FOR IMMEDIATE RELEASE: THURSDAY 18 JUNE 2020
The Institute and Faculty of Actuaries (IFoA) is delighted to announce that Tan Suee Chieh FIA has begun his presidential term, taking over from John Taylor FFA. Suee Chieh has been part of the Presidential team for the past year, in the position of President-elect. Louise Pryor FIA joins the team as the next President-elect.
IFoA President, Tan Suee Chieh, said:
“The global Covid-19 crisis has prompted new ways of doing things both in our professional and personal lives. We now have a unique opportunity to shape the future, instead of simply responding to it. I think it is imperative that the IFoA takes this opportunity to reinvent itself for the digital age and for a rapidly transforming social agenda. Now more than ever, the actuarial profession must consider how it can best contribute to social impact and influence policy and regulatory change in the public interest around the world.
“In this organisation and across our profession, let us create a culture that promotes courage, curiosity, adaptability, judgement, imagination and continuous learning. Our quintessential values as actuaries are cautiousness, accuracy, consistency and reticence. But these can hold us back if we do not create space for other values to encourage innovation, thought leadership and diversity of our ideas. Our reinvention is really about cultural transformation of the profession. We must be bold in doing away with the practices and processes which are unhelpful, or which stand in our path.
“I begin my Presidency by launching a new strategy with a focus on vision, skillsets, mindsets and domains for the profession. We want to enable our members and the profession to thrive in the digital age, and in a future filled with both uncertainty and opportunity. We also want to ensure that the generations who come after us have the right range of skills and the growth mindset to succeed as the industrial landscapes we work in are re-drawn. The goal is to be recognised as actuaries and analytical problem solvers, not only in our core fields but across a wide range of domains, wherever our unique attributes can add value.”
Stephen Mann, IFoA CEO, said:
“I would like to congratulate Tan Suee Chieh as he becomes the next IFoA President. Over the past year, in his role as President-elect, Suee Chieh has championed the actuarial profession and collaborated closely with the executive team to deliver a strategy designed to raise the profile and influence of actuaries. I look forward to working with him on bringing this strategy to fruition.
“I would also like to take this opportunity to thank both John Taylor as he moves to the role of Immediate Past President and Jules Constantinou, who ends his three-year term on the IFoA Presidential team. And I extend a warm welcome to Louise Pryor as she officially becomes President-elect.”
Tan Suee Chieh’s Presidential Address will place via live videoconference on Thursday 18 June 2020 at 930am BST. Details of how to view the Presidential Address on Zoom and YouTube are set out below.
Notes to Editor
- Mr. Tan 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 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 Life Insurance Association of Singapore and the Actuarial Society of Malaysia.
- The IFoA has around 1,200 members in the East Asia, of which around 30% are Fellows. Over the last 5 years, the IFoA’s actuarial community has increased by over 40% and has continued to build a strong pipeline of students in the region. There are currently 8 universities in the East Asia accredited by the IFoA: University of Hong Kong, Central University of Finance and Economics, Southwestern University of Finance and Economics, Zhongnan University of Economics and Law, Dongbei University of Finance and Economics, Shanghai Jiao Tong University, Fudan University, Beijing Technology and Business University. Actuaries in the East Asia predominately work in life insurance, GI, risk management, finance and investment, and healthcare.
- You can watch Tan Suee Chieh’s full Presidential Address live on Thursday 18th June at 930am BST. Details to attend via Zoom can be found on the IFoA events calendar. Or watch the speech on the IFoA YouTube Channel
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.