11/12/2024
Empowering actuaries of tomorrow at IFoA India Conference
The IFoA India Conference 2024 provided an exciting platform to foster innovation, collaboration, and connections within the actuarial profession. Among its standout moments were the Actuarial Innovation Challenge and the student showcase, which offered unique opportunities for students to engage with the industry and demonstrate their potential.
Day 1: Actuarial Innovation Challenge – a celebration of creativity and problem-solving
The conference began with the much-anticipated Actuarial Innovation Challenge, a South Asia case study competition jointly organised by the IFoA and the Institute of Actuarial & Quantitative Studies. The challenge encouraged participants to develop innovative insurance solutions for disadvantaged communities, blending creativity with technical expertise.
Key highlights
- 157 teams registered from over 40 colleges: The overwhelming participation showcased the growing interest in actuarial science and innovation among students across India and South Asia.
- Nepal’s inspiring presence: Five teams from Nepal, comprising 15 dedicated students, demonstrated unmatched enthusiasm by travelling significant distances to be part of this prestigious competition.
- Final round: Out of 157 entries, 23 teams made it to the semi-finals and 10 teams competed in the grand finale. They each presented groundbreaking solutions to address real-world challenges.
Winning teams
- 🏆 Winners: The ‘Actuarial Alchemists’ from Sri Sathya Sai Institute of Higher Learning delivered an exceptional solution, earning the top honours.
- 🥈 1st runners-up: The ‘Dynamic Thinkers’ from the School of Mathematical Sciences, Tribhuvan University, impressed with their well-rounded approach.
- 🥉 2nd runners-up: The ‘Tactical Thinkers’ from the Institute of Actuarial and Quantitative Studies showcased robust analytical and technical skills.
The competition set the tone for the conference by emphasising the importance of innovation and collaboration in solving actuarial and societal challenges.
Day 2: Student showcase – a gateway to industry insights
The second day of the conference featured the student showcase, a unique interactive session designed to connect students with industry leaders. Unlike traditional presentations, the showcase was a conversational event where employers and students engaged in meaningful dialogue about the future of the profession.
Format and engagement
- Employer introductions: Representatives from leading firms such as RSA, EY, Swiss Re, Marsh McLennan, and AON introduced themselves and shared insights into what they value most when hiring fresh talent. They emphasised qualities like adaptability, communication skills, analytical thinking, and a proactive mindset.
- Student interaction: Students, including those from more than 60 colleges across India and Nepal University, seized the opportunity to ask questions, seek guidance, and gain clarity about career prospects. This open format created an engaging and supportive environment for participants to learn directly from industry leaders.
The student showcase bridged the gap between academia and the industry, equipping students with practical insights and inspiration to navigate their career paths.
A shared vision for the future
Together, the Actuarial Innovation Challenge and the student showcase exemplified the IFoA’s commitment to nurturing the next generation of actuarial talent. While the competition celebrated creativity and problem-solving, the showcase provided a valuable opportunity for students to connect with potential employers and understand the skills needed to thrive in the profession.
As the conference drew to a close, it became clear that these initiatives had a lasting impact, leaving students empowered, employers impressed, and the actuarial community inspired for the future.
