Digitisation, Data Analytics, RBC, IFRS to Change the Landscape of Actuarial Services Globally

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Institute of Actuaries of India

The Institute of Actuaries of India (IAI) is hosting the 20th Global Conference of Actuaries (GCA). This event is a much-awaited annual event for professionals across the world. This year the theme of the 20thGCA is ‘expanding the horizon, strengthening the core’. The theme defines the strategic vantage point of the actuarial profession today. The event is well attended by stalwarts in the finance and insurance industry, not just from India but across the Globe.

The need for actuaries will increase and the profession should aim for larger number of Fellow actuaries up from the current levels of around 400 to cater to a country of our size and economic growth rate. Emphasis was given to the importance of actuaries in the financial services sector and how the IRDAI places a very high level of responsibility and trust on the role of an actuary in insurance companies owing to their established expertise in financial modelling and risk management.

Addressing the inaugural session of the GCA, Dr. S C Khuntia, ChairmanIRDAI, said, “Digitisation, data analytics, risk based capital and supervision, IFRS17, would need actuarial approach and skills to optimise the benefits which can be derived from these global initiatives. We believe that with the emergence of technologies like big analytics the role of actuaries will expand manifold. The role of actuaries are more important in innovating insurance product which are transparent and understandable to a common man. IRDAI will extend all co-operation”, he said.

Mr. Sunil Sharma, President, Institute of Actuaries of India, said, “It gives me immense pleasure to welcome all delegates from across the globe in the 20th GCA organized by IAI. In the advent of this event, what has come forward is the emergence of Actuaries as a profession in India and adding values to the insurance needs of people. We also take this opportunity to thank the partners without whom this event would not have been complete.”

Mr. Massaki Yoshimura, Immediate Past President of the International Actuarial Association appreciated the foresight and effort of the Indian actuarial professional to aim for a footprint in international markets at an early stage. 

Ms. Marjorie Ngwenya, Immediate Past President, Institute and Faculty of Actuaries, and Mr. David Sandberg, Board Member, Society of Actuaries both congratulated the Institute of Actuaries of India for the event expressing their intent to increase engagement with the professional body.

About Institute of Actuaries of India (IAI)

IAI is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India. The provisions of the said Act have come into force from November 10, 2006, in terms of the notification dated November 8, 2006, issued by the Government of India in the Ministry of Finance, Department of Economic Affairs. As a consequence of this, the erstwhile Actuarial Society of India was dissolved and all the Assets and Liabilities of the Actuarial Society of India were transferred to, and vested in, the Institute of Actuaries of India constituted under Section 3 of the Actuaries Act, 2006.

The erstwhile Actuarial Society of India (ASI) was established in September 1944. Since 1979 the ASI has been a Full Member of International Actuarial Association (an umbrella organizations to all actuarial bodies across the world) and is actively involved in its affairs. In 1982, the ASI was registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1860 and also under Bombay Public Charitable Trust Act, 1950. In 1989, the ASI started examinations upto Associate level, and in 1991, started conducting Fellowship level examination leading to professional qualification of an actuary, till then the accreditation was based on Institute of Actuaries, London examinations (now Institute and Faculty of Actuaries.).