburgh on Wednesday 26 June 2019. It marked the first AGM in Scotland since the English Institute and Scottish Faculty merged in 2010. John is based in Edinburgh and in addition to his IFoA Presidency, he has this week become Chair of the Scottish Financial Risk Academy which is part of Scottish Financial Enterprise.
Derek Cribb, IFoA CEO, said
“I would like to congratulate John as he becomes the next IFoA President. Over the past year, in his role as President-elect, John has championed the role of actuaries in the fast-evolving area of data science. It’s exciting to see his passion come to fruition as a formal IFoA certification. John has already made an immense contribution to the IFoA in a variety of volunteer roles over the years and I am confident he will continue to do so as President.”
“I would also like to take this opportunity to thank both Jules Constantinou as he moves to the role of Immediate Past President and Marjorie Ngwenya, who ends her three year term on the IFoA Presidential team. And I also extend a warm welcome to Tan Suee Chieh as he officially becomes President-elect.”
Tan Suee Chieh is based in Singapore and will be the first Asian President of the IFoA when he takes on the role in June 2020.
IFoA President-elect Tan Suee Chieh, said:
“I am pleased to have been elected by my peers at a very exciting time for the IFoA as it makes increasing impact and inroads in Asia. We will continue to accelerate our attention on this part of the world, as Asia is of prime strategic importance to us. Also, we are all excited to continue our work in reinventing the profession to bring our influence to bear more decisively on the many challenges facing businesses and society.”
Beijing Representative Office
Wen Li FIA, Lead Representative of China and the East Asia
Tel: +86 10 65350248
Caryn Chua FIA, Actuary Representative of South-East Asia
Tel +65 6906 0889
Mobile +65 8838 5848
Sonia Sequeira, Media Relations Manager
Tel: +44 7525 592 198
Notes to Editor
1. John Taylor's Presidential Speech, delivered at the Institute and Faculty of Actuaries Annual General Meeting on Wednesday 26 June 2019.
2. John Taylor is a Partner at Hymans Robertson and currently the Head of Guided Outcomes. He has spent most of his career in executive level roles with a variety of product providers, most recently as Managing Director at NEST. After gaining a B.Sc. and Ph.D.in Pure Mathematics from The University of Glasgow, John started his career as a trainee actuary at Standard Life in 1994. He qualified as a Fellow in 1997 and his actuarial career has focused on marketing and distribution for a variety of markets including pensions, savings and insurance.
3. IFoA Certificate in Data Science
This credential will be available to IFoA members at all stages of their career and wherever they are located across the globe. It will cover topics such as Data Visualisation, Machine Learning, AI and Ethics, and the application of these to actuarial work. We expect enrolment to start in March 2020. Details can be found on our website along with an opportunity for members to express an interest in undertaking this certificate.
4. Mr. Tan was originally from Semenyih, Selangor and a Kajang High School boy. He graduated from the London School of Economics, after which he worked for Prudential for 20 years in a variety of roles in London, Malaysia and Singapore. These roles included Actuary in Prudential Malaysia, CEO at Prudential Singapore and regional managing director at Prudential Asia. After a stint in organisational psychology, he returned to the insurance industry as CEO of NTUC Income, a leading composite insurer in Singapore; he eventually became group CEO of the holding entity NTUC Enterprise, stepping down in 2017. He is a Fellow of the IFoA and Royal Statistical Society and was a Past President of the Actuarial Society of Malaysia and John Taylor's Presidential Speech, delivered at the Institute and Faculty of Actuaries Annual General Meeting on Wednesday 26 June 2019.
About the Institute and Faculty of Actuaries
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.
Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.