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Nomad Life continues to participate in the development of actuarial profession in Kazakhstan

For three years the Society of Actuaries of Kazakhstan and life insurance company Nomad Life have been holding a competition for an educational grant for actuarial courses. This time, the first and fourth courses will be held online due to the epidemiological situation.
Nomad Life continues to participate in the development of actuarial profession in Kazakhstan

The students and graduate students of the physical, mathematical, technical and financial departments of universities of Almaty, Nur-Sultan, Aktobe, Shymkent and Karaganda took part in the competition. 67 applications were submitted; the competition organizers approved 45. The senior undergraduate students or university graduates, Master’s Degree students and PhD candidates with a good GPA (average score) took part in the selection. Priority disciplines were mathematics and physics. Also, the selection took into account medal places in Olympiads or projects in mathematics, physics and the availability of free time to listen to the full program course.

In the nearest future 45 winners will be able to attend the first basic actuarial course for free followed by the exam. If exam is successfully passed, they will also be able to take a second basic course of a minimum training program for actuaries on a grant basis.

“The market is still lacking qualified actuaries and specialists in general today. If you look at the insurance industry, you can see its sustainability, the absence of any external support in crises, and this is mostly the work of actuaries, - says the Nomad Life executive Kairat Chegebayev. - Apart from sustainability, the cost of services, size of assets and business success as a whole depend on the departments of actuarial expectations. Actuaries are also responsible for the legislative activities of the industry, which allow insurance to develop. Therefore, it is very important that actuarial courses continue to take place, testing a new online format this year making it possible for students from regions to participate, since not everyone has the opportunity to come to Almaty.”

Project History

The Society of Actuaries first opened actuarial courses in 2001; the training was funded by USAID then. “During the crisis many insurance companies switched to a saving mode, and we could not get the right number of participants to cover expenses, as it was necessary to pay the rent of premises and teachers’ salaries. Insurance companies sent their employees only for qualification exams. The quality of knowledge in this situation obviously became worse. The market was not replenished with actuaries,” explains Dina Urzhumova, the Board Chairman of the Society of Actuaries of Kazakhstan NGO.

Over time, the shortage of personnel could have led to big problems for the market. Actuarial expectations are insurance mathematics, a special field of study that serves insurance. An insurance fund is built, insurance rates are calculated and insurance reserves are formed on the basis of actuarial expectations.

“At least two actuarial mathematicians should be in each insurance company. The executives of insurance companies must also understand actuarial calculations, as only learning of methodology for developing the insurance fund makes it possible to clearly imagine where each Tenge comes from and how, when and what purpose it can be spent on. We are very pleased that Nomad Life is sponsoring our courses and understands the necessity for development of the profession,” the source said.

An actuary is also an intermediary between an insurer and policyholder. They have to take into account the interests of both participants in the insurance market. On the one hand, the tariffs should ensure the stability of the insurance company, on the other hand, they cannot be overstated. “The actuary must make an adequate, independent and informed opinion calculated and confirmed by mathematical formulas, on any issues. Therefore, the actuarial activities are certified. To obtain a certificate, the actuary must pass qualification exams. The list of subjects is approved by the regulator. Thus, the professional qualities of the actuary are guaranteed. 200 specialists took our courses, all of them are in demand and work in insurance companies,” explains the Chairman of Fundamental Mathematics Department of the Mechanics and Mathematics Department at Al Farabi KazNU, Doctor of Physics and Mathematics Mirbulat Sikhov.

After successfully passing the exams in basic courses, participants can become members of the “Society of Actuaries of Kazakhstan” NGO and get a job.

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