The Evolving Insurance Industry

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The Evolving Insurance Industry

The digital revolution and the ongoing global pandemic crisis have prompted new ways of working and living. How can actuaries respond to inflexion points, risks and uncertainties and stay ahead in the digital age?

In my speech at the 15th Business Herald 21st Century Annual Finance Summit of Asia, I said that actuaries need to widen our Skillsets and re-invent our Mindsets.

The strategy at IFoA focuses on Vision, Skillsets, Mindsets and Domains (VSMD), enabling our members and the profession to thrive in the digital age. 

In ‘Skillsets’, it is about modernising our toolkits. Our traditional approaches do not capitalise on big data. The profession need to embrace new skillsets like Data Science, Machine Learning and Artificial Intelligence and adopt a multi-disciplinary approach to problem solving.

In ‘Mindsets’, it is about curiosity , adaptability and adopting a Growth Mindset that encourages experimentation, perseverance and learning. Also courage, imagination and judgement and less orthodox thinking

We are presented with a unique opportunity to shape the future, instead of reacting to it. We cannot change the world, but we can change the way we respond to it.

Watch the video on The Evolving Insurance Industry on my YouTube Channel