With Sri Lanka’s insurance industry set to grow exponentially in the coming years, Actuarial expertise which is at the heart of the insurance business needs to be greatly strengthened and is a big priority for the progression of the local insurance industry. Asian Alliance Insurance (AAI) that is part of the Softlogic Group has strategically identified the requirement for a top class Actuarial team. They have successfully entered into a partnership with their international institutional investors to build this expertise with financial grants being provided by FMO and DEG.
The recent signing of a Memorandum of Understanding (MoU) with FMO – Financierings-Maatschappij voor Ontwikkelingslanden N.V, and DEG – Deutsche Investitions und Entwicklungsgesellschaft mbH, who are both shareholders of Asian Alliance, paves the way for Asian Alliance Insurance to obtain financing via the Capacity Development Program (CDP)/Business Support Services (BSS) Program of the respective institutions, to enhance the knowledge, skills and expertise of its team of In-house Actuaries.
The initiative is intended to enable organisations to improve their performance and to become more competitive in a sustainable manner, by promoting and facilitating transfer of knowledge and skills, thereby strengthening important organizational capabilities.
With Sri Lanka only having a handful of fully-qualified actuaries at present despite actuarial support being necessary for the main functions in the insurance industry, the program is expected to provide a significant competitive edge to Asian Alliance Insurance by equipping in-house staff to analyze its business in-depth, add value and support in enhancing performance.
Accordingly, the company will contract reputed Actuaries with substantial exposure in the Asia Pacific region for both Life and General Insurance, to deliver a comprehensive training and development program that will include on-site training in all the key functions performed by the Actuarial team that will include Product Development, Portfolio analysis, the new Risk Based Capital reporting and a number of other essential areas including professional and academic development of the Team.