Help Me With Sign New York Banking Word

Help me with industry sign banking new york word computer

good morning or good afternoon to all my friends in china i'm talking to you from singapore this is in the context of the 21st century annual finance summit of asia and i'm going to talk about the evolving insurance industry i thought it would be helpful for me to begin uh by talking a bit about myself but before i do that i would like to share my slides so that it's easier for you to follow the conversation this is the cover slide of of your summit and to talk myself i thought i should tell you it is probably quite obvious that i'm chinese my father was born in fujian in 1922 and he immigrated to malaysia with his father at the age of four that was about 96 years ago and i grew up in a very small town called semange and i went to school in kajang high school i got my fellowship from the institute and faculty of actuaries in 1984 i was amongst the first malaysians to get a fellowship from the british institute i became a ceo rather young in my life at the age of uh 34 in 1994 of a british company called prudential the british prudential assurance company of singapore and in the years 2001 to 2006 i was in a world of psychology i got a master's of psychology from columbia university in new york and i was working with a british firm in a psychological consultancy company and in the last 10 years of my corporate life i was working for a very big cooperative movement belonging to the national trade union congress of singapore and about three or four years ago in 2017 i stood for election to the council of ifoa and then about two and two years later i was elected to be a president-elect and today i'm the first president uh first asian president of ioa and ifa is a 160 years institution an institution which is very proud and with a rich history and has great influence in the financial industry and more specifically in the insurance industry in britain in asia in africa and throughout the world i want to talk about uh the evolving uh insurance industry in two contexts this slide was from 2017 at that time the world was accelerating into the digital world so i call that major inflection points yeah in the center of the five of the six globes in the center for the major infraction points and the first globe up here was that it was about digital and it was about networks it was about machine platform and crowds and in this regard china is very ahead of the world because china has enormous platform companies like alibaba and financial vchat tencent and many other more and china did not have a well developed banking systems with atm and credit cards but you leave frocked us uk and the western world were well developed in credit cards and atms and the traditional banking system so they are slower in the adoption of platform companies with the exception of the social media platforms which are slightly different but underpinning all this change was also about longevity lives are getting longer and also the world was getting more global and mother nature which is about the planet earth was also suffering because of climate risk and then maul's laws was gathered away with a doubling of computer speech that was 2017. but in the last one year or two year change has come in the form of risk and uncertainty i use the word risk and uncertainty because actuaries deal with risk and uncertainty and one of the biggest one is corvid 19 the pandemic race the other two race are more political the western world and the eastern world are not working as well so globalization is falling apart and as a result our ability to solve global problems are reduced because global problems require global cooperation and actuaries have a less to say about that because it's a political issue the next square is about climate race bush fires in australia fires in california and many places drought in africa asia and throughout the world typhoons and hurricanes are coming with increasing frequency and here is a picture the fifth square is a picture of bears and bulls markets are becoming more and more volatile which means that it's harder to do financial management and investment planning and interest rates for the first time in the last since recorded history interest rates are becoming negative and that is a real source of uncertainty for our training and for us so in handling all these issues of inflection point risk and uncertainty what's the best way to do i suggest the best way to do is to ask ourselves what we are good at as actuaries and how do we evolve we evolve through the many challenges we face actually for the last 400 years look at problems which face us we use mathematics we use our training our skill set and mindsets to ponder over things which has no clear solutions the unknowns the uncertainty the probability the mortality the morbidity the expected returns and the variance of returns that has been our strength so in our strategy for ifoa we concentrate on two things one is skill sets the second point and this third the second point uh and the next one is on my sets which is the third point skill sets is about modernizing our mathematical tools the probability distribution stochastic processes are insufficient in the face of big data so we are introducing things like data science machine learning and artificial intelligence but more importantly is our mindset because our mindset of accuracy cautiousness consistency and reticence which are which we are very famous for which are very good because they make us reliable unless useful in the world of digital revolution in the world of the fourth industrial revolution and in the world of different kinds of risks and uncertainty which are arising which i will call systemic risk not systematic risk so in our response to it we are giving new tools to our members in terms of data science in terms of climate science and also a fellowship in banking which we are unfolding because we want to equip our members to be able to work in different domains but more importantly we want to make sure that actuaries are relevant influential and impactful in the workplace whether it's a bank insurance company or a government organization or in a consultancy to be relevant influential and impactful but the british ifoa has also a wider agenda and what they call it public interest what are we doing for the good of the industry and the good of society and the good of humankind so in that area we are focusing on areas of sustainability on how to respond to pandemics how do we respond to climate change how do we respond to challenges of diversity and those are the areas we are very interested in so we value the values which we inherited in from our past in our traditional roles which is about accuracy cautiousness consistency and reticence but they're not enough because in the world of digital in the world of fourth industrial revolution in a world of deep-seated non-linear risk and non-linear uncertainty we need new mindsets and the new mindsets are being curious being adaptable and having a growth mindset which means our ability to persevere our ability to experiment and our ability to learn and then the then the new mindset of courage being bold and to be imaginative to think outside our box and ultimately to use good judgment so these are the values we are encouraging our membership to embrace so that we could navigate the digital revolution and a world of uncertainty and as the world change as it changes for the insurance industry as well as for the financial services we have to adopt new mindsets we cannot change the world but we can change the way we respond to the world thank you for your attention you