20th GCA – Digitisation, Data Analytics, RBC, IFRS to change the landscape of actuarial services globally

Jaipur, March 05, 2019: The Institute of Actuaries of India (IAI) is hosting the 20^th Global Conference of Actuaries (GCA). This event is a much-awaited annual event for professionals across the world. This year the theme of the 20^th GCA 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, Chairman, IRDAI, 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 20^th 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.