Need an army; aim to grow actuary professional base to 25,000 by 2030, DFS Secy Joshi tells Actuaries’ Institute
According to Department of Financial Services Secretary Vivek Joshi, India has to rapidly raise the number of professionally trained and certified actuaries. The country should seek to increase the number of fellow actuaries from the present level of just over 600 to 4,500 by 2025 and 25,000 by 2030.
Speaking at the capital’s 22nd Global Actuaries Conference, Joshi asked the Institute of Actuaries of India (IAI) to step up its interactions with the government, academic institutions, regulators of the financial industry, and most crucially, the younger generation, who are just beginning to decide on their professional options.
He said the IAI should begin professionalizing itself by bringing in a variety of skill and experience in order to accomplish all of this.
“IAI has to carry out a series of efforts in the direction of taking actuarial applications and accreditation to school and college curriculum; reaching out to the mind space of GenZ of this country as well as their parents and teachers”, Joshi said.
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Debasish Panda, Chairman, IRDAI |
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Calls for an army of actuaries to help realise aspiration of ‘insurance for all’ by 2047.
The job of actuaries is crucial to the insurance sector. They examine the monetary consequences of uncertainty and risk. They evaluate the risk of possible events using statistics, finance theory, and mathematics, and they assist clients in creating plans that reduce the expense of such risks.
A growing number of actuaries are venturing into new fields like health, banking & finance, technology, and climate change, despite the fact that they are typically associated with traditional professions like life, pensions, and insurance.
Insurance regulator IRDAI Chairman Debasish Panda emphasized the need to consider supply restrictions for actuaries in his virtual address during the same conference, pointing out that the existing count is insufficient to meet the current demand.
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“There is a growing demand for actuaries with comprehensive qualifications. We had more than 500, but it is insufficient to meet the current demand. We have suggested changes to the Act; however, there’s a chance that the number of insurers will surpass the number of actuaries.
Panda stated that IAI ought to investigate this as well as the potential causes of the low actuary population despite the Institute’s existence for more than 15 years.
He added that the real main forces behind the expansion of the insurance industry are actuaries. He went on, “Actuaries have a duty to lead this industry to new heights.”
Actuaries need to view the insurance industry through new glasses and with new eyes. He stated, “It is necessary to go from a traditional job to a more proactive leadership role.
Panda pointed out that insurers are becoming more and more dependent on data management, and that the Insurance Information Bureau of India, located in Hyderabad, is currently undergoing a significant renovation. “We named a CEO lately. We will have a CTO, data scientists, and a CRO very shortly. He went on, “A lot of data that insurers weren’t using would now flow in a regular order, and insurers and regulators would receive the analytics.”
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The Current Scenario:
As India continues to experience economic growth and diversification, the demand for skilled professionals in finance and risk management is on the rise. Actuaries, with their unique skill set in statistical analysis, financial mathematics, and risk assessment, are instrumental in guiding businesses through uncertain terrain. Unfortunately, the current number of qualified actuaries in India is far from meeting the growing demand.
Reasons Behind the Shortage:
Several factors contribute to the shortage of actuaries in India. One primary reason is the lack of awareness about the profession and its potential impact on various industries. Many students and professionals are unaware of the opportunities and challenges that come with pursuing a career as an actuary.
The Economic Impact:
The shortage of actuaries in India has significant economic implications. Businesses, especially in the insurance, pension, and financial sectors, rely heavily on actuaries to assess risks accurately. Without an adequate number of qualified professionals, these industries may face challenges in managing risk, leading to potential financial losses.
Addressing the Issue:
To meet the growing demand for actuaries, concerted efforts are required from educational institutions, industry bodies, and the government. Initiatives to raise awareness about the actuarial profession, providing support for candidates pursuing actuarial exams, and collaborating with industry experts to create specialized training programs can help bridge the gap.
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The imperative for India to meet its growing demand for 25,000 actuaries by 2030 is undeniable. Bridging this gap not only addresses the nation’s evolving economic landscape but also underscores the necessity for comprehensive education and training initiatives. Joining hands with institutions like the Academic Junction firm is crucial in empowering aspiring actuaries, fostering expertise, and fortifying India’s financial sector for a robust future.
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