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Discussion Forum : There is a big dearth of actuaries in the insurance sector. Can there be shorter tenure examiniations to encourage more professionals to become fully qualified? | Business Standard
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3yrs 13days 16hrs 42mins ago | COMMENTS [4] | Economy

There is a big dearth of actuaries in the insurance sector. Can there be shorter tenure examiniations to encourage more professionals to become fully qualified?

There is a big dearth of actuaries in the insurance sector. Can there be shorter tenure examiniations to encourage more professionals to become fully qualified?

I was in LIC between 1962--2003. During my first decade of service there were 2 actuaries in our office .They were persons with PG qualification in Mathematics who became actuaries.They used to encourage youngsters with aptitude for Mathematics to take up studies for AIA/FIA of Institute of Actuaries. In the period upto 1980 LIC did not think of encouraging younger generation to pursue studies in Actuarial subjects. By the time LIC started giving incentives it was too late. However some individual dedicated employees became Actuaries with their own effort. When the pre-nationalisation period Actuaries exited there was a steep fall in the number of available actuaries. Introduction of I.T. saved the situation as valuations were conducted centrally. Still the handicap remained. The top slots were filled by generalists, not specialists in Actuarial Science. Then the industry was opened for private players. The poaching for available talent began. LIC could not offer hefty heavy packages offered by private companies. Some actuaries left for greener pastures. Now the number is small. Without adequate planning in initial years replacements are hard to come by. The study of these subjects demand devoting considerable time spread over atleast 5 to 7 years. The position can be improved by encouraging direct recruits to take up studies in this subjects. Actuarial Mathematics can be introduced at Degree/PG level in universities with assured employment opportunity in the industry. Those who pass some papers can be utilised in areas where their talent would be of use and not for routine clerical jobs. Diploma courses with emphasis on practical application can be started to boost availability of talent. The services of Actuaries can be utilised in other fields of finance also ..not only in life insurance, eg., pension administration, sickness insurances etc. etc. In short wherever the impact of probability of survival/death, return on investments come into play. B. Ganga Raju, 18-48 Peerjadiguda Hyderabad-500098
Thursday 6th of March 2014 08:49:28 AM
It appears that writer has not applied for a job as an Actuarial student. Qualifying time is longer than may be medical stream. In fact in last few years there have been so many enrollment for Actuarial studies , that the society had to regulate the exam results. This lead to frustration and many students moved to other options like MBA CA etc. There was a lot of noise in the media in last few years but one must understand that there are very limited job opportunities in Insurance sector for Actuaries.
Wednesday 5th of March 2014 09:13:30 PM
The fat that i am first person to respond shows that this article does not invite the viewer to click. that is because Actuaries being a part of Insurance which in turn is part of deptt of Finance does not get top billing . Ganesh
Wednesday 5th of March 2014 01:45:02 PM