Under the Spotlight with John Maroney

John Maroney has built a career spanning some of the most varied roles in the Australian actuarial profession — from Australian Government Actuary to CEO of the Actuaries Institute, and from the International Association of Insurance Supervisors in Basel to the Global-Asia Insurance Partnership in Singapore. Now a Principal at PFS Consulting, the firm he co-founded more than two decades ago, John brings a breadth of perspective to the profession: technical rigour shaped by superannuation, global regulatory experience, and a long-standing commitment to the organisations that serve actuaries and their communities.

Serving his second term as a Council Member of the Actuaries Institute, he is focused on guiding the profession through what he sees as a significant period of change. 

For those who don't know you, could you share a bit about yourself and your professional background?

I started working at AMP in Sydney after completing my actuarial degree via an AMP scholarship at Macquarie University. At the time, this was the only actuarial program in Australia.

After a year working on actuarial computer systems, I moved to Perth and started working in superannuation, which has been a key component of my career since then. After five years in superannuation, I had the opportunity to move to Canberra and take on the role of Australian Government Actuary for three years, including serving on the senior leadership team at the Insurance and Superannuation Commission, which eventually evolved into APRA.

After that role, I returned to AMP in Sydney and continued to work in superannuation in an industry and government liaison role rather than a technical role. I then commenced the second major component of my career, which involved managing industry associations.

After a merger of industry associations, I took the opportunity to shift to consulting, both in large firms and in a small consultancy firm that I co-founded with two other actuaries.

My next opportunity was to take on the role of CEO of the Actuaries Institute for three years before moving to Switzerland for eight years at the International Association of Insurance Supervisors, which is hosted by the Bank for International Settlements in Basel.

I moved to South Australia in 2017 as CEO of the Self Managed Superannuation Fund (SMSF) Association, which represents about 3000 financial advisors, accountants, auditors, lawyers and actuaries who work in that sector. It was a real mixture of my interest in superannuation and running industry associations.

Then, I had an opportunity to move to Singapore as CEO of the Global-Asia Insurance Partnership, which is a tripartite research institute, comprising a major Singapore University, a group of insurers, reinsurers and brokers, plus insurance supervisors from around the region.

John in Singapore, where he served as CEO of the Global-Asia Insurance Partnership, with Marina Bay Sands and the city skyline behind him.

Since returning to Australia last year, I rejoined PFS Consulting, which was the firm I co-founded in 2001.

I enjoy playing golf, lawn bowls and travelling when I have the opportunity.

What motivated you to serve as a Council Member again for the Actuaries Institute? 

I enjoyed my first term on Council and believed I could continue to contribute to the profession by serving a second term. The profession is going through a major transition over the next few years, and I'm hoping to help the evolution of the profession while I remain on Council.

How do you see the profession evolving over time? Are there any specific areas in which you see actuaries having greater involvement and/or influence?

The profession has evolved, expanded and developed enormously during my career. I expect the evolution to be even more dramatic and extensive over future decades. Opportunities in traditional fields are likely to be constrained via rationalisation and potentially extensive use of artificial intelligence tools.

However, opportunities in applying artificial intelligence and data analytics to a broader range of industry sectors should more than offset any rationalisation in traditional fields. The Australian actuarial profession is highly regarded, and I expect opportunities both inside and outside Australia will continue to be attractive.

Reflecting on your career journey so far, can you share a pivotal moment or decision in your career that significantly shaped your career journey?

The two most pivotal moments in my career were when I chose to go to Canberra as the Australian Government Actuary and when I chose to move to Switzerland after the global financial crisis. Both these opportunities enabled me to broaden my horizons extensively and helped shape the future direction of my career.

John alongside the official roll of Australian Government Actuaries — a position he held from 1988 to 1991.

What do you see as the most pressing issues for actuaries? How can the Institute help address them?

In the short term, there is likely to be a significant shift of demand for actuaries from traditional roles into roles related to artificial intelligence and data analytics.

The Institute can help prepare actuaries at all stages of their careers to help manage this transition and to help them be better prepared for the opportunities that will arise. Much of this work is already underway.

What should all actuaries do at least once in their life?

I suggest working overseas is something that all actuaries should try if they get the opportunity, while recognising that it can bring significant disruption to one’s personal life.

The broadening of one's horizons, both personally and professionally, and for families, can significantly outweigh the inevitable disruption from moving internationally and having to re-establish life in a new country.

What do you hope your legacy will be?

I hope to leave the actuarial profession stronger when I finish my career and hope that all the organisations I have contributed to continue to evolve and develop to better meet the needs of their members, customers and other stakeholders.

John outside Parliament House in Canberra