As I was preparing to write this month’s column, the news of the death of Her Majesty The Queen was announced.
I, along with Council, colleagues and members, was deeply saddened by this news. In recognition of this momentous event and to express our sympathy on Her Majesty’s passing, we felt it only fitting that we write the tribute that you can read on the preceding page.
In my presidential address, I spoke about the IFoA’s challenge in engaging all of us – the membership. I talked about how only 12.5% of members took part in the most recent membership engagement survey in the autumn of 2021 – a survey that the IFoA uses to gauge member engagement and satisfaction to help shape both the IFoA’s future direction and everyday decisions. From my conversations with many of you, my feeling is that this lack of engagement is driven by a lack of awareness of what the IFoA can do for us.
A huge amount of work has gone into developing the IFoA’s member value proposition during the past few years. While there’s no ‘one-size fits all’ solution to meet the needs of a diverse membership, everyone at the IFoA is focused on ensuring that it’s clear what they’re offering and that this represents good value.
Furthermore, the IFoA recognises that for members to engage, there needs to be a reason to do so. The IFoA has to offer something that we need. This was the thinking that drove recent initiatives such as the ‘New World, New Thinking’ campaign, when the IFoA announced that all online events would be free to members.
Time will tell whether these initiatives shift the engagement dial. I’m optimistic that they will, but it’s clear that the IFoA needs to continue to listen to members and remain committed to making changes to improve our experience. I’m playing my part by visiting various regional societies in the autumn to listen to their views. While we need to be realistic about what can be achieved, I’m confident that if the IFoA continues to listen, and stays open and transparent, it will see a continued upward trend in membership satisfaction and engagement.
Matt Saker is the president of the Institute and Faculty of Actuaries