SOA Elections

2021 Board Member Candidate

Alvin Soh, FSA, CERA
Vice President, Head of Manpower Development
Singapore Agency & Financial Advisory Channel
Great Eastern Life Assurance
Singapore

Election Message:      

It is an absolute privilege to be an actuary. The skills that I acquired in becoming an actuary have differentiated my work across multiple functions and projects. I have the first hand experience in applying actuarial skills outside of traditional areas- in different functions, across different countries in Asia, across different organizational cultures, and in organizations of different sizes. They have proven to be of tremendous value.

And I am passionate to give back by bringing all these diverse perspectives to the board and shape the future of the SOA.

The SOA operates in an increasingly globalised and digitalized environment. The emerging challenges will be more volatile, uncertain, complex and ambiguous than before. I believe that the SOA must accelerate transformation in the following areas to meet those challenges:

1. Expanding the SOA brand promise into the territory of managing Smart Organization. “Smart Organization” is a modified term used by the Chief Strategist of Alibaba to describe an organization that operates with highly integrated (1) data intelligence; and (2) network coordination. Actuaries have been well trained to be authoritative experts in turning data into insights and actions. That corresponds to the “data intelligence” part of a Smart Organization. However, to bring the profession to the next level our members need to carry more and more credibility around the “data” part of data intelligence. This also means that the SOA must bring in more technological perspectives into our marketing, research, education, and partnerships with other organizations.
2. Elevating the SOA brand perception on the leadership capabilities of the members. It is not surprising to hear these descriptors for actuaries: smart, analytical, numerically savvy, strategic, insightful and intellectual. Nonetheless, these descriptors are not enough for the new world. Actuaries must be seen as not only someone who understands the problems and can formulate solutions, but also someone who can mobilise resources to execute the solutions in the new world. We must be able to lead not only actuaries, but people of diverse backgrounds to achieve common objectives. Our FSA courses such as DMAC have provided a fantastic foundation around effective decision-making. I think we can do more around other critical leadership areas such as communication, negotiation, stakeholders and people management.
3. Strengthening the SOA membership propositions to international members. From the number of membership standpoint, our sources of growth will be shifting to countries outside of North-America, especially in Asia, Latin America, and Africa. The operating environment of these countries are diverse- from regulatory, economic, cultural, social and behavioural perspectives. On one hand, we must work with relevant stakeholders to ascertain the local needs and attract promising talents to pursue a career as an actuary differently. On the other hand, we could continually engage relevant stakeholders such as local education institutions, insurers, regulators, or even entrepreneurs not only in branding effort, but also to partner with them to make tangible progress in solving key societal issues. This will showcase the value of our profession, solidify the brand perception of the SOA in those countries, and provide valuable volunteering experience for our members in making meaningful societal impact.

I believe these areas are achievable and will significantly reposition SOA’s value to a wider group of stakeholders and wider scope of contribution, without compromising the very core value and strengths of our members. If you feel that these are important areas for our profession, I have strong relevant experience and I will be working with the board to drive tangible progress in these areas.

Brief description of current work:

I am currently working as the Vice President, Head of Manpower Development at Great Eastern Life Assurance in Singapore. I manage the P&L for growing the manpower size of the agency sales force. My work involves curating recruitment propositions, marketing the career as an agent, designing recruitment schemes and compensations, motivating agency leaders to recruit via various sources, and negotiating compensation packages for experienced hirings. I also led the transformation of agency recruitment and sales practices by incorporating digital tools to the relevant agency and customer touchpoints with the company.

Primary Area(s) of Practice:

Life

Bio:

In my past 11 years of working experience in the life insurance industry, I had the opportunity to work in both traditional and non-traditional areas. In the traditional areas, I have working experience mainly in capital, enterprise-risk and embedded-value management. In non-traditional areas, I have working experience in investment, strategy, merger & acquisitions, agency distribution and bancassurance distribution.

My working experience covers different:

1. Countries in Asia: China, Singapore, Taiwan, Malaysia, Vietnam
2. Cultures: British, Chinese, Japanese, Singaporean, Vietnamese
3. Business roles:
1. Business unit office: senior management and P&L holder
2. Regional corporate office: control functions and project management
3. Council to the Board: on digital and cultural transformation of the group

As part of my passion in business and education, I also

1. Published actuarial study material for a few ASA exams;
2. Founded a restaurant chain;
3. Served as advisor of an online recruitment startup.

I love studying and investing in great companies.

Additional Info:

I love life. And I believe that life is ultimately about growing and giving. The SOA has provided me with the foundation to grow professionally and as a person. I feel indebted to give back.