SOA 2024 Asia-Pacific Annual Symposium Embracing the New Norm—Beyond Actuarial Frontier

The Society of Actuaries (SOA) proudly hosted the 14th Annual Asia-Pacific Symposium on June 12 – 13, 2024, in Kuala Lumpur, Malaysia. This signature event gathered more than 300 members and non-members from 16 countries, with most participants from Asia, to share their experiences in the actuarial profession, the finance and insurance industries, and other actuarial fields.

The symposium was an interactive learning and networking platform for in-depth discussions on the industry's future, focusing on artificial intelligence AI), asset and liability management, climate modeling, climate risk, the International Financial Reporting Standard (IFRS 17), life and health insurance practices, professionalism, retirement planning, social insurance, and more.

Over two days, the symposium featured more than 50+ speakers, 30 sessions covering emerging topics and conducted in plenary sessions, and concurrent sessions across three venues. The SOA is very grateful for the generous support from these partners and sponsors:

Supporting Partners

• Actuarial Society of Malaysia
• Malaysia Convention and Exhibition Bureau

Sponsors

Gold Sponsors:

• AON
• RGA

Reception Sponsor:

• SOA International Section

Coffee Break Sponsors:

• Malaysian Life Re
• Moody’s

Contributor (Marketing) Sponsor:

• Nicholas Actuarial Solutions

Exhibitor Sponsors:

• AM BEST
• Conning
• Pacific Life Re

SOA Board member Professor Ian Duncan, PhD, FSA, FIA, FCIA, FCA, CSPA, MAAA, introduced the three presenters who commenced the Symposium.

SOA Board member Professor Ian Duncan, PhD, FSA, FIA, FCIA, FCA, CSPA, MAAA

 

Dato Seri’ Mohamed Hassan Kamil, FSA, Chair of the 2024 SOA Asia-Pacific Annual Symposium program organizing committee, opened the symposium. In his opening remarks, he warmly welcomed all attendees. Kamil stated, " I'd like to thank you for being here with us today for this symposium in our very special and beautiful Kuala Lumpur, Malaysia. I would also like to take this opportunity to express our appreciation to our supporting partners, the Malaysia Convention and Exhibition Bureau and Actuarial Society of Malaysia (ASM), including ASM President Aiza Yasmin Benyamin, as well as the ASM Council and staff team, for their advice and all various logistic support to this symposium."

Dato Seri’ Mohamed Hassan Kamil, FSA, Chair of the 2024 SOA Asia-Pacific Annual Symposium Program Organizing Committee

 

Amanda Hug, FSA, MAAA, President-Elect and Vice Chair of the SOA delivered the opening address at the symposium. She highlighted the key updates and developments of the SOA strategic plan. The SOA Board of Directors sets a multi-year strategy for supporting the organization and the profession. Some key areas of interest are the impacts of data science and AI. The SOA also seeks to strengthen member and candidate engagement and support future growth outside North America, including in Asia.

Amanda Hug, FSA, MAAA, President-Elect and Vice Chair of the SOA

 

Aiza Yasmin Benyamin, FIA, FASM, FSAT, President of the ASM, delivered a warm welcome in her opening remarks. She highlighted the importance of the actuarial profession's growth and the need for volunteering to strengthen the profession and stay international.

Aiza Yasmin Benyamin FIA, FASM, FSAT, President of the Actuarial Society of Malaysia (ASM), Senior Partner at Actuarial Partners Consulting

 

After the welcome remarks presenters conducted the gong ceremony. SOA Managing Director and Chief Global Engagement Officer Courtney Nashan joined the presenters and opened the symposium officially.

 

Hak Leh Tan, Regional Chief Executive, AIA Group Limited, delivered the first keynote address for the symposium on "Embracing the New Norm: Beyond Actuarial Frontier". He captured the audience's attention as he discussed the AI landscape and its implications for the insurance sector. He emphasized, "Asia is at a pivotal point of technological transformation, with AI driving significant changes in how we operate and serve our clients. This presents unique opportunities for innovation and growth within the insurance industry. Leveraging AI for strategic decision-making and effective risk management is crucial for navigating this evolving landscape.

Hak Leh Tan, Regional Chief Executive, AIA Group Limited

 

Greater Asia Committee member Victor Chen, FSA, FCIA, CERA, RGA Chief of Staff – Asia Pacific, joined Jingyi Zhang, PhD., Lead Data Scientist at RGA to share the “New Era of Generative AI” keynote session.

SOA Board member Si Xie, FSA, CERA, FCIA, chaired the Professionalism keynote session. The session panelists were composed of Amanda Hug, SOA President-Elect and Vice Chair, Paul Setio Kartono, ASA, MAAA, FSAI, CFO of Prudential Syariah Indonesia and President of the Society of Actuaries Indonesia, as well as Simon Dai, Actuarial Practice Leader - Asia Pacific of Deloitte. Content integrated different concerns in applying AI in the profession and the insights in handling them under professional perspectives.

 

SOA International Section Council representative, Maria Zou, FSA, FCIA, delivered welcome remarks on behalf of the International Section Council which sponsored the evening cocktail reception. Greater Asia Committee member, Fiona Tang, FSA, conducted a live Q&A session for the audiences, which concluded the day one sessions.

On June 13, several plenary sessions took place in the afternoon. Ka Hei Choi, FSA, CERA, Partner of Deloitte Actuarial Practice shared insights about how actuaries would "out-smart" gen AI. SOA Research Institute Managing Director Dale Hall, FSA, MAAA, CERA, and Hassan Paul Scott Odierno, FSA, Senior Partner with Actuarial Partners Consulting, jointly presented a session titled “Actuaries Making a Difference: The SOA Societal Purpose Committee”. Symposium program organizing team member and SOA Asia Employer Council member Kian Teong Hung, FSA, also Appointed Actuary with Syarikat Takaful Malaysia Berhad and Nigel Thong, Manager - Actuarial and Product Development of Hays Recruitment, jointly presented a topic about resource and talent management under IFRS 17. Finally, the EY presenters including Alexander Aeberli, Actuarial Director, Daniel Lee, Director and Steve Cheung, FSA, Partner shared their experiences on IFRS 17 after it went live and IFRS opportunities for actuaries beyond compliance. Greater Asia Committee Chair Taik Ki Lee, FSA, presented tokens to the presenters, and then Amanda Hug, FSA, MAAA, SOA President-Elect and Vice Chair delivered closing remarks.

Ka Hei Choi, FSA, CERA, Partner of Deloitte Actuarial Practice

“I am truly thrilled and excited to meet many fellow actuaries here and exchange a wealth of ideas. This is a fantastic event to promote our careers and discuss our future journeys together. I am genuinely pleased to meet everyone,” said Taik Ki (TK) Lee, FSA, Greater Asia Committee Chair, Managing Director and Head AON PathWise Solutions Group (PSG), APAC Region.

Taik Ki (TK) Lee, FSA, Greater Asia Committee Chair, Managing Director and Head AON PathWise Solutions Group (PSG), APAC Region

 

“The SOA remains committed to providing a high-quality platform for industry exchange and professional development,” stated Paul Setio Kartono, ASA, MAAA, FSAI, CFO and BOD, Prudential Syariah Life Assurance Indonesia, ex-Greater Asia Committee Chair, President, Society of Actuaries Indonesia “Its annual symposium plays a crucial role in capturing industry trends, facilitating expert discussions, and shaping the future of the actuarial profession.”

Paul Setio Kartono, ASA, MAAA, FSAI, CFO and BOD of Prudential Syariah Life Assurance Indonesia and President of the Society of Actuaries Indonesia

About the SOA

With roots dating back to 1889, the Society of Actuaries (SOA) is the world's largest actuarial professional organization with more than 32,000 actuaries as members. Through research and education, the SOA's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk. Visit soa.org.