India needs at least 1000 qualified actuaries in the near future
Addressing the inaugural session of the 21st Global Conference of Actuaries (GCA), Chief Guest Dr. Subhash Chandra Khuntia, Chairman Insurance Regulatory and Development Authority (IRDAI) of India, highlighted the critical contribution of actuaries as conscience keepers of the insurance industry. Recognising the specialised skills of actuaries, he called upon the profession to play a larger role beyond traditional areas of actuarial work such as in product innovation and regulatory sandbox initiatives and in public interest programmes. He emphasized that the number of actuaries per capita is significantly lower than other markets and said that India needs atleast 1000 qualified actuaries to enable actuaries to cater to multiple domains and industries.
Over 750 delegates from financial services across the globe are attending the 21st GCA. A wide variety of topics are on agenda relating to the theme of 21st GCA - “Actuaries: Striving for Excellence, Creating Sustainable Future”.
“The Global Conference of Actuaries helps to bring actuaries worldwide together on a common platform. I am really happy to see the participation of leaders of the financial services from all across the globe to deliberate on important topics like climate change, IFRS 17, Insure tech and bridging the gap between actuaries and non - actuaries ”, said Sunil Sharma, President, Institute of Actuaries of India.
One of the sessions focused on climate change, its potential impact on society and appropriate response mechanism. The potential and impact of behavioural data analytics on improving business decision making in global financial services sector was discussed.
India is a recognised global hub for actuarial services. The users of actuarial services from global service centres located in India shared their experience. Senior professionals reiterated how insurance companies and regulators need to adapt to rapidly evolving technologies including insuretech.