By Buertey Francis BORYOR
The long-awaited Deloitte School of Actuarial Excellence – seeking to nurture actuarial skills while complementing existing efforts by stakeholders in transforming the country’s insurance sector – has been officially launched in Accra.
The school, established by Deloitte Ghana, is a testament of its commitment in empowering future leaders to excel technically and drive solutions for complex global challenges.
Commissioner of Insurance Michael Kofi Andoh, in a speech read on his behalf at the event, said the school will help upskill actuarial resources to ensure they are up to date with latest regulatory developments and actuarial techniques.
“We are aware of the difficulty in obtaining or retaining a skilled actuarial resource, given their relevance to different sections within the financial sector. As a regulator of insurance business in Ghana, the National Insurance Commission (NIC) embraces innovation and creativity that backs the insurance industry’s growth. Hence, we could not be happier with the establishment of a school by Deloitte Ghana that seeks to nurture actuarial skills.
“I encourage all our regulated entities to patronise the school, use it as a platform to train staff and equip them with knowledge. I want to assure Deloitte that the NIC fully supports this initiative,” he added.
Furthermore, he emphasised the Commission’s unwavering commitment to developing the insurance industry – which he believes is very critical to transformation of the country’s financial sector.
“Our market is projected to generate gross written premium way in excess of GH¢10billion in 2024, but this is relatively small compared to some of our peers within the continent. Therefore, more effort is needed by all stakeholders, including Deloitte, to grow the industry at a rapid but sustainable pace,” he added.
Also, Dr. Kwabena Situ, Partner-Assurance Services, Deloitte Ghana, while giving an overview of the school’s establishment underscored the importance of insurance companies and actuaries.
“The insurance companies exist to manage risk, and in doing so they need to be able to capture and value the risk they are managing. The Deloitte School of Actuarial Excellence has been established to enhance risk management by equipping young professionals with relevant skillsets and knowledge which enable them to manage risk in new ways for insurance companies.
“The school’s professionals will undergo three months of practical training, while being attached to Deloitte’s Actuarial Units across Africa. After that session, they will also have an opportunity to work with Deloitte. People within the following categories can come and take up a course: firstly, those that are done with National Service and have yet to start work; and secondly, those that are already within the insurance industry. This is basically a pro bono because the cost is very affordable,” he added.
Meanwhile, Fellow of the Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Ghana, Kakra Duffuor-Nyarko, speaking on behalf of Women in Insurance Network Ghana (WING) during the school’s launch noted that the actuarial profession has always been synonymous with rigorous analysis, innovation and a commitment to excellence.
“With this programme, Deloitte Ghana is building on that legacy – further strengthening our professional community by nurturing the next generation of actuaries. WING is dedicated to fostering an inclusive environment where women can grow their confidence, develop their capacities and take on leadership roles in an industry that is ever-evolving,” she added.
Ms. Duffuor-Nyarko, who is also Chief Executive Officer (CEO) of StarLife Assurance Limited Company, commended Deloitte Ghana for its leadership role in advancing the actuarial profession and its commitment to diversity, capacity-building and global impact.
“We are excited to see the great strides this programme will make, and we look forward to continued partnerships and collaborations that empower and uplift the next generation of leaders,” she added.
