Actuaries are the most suitable professionals to steer President Uhuru Kenyatta’s Big Four Agenda to its fruition owing to their expertise in risk and modelling.
Speaking during the annual Actuarial Convention James Olubayi, Zamara’s executive director said that by modelling scenarios before commencing large scale projects, actuaries can help the government save a lot of money as well as get advisory on the projects viability to the economy.
“Actuaries will help in the modelling of various financing mechanisms that can be used to achieve the Big Four agenda projects, and to ensure their sustainable mechanisms,” he said during the event organised by The Actuarial Society of Kenya and UK-based Institute and Faculties of Actuaries.
Mr Obulayi also added that actuaries will be able to interrogate why the country is facing food challenges, the best housing plan for its citizen and optimal healthcare opportunities that can be available to Kenyans.
On his part, the Insurance Regulatory Authority’s Ag Commissioner of Insurance Godfrey Kiptum said that actuaries are critical market players key to decision making, and have the capacity to venture into territories that were previously considered as social.
“We need to challenge ourselves to make use of existing and potential data resources to improve targeting and more rapidly come up with solutions that respond to the needs of the market,” he said in speech read by IRA’s chief manager, Policy, Research and Development Robert Kuloba.
Marjorie Ngwenya, immediate-past Presdient of IFoA added that actuaries are uniquely positioned to meet this challenge.
“However, to grasp the opportunities of this rapidly transforming landscape we will need to change as a profession,” she explained during the during the convention held at Mövenpick Hotel, Nairobi
During the event TASK and IFoA announced a partnership as part of their strategy to deliver a sustainable, successful future for the actuarial profession, build capacity and grow the community in Kenya and the Eastern Africa region.
“TASK is doing a remarkable job of incubating Actuarial talent across the East African region. IFoA has sought to deepen our partnership with TASK to better support our shared professional community,” said Marjorie Ngwenya.
The partnership will see the two actuarial bodies create opportunities for its members by strengthening relationships between key employers, regulators and relevant stakeholders.