“Actuarial services , predominantly in insurance and pensions but increasingly in a much wider range of activities, are critically important, to the performance of clients, to the long term well-being of consumers, and to the stability of the financial system” (Morris Review of the Actuarial Profession: Final Report,2005)
The Actuary and his Role:
An actuary is always
linked, by general impressions, with insurance and his
role to the job of asset-liability valuation of
insurers.
As opined by the Morris committee of the H.M. Treasury,
London, and quoted above, an actuary’s role, in fact,
extends to the whole gamut of the financial systems of
any country, including the effects that the global
communities make on them. His job is managing risk for
profit of any firm, of any size. Product Designing,
Product Pricing, Customer Value Management, Risk
Management and Capital Management are the five key
elements in the alchemy of an actuary – be it insurance,
banking, fund management, any financial or risk-based
organization of private or government entities.
While most of the developed countries are engaging the
so-important actuarial services to their economic
benefits, countries like India are yet to gear up their
‘economic benefits’ to the actuarial advices. The
reasons are many and the most important one being the
dearth of such services. There are not many amongst the
bright and capable graduates and post-graduates from the
universities to take up the qualifying examinations to
become actuaries, for the plausible reason that there
are no regular and standard institutions offering the
class-room courses for these examinations.
IIRM has recognized this dire need and has launched its
International School of Actuarial Sciences to provide
class room studies in the Subjects that would help the
Students to write the Actuarial professional
Examinations of India and UK apart from obtaining Post
Graduate Diploma in Actuarial Sciences.
The Advisory Committee:
The School of Actuarial Sciences will be guided by an Advisory Committee consisting of eminent senior Actuaries as its members:
1. Mr.Vepa Kamesam, Managing Director,
IIRM
2. Mr.Shinkar, Actuary and Former Chairman of LIC of
India
3. Mr. A.C.Mukherji, Former CMD of the New India
Assurance Co.Ltd
4. Mr. N.M.Govardhan, Actuary and Former Chairman of
LIC of India
5. Dr. R.Kannan, Member (Actuary),IRDA
The School works under the
superintendence of the IIRM Board and whose CEO is
Managing Director of IIRM. |
