Driving Societal Wellbeing: Updates from the International Actuarial Profession

The actuarial profession is global, so it's important to keep up to date with the latest developments around the world. This is one of the key roles of the Actuaries Institute's International Committee; keeping abreast of trends, challenges and new ideas through fostering engagement with the International Actuarial Association (IAA), and different actuarial bodies from around the world.

In this article, we outline common themes from recent events across our profession that are relevant to all actuaries, wherever you practice.

May 2024 IAA meetings in South Korea

Actuaries Institute President David Whittle and CEO Elayne Grace at the 2024 IAA meetings

Over 100 delegates from around the world gathered in Seoul, South Korea for the 2024 IAA Council and Committee meetings.

These meetings were a fantastic opportunity to connect with over 40 actuarial member associations and discuss ongoing projects while networking with the international actuarial profession and financial industry.

Over 36 meetings were held, including dynamic conversations on issues such as AI and the future of the actuary, and climate change.

The Town Hall was particularly insightful, providing updates on:

• The impact of AI: AI is significantly impacting our profession so we need to understand its implications and how it can enhance our work. The IAA's new AI Taskforce is collaborating on the implications of AI and how we can leverage its potential to drive value and be more effective in our work. Speakers also reminded attendees that in our rapidly changing world, it is essential to maintain high standards as we integrate AI into our practices. This involves ensuring that our core values are consistently applied in new and evolving contexts. We must also adapt our education and training programs to equip the next generation of actuaries with the necessary competencies for success. This is true not only for AI but other challenges like climate change. Ensuring future actuaries are well-prepared regarding emerging issues and technologies will allow them to turn risks into opportunities for business and society.
• Supporting the global growth of the actuarial profession: This includes assisting new and emerging actuarial associations and promoting collaboration and knowledge sharing among established associations. Some Initiatives include:  - the Actuarial Development Academy of Africa, aimed at advancing the actuarial profession and addressing challenges like low numbers of actuaries relative to the population and economic size; and- a focus on engaging and retaining younger actuaries in the French and German associations by providing opportunities for networking, career development, and professional growth.
• Calling out research: The Town Hall shared how changing population dynamics, such as declining fertility rates and aging populations, present significant challenges. Actuaries need to explore how these trends will impact society and develop strategies to help address them.

The Sustainable Development Goals Taskforce

In a recent survey to actuaries, many supported the need to look at sustainability beyond climate change.

The Sustainable Development Goals (SDGs) Taskforce was created to address this need, aimed at directly supporting the United Nations Sustainable Development Goals (SDGs) and exploring new areas where actuaries can work.

The 2030 Agenda for Sustainable Development, adopted by all UN Member States in 2015, outlines 17 SDGs as a blueprint for global peace and prosperity.

These goals require collective action to eradicate poverty, improve health and education, reduce inequality, and address climate change. The goals of the Taskforce align with this agenda, emphasising the actuarial profession's role in achieving these goals.

The Taskforce is prioritising three themes from the UN Sustainable Development Goals: disaster risk; access to financial services; and governance.

Actuaries are already seen as leaders in risk and financial security but it's important to showcase our contribution to societal well-being. By engaging with supranational stakeholders such as the UN and preparing the profession for related challenges, the IAA aims to enhance actuaries' competency and profile.

Activities planned by the Taskforce include roundtables, discussion papers and educational initiatives targeting both actuaries and broader audiences, providing plenty of opportunities for CPD.

Find out more the SDGs and how actuaries can help. 

Keeping up to date

The actuarial profession is constantly evolving and it's up to every one of us to keep pace with it. The global community plays a vital role in this continual learning, providing valuable resources and support to actuaries while shaping the profession as a while.

A great opportunity to come together and be part of the global community is to register for the upcoming IAA webinar, Actuarial Intelligence -the AI Enhanced Actuary, which will be held on International Actuaries Day, Monday 2 September.

We invite you to join us at this event to continue to grow and develop as an actuary while contributing to the ongoing success of the profession.