APSA ESA Actuarial Programme in Benin - HOME (EN) · PDF fileOrganize the enrollment of...

Association pour la Promotion des Sciences Actuariel les APSA / Ecole Supérieure d‘Actuariat ESA

The Actuarial Education Programme of ESA in Benin

Overview, Outreach and Outlook

IAA Committee And Subcommittee MeetingsWashington D.C., USA, March 2014

www.actuarialsciencesforafrica.orgwww.esa-isma.net

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The Actuarial Study Programme of ESAA collective initiative of: � the Ludwig-Maximilian-University (LMU) Munich Germany, � the State owned University of Benin (UAC), � the private Business School ISM-Adonaï in Benin and � the development association “Actuarial Sciences for Africa”.

With specific duties for each institutions:

� ISM-Adonaï : providing infrastructures and class-rooms for the Bachelor level.

� UAC: providing lecturers for pure Mathematics courses, Organize the enrollment of students for the Master programme and the infrastructures like class-room for the Master programme. Offer the conditions for setting up a research center in actuarial science and financial mathematics.

� LMU: Providing training an research possibilities for academics and students at LMU in Germany. Advice and Assistance in structure building.

� Actuarial Sciences for Africa : Organizing fundraising activities in Europe for the education programme and internship places for the students.

ESA: setting-up of the education programme and administration of the programme.


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Bachelor programme since 2006 at the Department of Actuarial Science and Financial Mathematics of ISM-AdonaïTotaling 30 StudentsFirst Graduates in 2011

The Actuarial Study Programme of ESA (cont.)

University courses with professional examinations.Bachelor and Master levels

Beginning of Master in 2013 as part of the Department of Mathematics of the state owned university UAC

1. Year 2. Year 3. Year 4. Year 5. Year

Basic courses :-Mathematics-Economics-Law-IT

Advanced courses: mandatory and optional subjects, Work experience and

Master thesis

Basic courses in actuarial sciences and insurance

Specialist Themes, Work experience and Bachelor thesis

ca. 58 Lectures,of which 40 from External staff*

Languages of lecturers:French & English

*Each module lasts 5 days and includes 30 course hours with a visiting lecturer

Further education in actuarial and insurance subjects (product development, rating, risk management etc.)

Timeline for the theoretical part of the study prog ramme (for Student with Baccalauréat)


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European Credit Transfer System (ECTS) Conversion table of the programme


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Eligibility

� Level Bachelor: anyone holding Baccalauréat série C or D, Baccalauréat série S1 or S2 (for Senegal), equivalent diploma, (or Baccalauréat G + special courses and tests).

� Level Master: A Bachelor in Economics with the special option inactuarial science, or at least an undergraduate degree in mathematics, statistics, physics, or any related field.� + one or two preparatory semesters.

Students will be requested to furnish proof of degrees obtained or may be tested in various subjects.


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The lecturers

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Origin of the Master Students

Accepted students: 34

Effective students: 25

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ESA Master Study Programme

Country Number

Bénin 22

Côte d’Ivoire 3

Centrafrique 1

Congo 2

Togo 5

Cameroun 5

Madagascar 1

RWANDA 5

TOTAL 44 Rwanda: 5


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Professional Accreditation

• According to international standards• Support from established actuarial experts from Europe and Canada e.g.:

– More than 50 visiting lecturers registered from more than 15 countries– Prof. Dr. Dirk van Berlaer, University Brussels Belgium, former Chair of

Groupe Consultatif, Chair of the Examination Committee of the programme– Prof. PhD. Mittnik, Chair of the Financial Econometrics seminar of LMU

Munich Germany– Prof. Dr. Oppel, retired Head of the Department of Actuarial Sciences of the

Institute of Mathematics of the University of Munich, Vice-Chair of the Examination Committee

– Edward J. Levay FIA, Past IAA President, Past Chairman of ASTIN, Past AWB Chairman

– Prof. Dr. Elmar Helten, former president of the German Association for Actuarial and Financial Mathematics (DGVM)

– Prof. Dr. Jan Dhaene, Chair of the Research Actuarial Department and PhD Programme of KU Leuven Belgium

• Academic and Student Exchange Agreement between - the University of d'Abomey-Calavi: (UAC) in Benin, - the Institut Supérieur de Management Adonaï: (ISM-Adonaï) in Benin and- the University Ludwig Maximilian Munich in Germany


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Testimonial about our students


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About ESA

� Established in 2010

• 2013: Selection of an additional/new name: “Association pour la Promotion des Sciences Actuarielles” (APSA)as requested by the authorities

� Completion of three-year period of practical actuarial work experiences

Objectives� Promoting university studies in actuarial science an financial

mathematics and the actuarial profession in West Africa� Encourage research in actuarial science an financial mathematics and

facilitate access to actuarial resources to the stackeholders in region through the establishment of ESA Research Center (CERAF) in 2013


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ESA Full Membership conditions and ESA Members

ESA’s Qualification requirements for the purposes of becoming a Full Member:

� Satisfactory completion of Master programme (The last Master exam is the Master Thesis: students have to write a Master thesis and defend it for a jury. The members of the jury are nominated by ESA)

� Successfully participation to a professional development programmes organized or approved by ESA (CPD)

� Completion of three-year period of practical actuarial work experiences

ESA has actually: � 14 Full Members (fully qualified members of the following associations:

Deutsche Aktuarvereinigung e. V. (DAV) (Germany) ; Institut des Actuaires en Belgique (Belgique); Institut des Actuaires (France)),� Two in Benin (one retired),

� 13 Junior Associates (Graduates with ESA Bachelor degree),� 25 member donators and � 40 Student members from 4 Countries


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Important Progress to Date� Official graduation ceremony for 11 bachelor students for years

2011 and 2012 in February 2012 with the participation of Guests of honour� Almost all of them have then been offered contracts as working students or as permanent

employees � Internship programme with companies in Benin, Belgium, Germany, Switzerland and Togo

with consistently positive feedbacks from the companies� Local and regional accreditation for the Bachelor and Master programme� Contacts with local and regional insurance supervisory authorities� Setup of the Actuarial Association Ecole Supérieure d’Actuariat (ESA) in Benin, as step in

the promotion of the actuarial profession� Contacts with local insurance companies for internships� Setting up an independent department of actuarial sciences and financial mathematics

(DSA&FM) at ISM-Adonaï� Contact and negotiation with 5 other universities in France, Germany, Cameroon, Senegal,

Switzerland and Canada� Contact and negotiation with several actuarial associations� 2013: Financial support from the German Academic Exchange Service (Deutscher

Akademischer Austauschdienst, DAAD). For 3 and half years � Setting up of ESA Research Center (CERAF)� Initiate and intensify contact with the Authority for the implementation Health Insurance

Schemes in Benin


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Members:

� Dr. Franck Adékambi; Senior Lecturer Johannesburg, South Africa (Center Director)

� Vance Abissa ; PlaNetGuarantee, Abidjan Ivory Coast

� Prof. Dr. Karel van Hulle; KU Leuven, Leuven Belgium, Goethe University in Frankfurt, Frankfurt am Main Germany

� Prof. Dr. Dirk van Berlaer, Actuary IA|BE, ULB, Bruxelles, Belgique

� Prof. Dr. Jan Dhaene, Actuary IA|BE, Chair actuarial research and PhD programme, KU Leuven, Leuven Belgium

� Guillaume Moussa, Dipl. Math., Actuary DAV, CERA, RheinLand Versicherungen, Neuss Germany & Benin

� Prof. Dr. George Schlüchtermann, LMU München, Hochschule München, Munich Germany

� Philippe De Longueville, IA|BE Qualified Actuary, QBE Re, Brussels Belgium / London UK.

� Dr. Ahoua ASSOUAN, Actuary IA, DAXIAL Conseil, Abidjan Ivory Coast / Paris France.

� Dr Hyppolite Hounnon (Professeur at UAC and ISM-Adonai, vice-Président ESA & Center vice-Director)

� Advisory Board Members : Edward J. Levay FIA, UK ; Dr. Olivier Levêque, EPFL, Lausanne, Switzerland; Prof. PhD. Stefan Mittnik, Chair of the Financial Econometrics seminar of LMU Munich; Prof. Dr. Ulrich Oppel, Actuary DAV Actuary, LMU of Munich, Germany.

CERAF: Centre d’Etudes et de Recherches en Actuariat e t Finance (ESA Research Center in Actuarial Science and Financ e)

Founded in 2013


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The actuarial association (ESA: Ecole Supérieure d’Actu ariat) and its collaboration with ANAM (Agence Nationale

d’Assurance Maladie)Outreach and the way forward

� Identification of specific areas of future collaboration achievement; e.g.:

� Evaluation of the implementation measures and formulate recommendations

� Organisation of workshops: develop and validate different tools

� Assistance and advice on data collection, analysis and monitoring of claims experience

� Assistance and advice in the use of Information and Communication Technology (ICT) as game changer in health coverage

� assistance and advice in studies visit by other countries and in the development of fast-track options for multi-country collaborations

� 2014: ESA and ANAM start a reflexion on the implementation of a data base for national health insurance programme

ESA and the National Health Insurance Schemes in Be nin: opportunity for the development of the actuarial pr ofession


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The actuarial association (ESA: Ecole Supérieure d’Actuariat) and its collaboration with ANAM

Outreach and the way forward

� 20013: review of term of reference for ANAM’s Call for Expression of Interest

� Meeting with different donors institutions to identify the degree of awareness of the necessity of actuarial knowledge for the success of RAMU and to amplify collaboration between them

� Assistance and advice in the development of self-sustaining funding solutions

� 2013: Initiate two Bachelor theses on RAMU and its impact on complementary private health care

� Encourage ANAM to install and develop actuarial department

ESA and the National Health Insurance Schemes in Be nin: opportunity for the development of the actuarial pr ofession


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Change Management and Next Steps

� Information Workshop in Abidjan (Ivory-Coast) with more than 30 Stakeholders

� Information Workshop in Cotonou (Benin) with 30 Stakeholders

� February 2014: Participation to the AG of the Association of Insurers in Africa (FANAF) with the assistance of the Chairman of the insurance supervisory authority in Benin

� End June 2014: Information Workshop in Lagos (Nigeria): In Planning

� December 01 to 05, 2014: 1st West African Conference on Actuarial Science and Finance / 1ère Conférence Ouest Africaine sur l’Actuariat et la Finance

� Start of a PhD Programme in Actuarial Science and Financial Mathematics from 2017 onwards


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� Joint Supervision Agreement between ESA/APSA and UAC (will be finalized in 2014)

� Intensify of the tutorial programmes and revision courses held by students who have passed their bachelor degrees

� Offer of Master programme for part-time students

� First fully qualified actuary according to our education programme by end 2016.

� Use of the E-Learning platform in addition to on-site lectures

� Increase actions to inform and attract more practitioners and students from different countries.

� Setting up an expert committee (under chairmanship of Prof.Stefan Mittnik, LMU Munich)

� Improve the education of financial consumers and raise public interest issues

� Establish and intensify links with other professional associations in the region with similar objects

� Initiate and using projects as training opportunities for students

� Develop a sustainable actuarial capacity for the markets in the region access to international best practices

� Exposure of regulators and companies to international best practices through workshops and cross-training with other regulators in developed insurance markets

� Encourage insurance/financial companies to setup and develop an actuarial department

• From 2017 on: The basic courses in insurance and financial mathematics will be held by alumni with master degree after three years of professional practice

Main action points for a sustainable development of the programme


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Challenges

� Lack of understanding and hence appreciation by industry and regulators for actuarial development

� There are very few fully qualified actuaries in the market (e.g. Benin has only one active fully qualified actuary and two retired fully qualified actuaries) therefore people who modify the price of certain products did it with none actuarial calculations

� Unstable telephone, internet connections and electricity supply in Benin

� Capacity of market to absorb actuarial science graduates; due to the lack of understanding of actuarial works

� Low English level by some of the students� Introduction of TOEFL Test with a minimum of 550 scores


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Reactions / Questions / Comments?


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Fritz Totin, Guillaume Moussa and Edward J. Levay

Email: [email protected]: www.actuarialsciencesforafrica.org / www.actuaires-esa.org

Thank you for your attention!

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