Local actuarial bodies have a role to advance research developments that are relevant for the academia and industry within the actuarial profession.
During the 6th African Actuarial Congress held in Ghana, industry stakeholders shared how newly qualified actuaries can be supported in their research as a way of advancing the profession.
Some of the challenges arising in research include willingness of entities to share their findings due to data breaches, trade confidentiality, and competition.
“Our professional promise as actuaries is serving the public interest and so we must be cautious that we don’t always see research as something that needs to have commercial value but also something that needs to have public interest value,” said Rosanne Harris, International Actuarial Association’s President during the congress that took place at Movenpick Ambassador Hotel, Accra in June.
Ms Harris was part of Institutionalizing Collaborative Research Between Academia and Industry panel, which was moderated by Irene Redman, Head of New Markets Development at Institute and Faculties of Actuaries (IFoA). Other members in the team were: Sahib Singh Khosla, President The Actuarial Society of Kenya (TASK) and Dr Kojo Essel-Mensah, Director at Berrybright Limited.
Mr Sahib highlighted TASK’s role in encouraging collaboration between the academic and the professional space, which has allowed the students and the faculty to use their time and their knowledge to help solve a problem in the society.
TASK, with support from FSD Africa, created Taskforce on ESG that will guide the local insurance sector in the sustainable investment practices. The team is composed of actuaries, actuarial professionals, students, and the academia.
“We are trying to encourage the academia to be involved in the industry whether paid or unpaid. We would like them to be exposed to the actuarial practical aspects of the work as opposed to the academic. This enables creation of a stronger network that allows the practical aspects of research to come through,” added Mr Sahib.
The two-days conference was organized by the Actuarial Society of Ghana and the Africa Task Force of the International Actuarial Association under the theme: The Role of Actuaries in Risk-Based Capital Regimes and Developing a Data Driven African Economy.