The first FinTalk organised by Finesse Club of IMNU took place on 21st August, 2018. The subject was “Actuarial Science – Industry, Career Opportunities and Required Skills“. The talk was delivered by Mr. Hiten Kothari, Appointed Actuary, HDFC ERGO General Insurance Company. He is a Fellow of Institute of Actuaries, UK and Institute of Actuaries of India.
The talk started with the basics of the Actuaries, as a course which included things such as risk evaluation and management. He explained the concept further by taking examples of a bank and an insurance company.
Speaking about insurance companies Mr. Kothari explained as to how an Actuary determines what is the risk or liability that a company undertakes while offering a product. He also mentioned that, “It is important to determine the amount of premium charged, so that the company ends up making profits, as Return on Equity is of paramount importance to the stakeholders and no one compromises on it.”
He also spoke about the different examinations involved in completing Actuaries and that a person who is good at mathematics and statistics would have a good chance of completing the examinations and would find it very easy. He pointed out that Investment Banks get occupied by students from IIM’s and IIT’s and that Actuaries is a role that does not as such exist in India. He said that, “In say 2, 00,000 companies, only about 100 would have it.”
Towards the end of the discussion, he mentioned that there is scope for Actuaries as a career, wherever data exists and not only in insurance companies. He gave an example of online shopping as to how Data Analytics is used to gain information about customers and then used to meet their needs.
He concluded the session by talking about his role in HDFC ERGO General Insurance Company and what he is responsible for. He also explained that there is something called an Actuarial Audit, where an independent external Actuary gives a view on the numbers and the data.
This article is contributed by Abhishek Punwani –
Picture Courtesy: Pratikriti- The Photography Club