The Institute of Actuaries of India, the statutory body established under The Actuaries Act 2006 (35 of 2006) for the regulation of the profession of Actuaries in India, successfully opened day one of the 23rd edition of the Global Conference of Actuaries (23rd GCA) in Mumbai on February 2024 on the theme “Data, Disruptions, and the Actuary.” The two-day event brought together leading actuaries and professionals from the insurance, pension and finance industries from across the globe to articulate their views on the Indian financial services industry, particularly on insurance and the impact of technology and artificial intelligence (AI) on the insurance and pension industry.
Commencing the deliberations at the 23rd Global Conference of Actuaries on the first day, Mr. R Arunachalam, President of the Institute of Actuaries of India (IAI), provided valuable insights during the opening session regarding the future growth of the actuarial profession in India. He remarked, "We are growing old, but we are becoming young," highlighting the evolving dynamics within the profession. Mr. Arunachalam noted, "This year, we have witnessed the qualification of over 80 actuaries and the addition of more than 50 new associates. Over the past couple of years, we have seen a notable increase, with over 200 qualified actuaries and 100 new associates joining the fold." He emphasized the importance of addressing emerging areas such as Insurtech, cyber risk, Environmental, Social and Governance as India progresses into the 'Amrit Kal' era, focusing on comprehensive economic development and the financial sector.
During the keynote address on the first day, Dr. Vivek Joshi, Secretary, Department of Financial Services-Ministry of Finance, Government of India, highlighted the pivotal role of the actuarial profession in driving economic growth. He emphasized the extensive opportunities within the insurance and banking sectors, stressing the importance of research and innovation to propel industry advancement. Dr. Joshi also underscored the significance of India becoming a talent hub for actuaries both domestically and globally. Furthermore, he advocated for industry leaders to foster collaboration, challenge conventional norms, and push boundaries to drive value creation and encourage the overall development of the actuarial profession.
Shri Debasish Panda, Chairperson, Insurance Regulatory and Development Authority of India, emphasized that Insurance providers must embrace disruptions to achieve the goal of 'insurance for all' by 2047. It was stressed that the outdated approach of 'one-size-fits-all' is no longer viable due to the significant technology-driven transformations occurring in the industry. Therefore, it is imperative for us to re-evaluate our strategies, strengthen our determination, and collectively adapt to disruptions within the insurance sector to realize the vision of 'insurance for all' by 2047. In this endeavor, the role of actuaries is crucial. Disruptions in the insurance sector cannot be effectively managed without the support of actuaries. There is a pressing need to move beyond traditional and conventional roles, embrace dynamism and agility, and view the sector from a fresh perspective.”
Mr. Sidhhartha Mohanty, Chairperson of LIC India, emphasized the significance of actuaries in the insurance sector. He called for a fresh approach, focusing on identifying solutions and embarking on an action-oriented journey for the future. Highlighting India's growth trajectory, he stressed the importance of creating an environment conducive to insurance sustainability, with actuaries playing a pivotal role. Mr. Mohanty emphasized the need to promote career development in the actuarial field, starting from the early stages of education. He also noted that while actuaries are well-known for their contributions to the insurance industry, their expertise in financial modeling can be beneficial across diverse sectors such as risk management, asset management, and banking. Furthermore, Mr. Mohanty emphasized the ethical use of technology in the era of AI, articulating the importance of data privacy, transparency, and building public trust, privacy, transparency, and building public trust.
Mr. Kamesh Goyal, Chairman & Promoter, GoDigit Group of Insurance Companies, India, talked about moving beyond the past and the importance of allocating sufficient time and effort for creating solutions to offer qualitative solutions in the insurance industries and how actuaries should understand the difference between Risk modeling and Risk management.
Following that, the second session was centered around customer-centricity and need-based selling in the insurance industry. The session featured a Special Invitee, Mr. Amit Jhingran, Managing Director & CEO of SBI Life Insurance Co. Ltd., India. He discussed the significance of designing customized insurance products to cater to the diverse needs of customers in the insurance industry. Despite the complex socio-economic landscape of India, understanding each segment is essential, albeit challenging. Mr. Jhingran emphasized that there is no universal solution in insurance. He underscored the importance of data-driven insights and the transformative capabilities of artificial intelligence (AI) and machine learning (ML) as we strive towards making insurance accessible to all by 2047.
