Virtual Actuarial Conclave (VAC-2022) organized by Institute of Actuaries of India Successfully Concludes
Mumbai : The Second Virtual Actuarial Conclave 2022 (VAC 2022), themed Preparing for a new era: Decoding Disruption organized by the Institute of Actuaries of India (IAI), concluded with insightful sessions on the critical issues that are disrupting business models today, and the evolving role of actuaries in managing the emerging risks. The three-day conclave brought together eminent dignitaries from insurance, finance and wider domains from across the globe to a platform that deliberated on organizational transformation for resilient and robust growth.
The event received special communication from the Honorable Prime Minister Shri. Narendra Modi who acknowledged the contribution of actuaries for building an India of the future and conveyed his best wishes for a successful and fruitful conclave with stimulating discussions on a wide spectrum of issues.
In her communique, the Honorable Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman urged the actuarial community to continue its contribution to the growth of the economy along with preparing the country to respond to the rapidly changing world.
In the conclave, Mr. Subhendu Kumar Bal, President, Institute of Actuaries of India, announced the new Olympiad of Actuarial Sciences for Indian Students (OASIS) for students from classes 9th to 12th, and launched the fully-digitized magazine for the global actuarial community. Professionals who qualified in the Fellowship and Associateship exams were conferred with the certificates. Top scoring students in the 2021 ACET (Actuarial Common Entrance Test) and other actuarial exams were bestowed with Academic Excellence Awards as well as impressive cash prizes. Various volunteers and actuaries were felicitated over the next two days, as new members were welcomed into the IAI fold.
Mr. Subhendu Kumar Bal, President, Institute of Actuaries of India, congratulated all the volunteers and IAI members for the successful execution of VAC 2022 and said “We witnessed many lively discussions and highly informative sessions by eminent speakers and leaders from wider areas, that offered participants invaluable insight into the challenges confronting the profession. In today’s dynamic world, we must be prepared to address the disruptions and emerging risks that confront the business models. Actuaries will have an invaluable role to play in formulating and implementing organizational risk mitigation strategies across various sectors. Events like VAC 2022 play a critical role in perpetuating new ideas and thoughts while exploring the future of the profession.”
The three-day event witnessed experts deliberating on topics such as “Managing Consumers’ Needs and Expectations in a Brittle Anxious Non-linear Incomprehensible (BANI) World”, “Expanding Horizons – Indian Actuaries in Global Organisations”, “Transforming GI Reserving”, “Decoding Longevity for a Better Pensionable Society”, “Corporate Risk Governance in the Age of Disruptions”, “Climate Risk-Insurers: Response and Role of Actuaries”, “COVID19: Managing Demographic Risk”, “Actuaries Beyond Traditional Areas”, “Managing Professionalism in Uncertain Times” and “De-Risking the Balance Sheet and Risk Measurement – the DNA of Banks”. The panelists discussed various critical issues and challenges facing the profession, including new regulations, changing consumer demographics, their needs and expectations, and the impact of COVID on the business and finance world. They also explored the evolving requirements of the industry in response to risks like cybersecurity, climate change, and the emergence of other specialized sectors, such as non-fungible tokens (NFT), online gaming, and sustainable energy. In addition, there were dedicated student sessions on nurturing actuarial talent in India, experience sharing by young actuaries, hands on technical and soft skills sessions.