Saurabh Agrawal, Head of With-Profits Management at NFU Mutual, explains what QAS accreditation means for the organisation – and how it goes beyond a standard accreditation.
The IFoA's Quality Assurance Scheme (QAS) plays a vital role for organisations like NFU Mutual. In today’s world, trust and professionalism are the cornerstones of actuarial work. Customers, regulators, and stakeholders expect not only technical accuracy but also integrity, transparency, and a culture that supports ethical decision-making.
The QAS is an accreditation designed to help organisations like NFU Mutual demonstrate our commitment to three key outcomes:
Since its launch in 2015, QAS has become a hallmark of excellence. Initially popular among consulting firms, it is now gaining traction with insurers and other organisations that want to showcase their dedication to high standards – something we were keen to be part of.
At NFU Mutual, we have seen the benefits first-hand. Our actuarial function was accredited a few years ago, and recently, our with-profits team joined the ranks. Why did we do it? Because QAS reflects who we are: committed to high standards, rigorous internal controls, and a culture that supports our people.
The accreditation process is thorough – it involved detailed reviews of policies, training records, and interviews with team members. But the outcome? Worth every effort. It strengthened governance and risk management, enhanced credibility with customers and stakeholders, and earned recognition for our diversity and inclusion strategy – something we’re passionate about as part of our goal to be a “Great Place to Work.”
One area that stood out was diversity and inclusion – the assessors were hugely impressed with our approach in this area. They commented on the strength of our D&I strategy and the practical steps we are taking to embed it into everyday work.
For us, that matters. This commitment reflects our broader goal of creating a positive environment where every voice matters. It is indeed encouraging to see this recognised externally as well as internally.
NFU Mutual has been offering with-profits products for many decades, and we are proud of our long history of strong governance and best practice in how we manage them. With-profits is a unique area of the insurance industry because it involves a high degree of judgement and discretion.
That makes one thing absolutely essential: customer trust. Regulators have always placed a lot of emphasis on ensuring firms act in the best interests of their customers – Consumer Duty regulation being the latest example of this. At NFU Mutual, meeting these standards has always been part of who we are, but gaining QAS accreditation takes this commitment a step further. It strengthens the credibility of our with-profits function, gives customers added confidence in our management practices and actuarial work, and helps us stand out as a trusted and reputable provider in a competitive market.
It’s clear to me that QAS is not just another accreditation or a box-ticking compliance exercise – it represents a forward-looking commitment to the future of our actuarial teams and the strength of our organisation.
In an environment where expectations around professionalism, transparency, and accountability continue to rise, I know that the QAS accreditation sends a powerful message to clients, customers, regulators, and employees: we value professionalism and invest in our people.
That kind of assurance doesn’t just build confidence – it helps attract top talent, improves retention, and elevates our reputation in a competitive landscape where credibility truly matters.
For insurers, where customer confidence is paramount, QAS offers an additional layer of assurance. It demonstrates that our actuarial teams are not only technically competent but also supported by a culture of integrity and continuous improvement.
If your organisation hasn’t considered QAS yet, now is the time. It’s an investment in your people, your reputation, and the profession as a whole. By embracing QAS, we collectively raise the bar for actuarial excellence.
