With the goal of developing essential professional skills and talents to drive insurance sector, the National Insurance Commission (NAICOM) in collaboration with the College of Insurance and Financial Management (CIFM) has declared plans to produce 100 actuarial analysts in the next five years.
The acting Commissioner for Insurance, Sunday Thomas, who disclosed this at an Actuarial Development Sensitisation workshop organised by the commission in partnership with CIFM, said the initiative would aid in boosting the sector’s growth by filling the dearth of actuarial analysts in the industry.
Thomas said all expenses of the course and examination would be fully funded by the commission and offered at no cost to the selected participants.
He said, “As I speak, we have a need for actuarial analysts in the industry; the growing size of annuity as well as other aspect of the business has necessitated the need for more actuaries. So, part of our plans to grow the profession is that within the next five years, we want to produce at least 100 Certified Actuarial Analysts (CAA) and we will take responsibility for the commitment.
“We must analyse our job, role and the need to change our focus on how to develop the market and ensure compliance with regulatory policies.
“Part of the development is the human capital development, as the growing potential of the industry is built on the capacity to have the required capital that will drive it forward.
“The issue of analyzing and taking necessary steps for effective pricing have made the actuarial profession to be more pertinent more than ever before.
“There is need to develop young professionals and give them a future in the insurance industry and we are determined to develop their potential and make them relevance to the sector”.
He further added that only few of the insurance companies have in-house actuaries and this is why the commission has stepped in to stem the tide.
He therefore, urged the potential beneficiaries to be committed to the programme to succeed, as the commission would only give candidates the opportunity to re-write a failed course twice.
“This programme requires sharp, determined, qualitative- minded and serious individuals. So, think critically about it before opting for it.
“We are ready to give you all the necessary support and will persuade the Chief Executive Officers of the Insurance companies to give the candidates adequate time to study,” he noted.
Thomas also disclosed that the NAICOM Academy would kick-off operations within the year in Abuja to train and empower its in-house staff.
On her part, the Rector, CIFM, Mrs. Yeside Oyetayo, commended NAICOM for offering full scholarship for the programme as a way of giving back to the industry.
Oyetayo said the processes for the programme commences immediately and the college would be developing an actuarial development policy in collaboration with the Nigeria Actuarial Society (NAS) to train the candidates home-based.
She said among other roles, the college would conduct an assessment of candidates for the sponsorship, register selected candidates, offer free registration for CAA examination twice a year.
Listing the requirements for admission into the programme she said, that candidates must be citizens of Nigeria with a valid identity card, must possess analytic skills and must be engaged in the industry either as an underwriter, loss adjusters or academia, among others.
Presenting a lecture on the roles of an actuary, Mr Jolaolu Fakoya, an Actuary with Axa Mansard Insurance, said an actuary functions include; risk assessment, product development, product pricing, liability valuation, asset liability matching and experience analysis.