Setting a new course
In September 2021 we launched New World New Thinking, signalling a step change in our relationship with our members. We wanted to demonstrate visibly that we were on a path of transformation, and that we were listening – and changing.
2021 was a year of resetting and rethinking our relationship with our membership.
Despite the challenges of the pandemic, we are proud of the progress we have made as an organisation in the last year, including launching an improved website and introducing a new Climate and Sustainability course. We are especially pleased that in September 2021 we were able to announce to our members that we were making the vast majority of our events free to access. During the pandemic, we wanted to show our members in a very tangible way that we were supporting them through this difficult period.
Our strategy has guided us throughout this time, from helping our members to develop their careers to fostering a vibrant, global community.
Central to all our work, though, has been our determination to fully understand the needs of our members and deliver on what they were telling us was important to them.
New World New Thinking set us on a fresh course, affecting everything we do – from how we communicate with our members, to the improvements we have made digitally to ensure as seamless an experience as possible.
What you said
And what we did
Better value for money
- Since 2017 we have held flat or reduced fees, resulting in a real-terms decrease of 16% for members over that period of time
Raising and enhancing the value of the profession
- Published our first ever Impact Report, reflecting the pioneering achievements of our members
- Initiated our Thought Leadership series
- Developed key partnerships and offerings, including mutual recognition agreements, with other associations
More effective CPD
- Streamlined CPD for greater meaning and relevancy
- Launched a new Practising Certificates scheme
Wider range of events
- Expanded our events catalogue to host 220 events over the course of 2021/22 (an 11% increase from the previous year)
- Developed new events series (eg Sustainability/COP26, Finance in the Public Interest, Behavioural Finance)
Free events
- Made online events free to access for our members, with member bookings up 14% since 2020/21
Qualifications in other subjects
- Now offer learning and credentials in banking, data science, climate and IFRS 17
Greater transparency
- Annual report includes chart showing where members' fees are spent
- Implemented annual reports for our Regulatory and Disciplinary Boards
To feel part of a member organisation
- Placed greater focus on engagement and ran a pilot of digital communities
- Introduced the IFoA Foundation
Better digital processes
- Launched a new website with improved navigation and functionality
- Online examinations delivery
Greater engagement and listening to members
- We carry out regular member surveys to understand our membership and get their feedback
How our members feel about their experience of the IFoA has never been more important to us.
Our purpose and values
Everything we do in service to our membership is guided by our purpose and values. These provide the touchstone against which we measure ourselves and the standards by which we will be judged.
Our purpose
To be the voice of actuaries and to support, develop and be the voice of our members. This means we:
- Drive excellence in the profession
- Enable the profession to make a positive contribution to solving the world’s biggest challenges
- Ensure our members are equipped to have fulfilling careers and achieve their potential and help make it an attractive profession for future members to join
- Build strong connections with and across our current and future membership
- Foster and promote actuarial science
- Will be known for having a modern, forward-looking heritage with members at our heart
- Champion and embody the benefits of a globally diverse and inclusive profession.
Our values
We achieve this purpose by being:
Forward- and outward-looking
We’re always looking to be bold and improve, innovate and take the next step
Team-driven
We work in partnership, advancing together as one IFoA
Member-focused
We put members at the heart of everything we do
Action-oriented
We work hard, we work smart, and we take pride in getting things done, valuing action over perfection
A digital-first organisation
To ensure we’re an organisation that’s fit for the future and easy to do business with, we need the systems and processes to match. That’s why digital transformation has been front and centre of our work this year.
In the spring of 2022 we launched our enhanced website. We know that a satisfying and efficient website experience is integral to improving our members’ impression of the IFoA, and in helping us build trust and credibility with them, which is why we made our website a priority in the past year.
Our refreshed website includes a number of improved features, such as clear and simple navigation, enabling visitors to quickly locate the section they need. We also gave the site a more contemporary look and feel, introducing key features, such as headings, icons and brightly coloured hyperlinks, to enhance the user experience and provide a clear and structured organisation of content.
We are especially excited by the launch of our Innovation Hub – a brand new area on our website designed to harness the creativity and ingenuity of our membership as they seek to help solve some of today’s most pressing issues. The Innovation Hub allows members to upload short videos in which they can explore areas of interest to the profession, especially focused around the themes of ‘Economy, Planet and Population’.
Last but not least, we continued to put in place a number of ‘quick win’ improvements to our website, to improve its functionality and ensure a smoother process for members. These improvements included an online student-admissions process, a reduced-rate application process, and PPD final sign-off process. Getting the basics right may not sound attention grabbing, but we know it’s integral to improving the member experience and demonstrating that we’re sincere when we say we’re listening and changing.
Diversity, equity and inclusion
In January 2022 we launched our new DEI strategy. As an international organisation with members in 117 countries, championing and embodying the benefits of a globally diverse and inclusive profession is of utmost importance to our members. That’s why we spent a lot of time over the past year developing our updated strategy with members, colleagues, business partners and organisations.
