John Taylor becomes IFoA President

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 over the next year. Since I qualified as a fellow at 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 the 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 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 that 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 Group, a new initiative connecting academia with financial services through the industry representative body 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.”

~ENDS~

Contact
Sonia Sequeira, IFoA Media Relations Manager
Tel: 07525 592 198
Email: sonia.sequeira@actuaries.org.uk

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.

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.

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.