South Asian Actuarial Conference 2023

The latest instalment of the South Asian Actuarial Conference (SAAC 2023) is scheduled to take place from 15^th to 17^th November 2023. The Conference, organised for the third time by the Actuarial Association of Sri Lanka (AASL), will be held at The Kingsbury, Colombo, Sri Lanka. The theme for the current instalment is “Actuary: part superhero, part fortune-teller, part trusted advisor” which will bring together actuaries and non-actuaries from across the South Asian region and beyond.

The theme of the Conference will focus on how actuaries use their versatile skill set to serve the public interest, cut through complexity to identify key opportunities and threats all the while helping stakeholders make sense of the future.

Part Superhero: Even though they don’t wear a cape, actuaries are superheros who are part of a well-respected global profession. The roles they encompass as part of this profession are designed to always have the public interest front of mind. The importance of the services provided by actuaries were laid bare when the global pandemic hit with actuaries working in life insurance, health insurance, and government policy areas all supporting the response to the pandemic. SAAC 2023 will provide an opportunity for attendees to hear the global perspective and recent developments around climate change, the impact that it will have on every industry and how actuaries can contribute to climate action.

Part Fortune-teller: No crystal balls are required when actuaries can use their mathematical skill set to develop models that can predict the future. The actuarial profession was traditionally developed around the insurance industry, where actuaries used their skills to develop models to help predict and analyse future claims and derive premium rates and reserves based on this analysis. More recently, actuaries have transitioned into other industries ranging from banking to consumer goods and have adapted their predictive skill sets to help these industries plan for the future.

Part trusted advisor: Maybe most importantly, the greatest impact that actuaries have on any project they participate in is as trusted advisors who are able to challenge the status quo, to cut through the complexity and to help stakeholders understand the outcomes. Whether they are working on shaping public policy for a government or the strategic plan for a company, actuaries in their capacities as Board members, CEOs, CFOs or as analysts all make a massive contribution with the work they do. An example of the contribution that actuaries make was seen during the global pandemic with actuaries analysing vast sets of data to help governments target their limited resources to respond to emerging caseloads most effectively. They will make a similar contribution to the next big challenge that we are facing in terms of climate change.

Conference attendees will be treated to over 30 sessions across the three days with presentations by industry experts on topics that are wide ranging. This includes the hot topic (for the past several years) for actuaries and insurance professionals around the implementation of IFRS 17/SLFRS 17 as well climate change, setting of insurance remuneration and technical communication. The conference programme has been designed with all types of financial professionals including actuaries, accountants, economists, underwriters, and claims specialists in mind.

As part of the conference, attendees will also have an opportunity to network with fellow participants at the cocktail event and experience some of the best Sri Lanka has to offer at several excursion events organised. Participants will have the choice of exploring Colombo as part a city tour, experiencing the heritage of Sri Lanka at a special tour of the National Museum, enjoying a cruise around the Port City in a Sail Boat or attending a cocktail master class or tea appreciation session organised by the AASL.

The AASL has also organised an “Introduction to the Actuarial Profession” session presented by two consulting actuaries with experience in a corporate and consulting environment. This session is aimed at university and Advance Level students who are exploring potential career paths in the field. This free session will be held at The Kingsbury on 17^th November at 1.30 pm.

The AASL, founded in 2008, previously hosted the South Asian Actuarial Conference in 2017 and 2019. The conference has been the perfect opportunity for actuaries from within Sri Lanka to gather and to learn from each other as well as from the broader community. The conference will also help develop regional co-operation between actuaries from the South Asian region with the support of the International Actuarial Association (IAA).