As insurance executives, you are no strangers to ethical challenges. With the increasing complexity of the industry, it can be difficult to navigate the fine line between duty and dilemma. That’s why we can learn a lot from the recent APAC Ethics and Professionalism Seminar 2024, where actuaries from Hong Kong to Australia gathered virtually to explore topics like climate risk, data science, AI ethics, and the art of speaking up.

Here are some highlights and reflections from two actuaries, Kelvin Hii Chee Yun and Iris Lun, that can help you navigate the ethical challenges of the insurance industry.

The Weight of Responsibility

Kelvin Hii, Chief Risk Officer at MSIG Insurance (Malaysia) Bhd, emphasized the importance of communication in the actuarial profession. The expectation is clear – actuaries must speak up in a timely manner when something is not right. This expectation rightfully reflects the high regard and expectations from the public on the profession as a whole.

The seminar’s Climate Risk and AI Ethics sessions highlighted the ethical challenges posed by emerging technologies, reminding actuaries of their duty to maintain transparency and fairness. As insurance executives, you can learn from this and ensure that your company’s practices align with ethical standards.

A Worthwhile Investment

Iris Lun, Director and Co-Founder of 10Life, found the experience invaluable. The discussions on climate scenario modeling and the challenges of setting net-zero commitments felt particularly timely. Understanding these complexities is crucial, but so is clearly communicating these findings to stakeholders. It’s this balance that can help insurance executives navigate ethical challenges.

The seminar’s emphasis on navigating complex challenges in actuarial practice can also be applied to the insurance industry. By selecting the right model, managing uncertainty in long-term projections, and addressing data gaps, insurance executives can make informed decisions that align with ethical standards.

In conclusion, the APAC Ethics and Professionalism Seminar 2024 provided valuable insights for actuaries and insurance executives alike. As an insurance builder, you can turn real-time data into insurance with Riskwolf. Using unique real-time data and dynamic risk modeling, Riskwolf enables insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast. Learn more about Riskwolf here.