The Power of Collaboration: How Diverse Stakeholders Grow the Actuarial Profession

Building and strengthening the actuarial profession requires deliberate and strategic efforts, underpinned by coordinated multi-stakeholder engagements ranging from regulators to educational institutions to actuarial associations. A collaborative approach is fundamental to the success of the growth of the actuarial profession, particularly in the context of many low and middle-income countries where the supply of actuaries is limited or non-existent. 

UNDP-Milliman Global Actuarial Initiative (GAIN) is a pro-bono program which started in 2022 looking to build the actuarial profession in low and middle-income countries. Since the inception of the program, GAIN has involved over 300 volunteers and ambassadors contributing over 32,000 pro-bono hours across 16 countries. GAIN relies on a collaborative approach with local, regional, and international stakeholders to build capacity, strengthen insurance markets and in turn promote sustainable economic growth. 

Nepal is a case in point where multiple diverse stakeholders including the local actuarial society, regulator, insurance association and educational institutions joined forces to advance the actuarial profession. In 2024, a significant regulatory change marked a transformative moment for the actuarial profession in Nepal with the support of the GAIN working group. Beginning in May, the Nepal Insurance Authority issued a guideline that set the regulatory criteria for insurers and mandated each insurance and reinsurance company in the country hire at least one in-house actuarial analyst. Within eight months of issuance of the guideline, 80% of the insurance companies have at least one actuarial analyst, compared to only a handful of analysts being employed previously. This guideline has paved the way for supporting a stronger foundation to build in-country actuarial capacity and ensure longer-term sustainability of the actuarial profession. In this session, we will hear from Som Raj – Vice President of the Actuarial Society of Nepal (ASN) – who has been key to the introduction of this regulatory change as well as leading ASN in reaching associate member. He will draw from the practical experience in working across diverse stakeholders in actively supporting this effort as well as the lessons learnt in advancing the actuarial profession in Nepal. 

This will be followed by a panel session with the following panellists and moderator:

• Queenie Chow, Global Actuarial Initiative Milliman, Senior Programs Director
• Som Raj, Actuarial Society of Nepal, Vice President
• See Ju Chua, SVP Head of Capital Management APAC, Sompo Asia Pacific, Chair of the Asia Subcommittee under the International Actuarial Association (IAA) Membership Assistance Committee.
• Luong Xuan Truong, Appointed Actuary, BaoViet Life and GAIN Working Group Member 
• Diana Almoro, Asia Regional Lead, UNDP
• Pujan Dhungel, Director, Nepal Insurance Authority 

The panel discussion will explore how diverse stakeholders can work together to in driving forward the actuarial profession, particularly in context of the different Asian countries. Panellists will share insights, challenges, key drivers and critical elements to ensure sustainable growth of the profession. The session will look also explore the key learnings from GAIN in supporting the development and strengthening of actuarial capacity globally.