Actuaries called to collaborate in solving complex challenges

Profession is increasingly being looked to for guidance on risk management

Actuaries called to collaborate in solving complex challenges

Insurance News

By Roxanne Libatique

Actuaries Institute president Win-Li Toh (pictured) has highlighted the role of actuaries in addressing complex societal challenges through collaboration, calling on professionals in the field to engage more actively with businesses and government to develop risk management solutions.

Speaking in her capacity as the 2025 president of the institute, Toh said actuaries have the expertise to connect insights from multiple disciplines to help tackle issues such as cyber threats and intergenerational inequality.

“Collaboration creates so many exciting prospects for us as actuaries,” she said.

Actuaries’ role in addressing challenges

Focusing on the profession’s role in tackling complex challenges, Toh noted that actuaries are increasingly involved in fields beyond traditional insurance and finance, including artificial intelligence, climate risk, and healthcare.

She stressed that the ability to integrate data from various sources makes actuaries well-positioned to support decision-making in these areas.

“We ‘speak’ a shared, evidence-based language that can bring people with different skills and viewpoints together. And we can do more of it in the future if we truly understand the powers we have,” she said.

Toh also underscored the importance of maintaining objectivity while drawing on the knowledge of experts in other fields, such as cybersecurity professionals, climate scientists, and Indigenous leaders.

Actuaries Institute’s new president

Toh, who is also a principal at Taylor Fry with extensive experience in risk analysis, has contributed to industry discussions on cyber risk and has been recognised with awards from the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and Insurance Business.

Actuaries Institute CEO Elayne Grace stated that Toh’s leadership comes at a time when the profession is increasingly being looked to for guidance on risk management in an uncertain environment.

“The Actuaries Institute is incredibly fortunate to have Win-Li Toh as our president in 2025,” she said. “Win-Li is recognised locally and internationally as a leading expert in general insurance, cyber risk, and self- insurance.”

Insurance industry faces increased scrutiny over fairness

Toh’s remarks align with broader discussions within the insurance sector about consumer fairness, following the Actuaries Institute’s recent report on policyholder treatment and corporate responsibility.

The Fairness in Insurance report, authored by former Australian Prudential Regulation Authority (APRA) deputy chair Ian Laughlin, calls for stronger governance around insurance product design, pricing, and claims processes.

The report argued that with consumer complaints on the rise, insurance companies need to improve transparency and oversight in their customer interactions.

Key concerns raised in the report include rising premiums, complaints about claims settlements – particularly after natural disasters – and pricing disparities between new and existing customers. The report also referenced ongoing public dissatisfaction following the 2022 east coast floods, where many policyholders reported inadequate settlement offers.

Laughlin recommended that insurance boards implement structured frameworks to assess fairness in their operations. This includes evaluating whether products meet diverse customer needs, ensuring complaints data informs policy adjustments, and holding management accountable for fair treatment of policyholders.

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