Ground-breaking academy to spur innovation in actuarial science for Asia is being established in Malaysia.
Sunway University, Russell Group and Ardent Group recently signed a memorandum of understanding to establish and develop an Actuarial Academy which will launch a new R&D facility in Asia. This ground-breaking academy to spur innovation in actuarial science for Asia is being established in Malaysia.
The new institution, to be set up by Sunway University, Selangor, in collaboration with U.K. data analytics software and services firm Russell Group and Malaysia-based Ardent Group, will welcome actuarial students from the next academic year (2016-17).
Actuaries calculate insurance risks for global insurance and reinsurance companies, an industry collectively worth an estimated US$4,778BN annually; however, there is a shortage of actuarial professionals in Asia with insurance experience.
The academy will conduct commercial research into insurance and reinsurance data mining using innovative methodologies developed by Russell Group. In the process, the academy will promote students’ practical actuarial expertise while internships with Russell Group and other leading (re)insurance organisations will also be offered.
Suki Basi, Managing Director of Russell Group, stated that having Sunway University spearhead the foundation of world-class actuarial courses at the proposed academy was testament to the university’s far-sightedness.
He said: ‘For too long Asia’s actuaries have been bereft of a dedicated academic research and development centre of excellence. The analytical capabilities this new academy will foster will not only greatly enhance the accuracy of risk assessments in the global insurance and reinsurance industries, but draw students to this discipline - and university.
Opened in 1987, Sunway University offers undergraduate and postgraduate programmes taught in English. Together with Sunway College and Monash University Sunway campus, Sunway University is a member of the Sunway Education Group.
About Russell Group
Russell Group is a leading risk management software and services company fast expanding its operations across Asia. Through its ALPS suite of products, Russell Group provides a truly integrated framework for insurance and reinsurance clients operating across the specialty classes.
With an underwriting risk framework that delivers a complete understanding of underwriting exposure, Russell Group helps clients generate clearer risk insights and assessments, robust capital utilisation and improved portfolio return on equity.
As a pioneering UK-based data analytics company, Russell Group offers insurers and reinsurers across Asia proprietary technology that factors in the realistic, probabilistic and unexpected for better scenario modelling to give more accurate pricing in underwriting risk management.
Source: PRWire (press release)