Tan Suee Chieh, President of the IFoA, and Stephen Mann, our Chief Executive, blog about our Strategy for 2020-2024.

In early 2020 the world was abruptly transformed by the Covid-19 outbreak. Across the globe, businesses shut their doors, employees set about working from home, and governments fast-tracked programmes of state intervention unseen in the modern era.

Actuaries – and IFoA members –have always been ready and willing to offer their unique technical skills, curious mindsets, specialist expertise and deep integrity in helping to resolve some of society’s biggest challenges and the Covid-19 outbreak was no exception.

During the crisis the profession stepped up again to support our global society, working together as a profession and deploying their unique skills to support the response to the pandemic.

Today we are seeing unprecedented innovation and challenges within our established fields, as well as an explosion of opportunities for actuaries in new domains. We will be encouraging new ways of thinking and doing things, at the IFoA and in the profession generally, as we seek to be more responsive, courageous and imaginative in our approach in this rapidly changing and increasingly complex world.  

Meeting the challenges of a new era

The time is now right to set out our strategy for this radically altered new world.

Building on our strategy set out in 2016, we’ve sharpened our focus on three key priorities:

  • Ensuring a deep understanding of what is important to our current and future members
  • Supporting IFoA actuaries in adapting to change in existing sectors as well as moving into wider fields, specifically through a focus on developing skills and sectoral participation, and
  • Strengthening partnerships with a variety of stakeholders to enhance the reputation and influence of the profession worldwide.

In the face of change, however, some things remain constant. Our essence and character will not change, nor our reputation for integrity, impartiality and capability, which are firmly anchored in our Actuaries Code,

As a Royal Chartered body, the IFoA’s commitment to serving the public interest continue to thrive. As we transform, we will make room for new values of courage, judgement and imagination in addition to our treasured quintessential values of accuracy and consistency.  This diversity of values will be our compass as we navigate the digital revolution and a world fraught with uncertainty and opportunity.

Championing a flourishing future for the profession

With the strength of our collective history, together with a bold new vision, we have the opportunity to create a compelling future. Rooted in our members’ feedback, and guided by Council, the IFoA has articulated what ambitious, evidenced outcomes will help us achieve our aims:

  • Relevant and valuable to all members, both now and in the future
  • Sustainable in a rapidly changing world
  • Able to provide a valued and accessible member and volunteer experience
  • Focused on making a positive difference in the world, and significantly contributing to solving the challenges facing society and humankind, and
  • A confident, influential advocate for a global, collaborative profession.

This – our new, five-year strategy – reflects not only the changes in the global, digital landscape of today, but harnesses our shared potential to position the IFoA and our members as leading voices in tomorrow’s actuarial profession.