As Mumbai-based firm K. A. Pandit becomes the first company in India to achieve the QAS accreditation, Kulin Patel (CEO/Partner) and Niyati Pandit (Chief Services Officer) describe how the firm has benefitted from its relationship with the IFoA over the years.
This is an adage at K. A. Pandit (KAP) that embodies the approach of our 80-year-old actuarial consulting firm – the oldest in India – as we embark on 21st century opportunities and challenges.
KAP’s connection with the IFoA goes back a long way, as the UK profession was the reference for our forebears.
Kantilal Anandrai Pandit, the founder of the firm, qualified from the IFoA as an actuary in 1940, without ever going to London. Back then, there was no Actuarial Society of India (now the Institute of Actuaries of India). His qualification was possible due to the IFoA’s commitment to students outside the UK, even during exceptional circumstances such as the Second World War.
In 1991 the then President of the IFoA, Hugh Scurfield, visited India and paid a visit to the KAP offices in Mumbai, in honour of our founder’s 50+ years of Fellowship. Over the years, KAP has had the pleasure of hosting many other visits from IFoA delegations.
Our affiliation with the IFoA has also helped us to connect to the international actuarial community. It was through one of the past presidents that we were introduced to a UK-based consulting firm, which eventually led to KAP becoming one of the founding members of an international network of independently owned actuarial consulting firms.
That network is now called ‘Abelica Global’ and KAP has been part of it for over 20 years. The connection with the IFoA, along with its framework for governance and personal development of actuaries, helps our students and Fellow members stand shoulder-to-shoulder with international actuarial consultants, all working to the same high standards.
We debated for a long time whether we would be ready to apply for the Quality Assurance Scheme (QAS) but took the decision in 2022 to just do it. We knew we would learn so much, whatever the outcome. And what a result to achieve it at the first attempt!
We are immensely proud of becoming India’s first QAS-accredited firm. This is a major milestone in our evolution, because at KAP the QAS is more than just another accreditation scheme. The QAS is centered around how an organisation lives and breathes the Actuaries’ Code and will provide a central compass and a sense of independent accountability as we continue to evolve and progress.
We embarked on the QAS journey for two reasons: clients and our team. The scheme not only confirms the firm’s approach to delivering quality actuarial work to its clients in line with the high standards of actuarial duty and care but also reaffirms our commitment to providing a supportive working culture and facilitates the professional development of our actuaries.
Securing QAS accreditation formalises a deeper, long-standing relationship with the IFoA that has been very productive over the years. We recognise that we are now part of an exclusive club of 42 QAS-accredited firms globally. We are looking forward to tapping into a variety of resources from the IFoA and the other QAS firms, and we hope to contribute to this community ourselves.
The QAS process was smooth because of the supportive ethos of the IFoA. The entire assessment process was conducted in a tone that made us believe in accreditation not as a destination but as the entry point to an exciting journey.
The fact that the first reviews, audits and interviews were performed independently by the ICAEW ensured that it was a rigorous process. It could have been daunting, but the reviewing official was collaborative and understanding. Feedback and suggestions for future improvements were conveyed to us in a productive manner. The entire process was conducted online, which helped a lot, especially for a company not based in the UK.
KAP works for clients across several countries in all its business lines of employee benefits, insurance consulting and corporate solutions.
The IFoA is internationally recognised as a benchmark for actuaries and consumers of actuarial services globally, and the QAS accreditation further supports KAP’s credibility to deliver high standards of work for its increasingly international client base and should bring a deeper sense of trust and comfort to our existing domestic clients too.
We feel the benefit of this accreditation is important in present times.
To carry forward the legacy of 80 years, we have always encouraged a strong team with deeply rooted values. Maintaining integrity and competency, building client relationships, a holistic work culture based on trust and mutual respect, and aiming for excellence – these have been our core guiding principles that have helped us build a growing team.
We now look forward to our team members benefitting from the QAS as a further source of guidance in their professional development. This should hopefully also mean team members have a deeper attachment to the firm – and to the IFoA as well.
We want this accreditation to benefit all our team members, not just our actuaries. One example implemented in the past three years has been the annual exclusive sessions the IFoA Education Team has been hosting for KAP team members around professionalism.
The QAS accreditation achievement is one of the key pillars of our future. We cannot wait to see where the journey takes us.
The QAS recognises organisations that have demonstrated their commitment to three outcomes: Professionalism, Development and Training, and Organisational Culture. The scheme was established in 2016 and now covers 15% of the IFoA’s global membership and a quarter of its UK membership through 42 accreditations. The QAS is open to all employers committed to creating a working environment that supports actuarial excellence. Find out more on our Quality Assurance Scheme web page.