Dheya’s Webinar Series Mr. Sonjai Kumar Actuarial Science and Risk Management www.dheya.com

You can reach me through Name- Sonjai Kumar E-mail: sonjai_kumar@hotmail.com Sonjai.kumar@dheya.in Mobile- 09810389622/ 0 9971529922 https://in.linkedin.com/in/sonjaikumar www.dheya.com

Agenda What Actuary do Job market for actuaries Growth Potential in India Career Progression How to become an Actuary Application area of Actuaries www.dheya.com

What Actuary do in the industry? Insurance Life Insurance- Benefits paid on Death, Benefits paid on Survival Health Insurance- Mediclaim, Cancer Care, Heart Care etc General Insurance- Car Insurance, House Insurance, Jewelry insurance, mobile insurance Who Price these products? An Actuary is a person skilled to price above product. www.dheya.com

Areas of Application Insurance Pensions Investment Risk Management www.dheya.com

current job Market for Actuaries Life Insurance Players 24 Non-Life- 29 ( 5 exclusively Health Insurance) Reinsurer- Currently One- GIC International Reinsurer have representative offices Consultancy Firms Own Consultancy Back offices Research Academics Other- Risk Management, Pension Actuarial profession is demanding that even after retirement you get the job of consultant in any insurance Company currently. www.dheya.com

Growth Potential

Insurance Penetration Insurance penetration measured as a percentage of insurance premium to GDP rose from 2.71% in 2001 to 5.20% in 2009, then declined to 3.3% in 2013-14, indicating the growth in insurance premium is lower than the growth in national GDP World average of 6.3%,

Career Progression This profession is comparatively better paid compared to other profession such as IT, Engineering etc Pre-Qualification Exam Progress Experience Post-Qualification Post Qualification Experience Management Skills www.dheya.com

How to become an actuary (1) Institute of Actuaries of India (IAI) is a Professional body ( www.actuariesindia.org) First Student is to write entrance Exam Then become Student Member of IAI There are total 15 exams, split into 4 sections Core Technical Stage- 9 Core Application Stage-3 Specialist Technical Stage-2 Specialist Application Stage-1 Fellowship seminar

How to become an actuary(2) Study material can be purchased from IAI Mostly Self study, Coaching recently started by IAI Exams are held twice in a year, May/June & Oct/Nov Any number of exams can be taken in any attempt in any order However, It make sense to start taking in a order because of dependence of subjects These are tough exams but depend on own capacity but highly rewarding Membership can be taken after 12 class

What you need to become an actuary Analytical taste Good in Mathematics/Statistics Qualification required: 12th passed, graduate, post graduate, Engineer, MBA, CA, ICWA etc with sound knowledge in Mathematics & Statistics More successful people come from Mathematics, Statistics, Economics, Commerce, Engineering background

Other Routes to become an actuary Exams can be written Institute and Faculty of Actuaries UK, www.actuaries.org.uk In UK and Australia these subjects are taught at University Level which has exemption facility from the profession In India also there are few Private Management colleges teaches actuarial science but currently no exemption facility with profession

Other application Risk profession is getting very much in demand specially after 2008 economic crisis, so actuaries can also work in risk management department Apart from insurance companies, risk professionals can also work in other financial institutions such as Banks Actuaries can also specialize in Risk Management as one of the main subject or doing other courses from professional bodies such as GARP Pension Actuary- Certification is required for Gratuity, pension, leave encahasment, etc

Questions www.dheya.com