Lack of interest on data by insurance industry cripples actuarial practice — Experts

Posted by Larry Nwabuoku on 2018-07-11 04:26:00 | Views: 6 |

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Lack of interest on data by insurance industry cripples actuarial practice — Experts

By Rosemary Onuoha

Insurance experts have said that the lack of interest in data and statistics by insurance industry operators has contributed in crippling the actuarial profession.

They noted that this also compelled many Actuarial Scientists to travel offshore where their services are highly needed.

Speaking to Vanguard, President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Shola Tinubu said, “The insurance industry is supposed to deal more on statistics, data and figure analytics. In essence, actuaries are meant to assist the operators in pricing. Unfortunately, the industry has been totally uninterested in statistics and keeping data as well as bringing forth the data to determine prices and claims, and plan for the future.”

President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Shola Tinubu
President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Shola Tinubu

Speaking on the predicament of actuaries in the country, Tinubu said, “I read Actuarial Science in the University of Lagos and had many course mates who had first class in the course. Many of them wanted to practice the profession after school but had to travel out of the country because the only industry where they could have served was not interested in their services.”

Tinubu, however, said “There is a reawakening of the knowledge that data and statistics is the bedrock of an insurance industry. Once you realize that then you can utilize the services of actuaries.”

Chief Operating Officer and Executive Director, Aiico Insurance Plc, Mr. Tunde Fajemirokun, said that the industry have had a lot of challenges in the actuarial function.

He said, “We have had challenges in the actuarial function in the industry, consequently, Aiico recently recruited a qualified actuary.  The move is already adding a lot of value in our product designs as well as other solutions in provision of contracts to our customers.”

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