Wan Saiful, CEO at Prudential BSN Takaful Berhad and chair of the IFoA Asia Conference 2023 organising committee, previews the event that takes an Asian view of the global challenges before actuaries
As we emerge from the pandemic and global industry is finding new ways to work and adapting to new challenges, there’s so much for us to get our teeth into at the IFoA’s Asia Conference in September. This is why I was keen to take a leading role in the conference this year.
The annual event has long been of huge value as one with an Asian focus but a global reach, and, though we successfully came together as a virtual conference during the pandemic, it’s going to be very exciting to meet face to face once again.
The theme of the conference this year is ‘Making actuarial sense of a sustainable future’. Myself and my colleagues on the organising committee felt that this focuses minds on the greatest challenges facing the wider profession and allows us to explore actuarial angles pertinent to each of the practice areas.
One such angle that we will be exploring together is the rising prominence of environmental, social and governance (ESG). As ESG issues become increasingly important in investment decision-making, the Asia Conference is an opportunity to share how we are each confronting the challenge of accurately assessing ESG risks and opportunities in Asian and global markets.
Sharing experience of changing regulatory environments will also be invaluable in this area, as governments across the region increasingly demand adaptation from every sector.
Already actuaries in Asia had colossal demographic issues to wrestle with. But COVID-19 has created new complexities.
Post-pandemic, we have seen a shift in customer behaviours, as individuals and businesses seek greater protection against unforeseen events, increasing demand for takaful and conventional products in the health and life insurance industries. Against this, of course, the pandemic has also created new uncertainties.
Actuaries in pensions too are adapting to these changes – with our new post-pandemic world demanding both more effective risk management and more flexible products, and governments across the region tightening regulation.
Another issue that is inescapable in any actuarial work is the looming presence of artificial intelligence (AI) and machine learning. For many of us, it has already become a feature of our daily work, for report generation, as well as in modelling and analytics. While others amongst us are still fending it off.
Several Asian countries, including Singapore and China, are taking steps to regulate the use of AI in industry, promoting ethical and responsible practices. But Asian nations are also engaged in competitive development of AI systems.
Together, we will explore some models of best practice for incorporating current applications into our work – and perhaps even look at how we might adapt to the fast-approaching future.
Our collective experience is what gives us the power to take on these challenges with confidence and the IFoA Asia Conference 2023 will provide hours of technical learning within your practice area, as well as the opportunity to engage with colleagues across sectors as a regional and global professional community.
And I am, of course, thrilled that the event is this year in my hometown of Kuala Lumpur! I very much look forward to welcoming you!
The IFoA Asia Conference 2023, Kuala Lumpur, Malaysia, and online, 25-26 September: book your place before 24 July to benefit from our generous super-saver discount rate. Book now at IFoA Asia Conference 2023
