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Qualified risk professionals in demand
Sanjeeb Kumar, President of the Institute of the Actuaries of India and Appointed Actuary, AVIVA India Life Insurance Company Limited, explained the interaction of the trinity concept- Risk, solvency and capital.
Visakhapatnam: Sanjeeb Kumar, President of the Institute of the Actuaries of India and Appointed Actuary, AVIVA India Life Insurance Company Limited, explained the interaction of the trinity concept- Risk, solvency and capital.
He addressed a conference on ‘Towards Risk Based Solvency- Approach in Insurance – Status check on Asia Pacific’ organised by GITAM School of International Business, GITAM University here on Saturday. The conference was sponsored by Life Insurance major ICICI Prudential.
Speaking further he said the interaction pushes the organisations to seamlessly develop and test risk estimation models to keep their bottom-line maximised.
He said that ‘Risk management is a necessity and not an option’ for business enterprises of the day. He further stated that there is great demand for qualified risk professionals in India and Institute of the Actuaries of India (IAI) has been working towards producing quality actuarians recognised globally. He said that students should adhere to the value systems for a sustainable and successful life, personally and professionally.
Prof VK Kumar, Director, GITAM School of International Business, GITAM University, said that risk based solvency is the need of the hour and there is an opportunity to learn best practices from professionals. The inaugural session was followed by three technical sessions and panel discussion moderated by Prof KK Narayanan.
The speakers include Kailash Mittal, Director of KPMG (Actuarial Practice) who spoke on ‘Adoption of RBC in Asia Pacific Countries’. Abhishek Chadha, senior consultant, Willis Towers Watson, India, highlighted the RBC implementation challenges faced by the insurance industry. Himanshu Garg, Vice-President, Marsh India, spoke on risk based solvency- Challenges for Insurance Brokerages.
