PAI-ADB Project - International Actuarial Association · PERSATUAN AKTUARIS INDONESIA THE SOCIETY...
Transcript of PAI-ADB Project - International Actuarial Association · PERSATUAN AKTUARIS INDONESIA THE SOCIETY...
PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
PAI-ADB Project: A Route to Development of Actuarial
Profession in Indonesia
By Iene Muliati, FSAIVice President II
Society of Actuaries of Indonesia
IAA Fund MeetingSeptember 6-7, 2007Bangkok, Thailand
2PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Society of Actuaries of IndonesiaPersatuan Aktuaris Indonesia (PAI)
Founded in 1964
Full member of the International Actuarial Association
Board of Governors:PresidentVice President & Secretary GeneralVice President IITreasurerSecretarySix Working Commissions on areas of Code of Ethics, Standard of Practice, Curriculum and Examination, Continuing Professional Development, Insurance, and Employee Benefits
3PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Roles of PAI
Represents and regulates its members for the benefit of the profession and in the public interest
Runs own curriculum and examinations for new entrants
Conduct seminars and workshops for member continuing education and professional development
Create and maintain cooperative relationship with Government, business community, other professions and related stakeholders
4PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
PAI Vision & Mission
Our Vision
“To make PAI as an Internationally-recognized Professional Organization”
Our Mission
“To Make PAI as a Professional Organization that will continue to improve its quality, capability and
professionalism of its all members through continuous training programs and through an
Internationally-recognized examination”
5PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
PAI Objectives
Support the development of actuarial science in Indonesia
Improve the Members’ understanding of actuarial science
Promote and maintain the application of high standard of competency and the application of the Actuary (Actuarial) Code of Ethics in the profession of Actuaries with full awareness and responsibilities among the Members
Encourage and maintain good relationship among the Members of the Organization
Support the development of the industry of insurance, pension fund, and other types of financial industry in Indonesia.
6PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
How to be an Actuary?
Pass first 5-exams for Associate (ASAI) level
Pass next 5-exams for Fellowship (FSAI) level
Professional Seminar
7PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Profile of Actuary*
020406080
100120140160180200
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2006
Year
Cou
nt FellowAssociate
The profession growth is relatively small !* Source: PAI database
8PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Where do the Actuaries work?*
3.5%
6.1%
13.5%
1.3%
0.3%
17.4%
57.7%Life InsuranceNon-Life InsuranceGovernment EntityActuarial ConsultingPension FundUniversityOthers
* Source: PAI database
9PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Challenges
Open MarketTighten competitionCompete with international actuary with broader experience and expertise
Lack of expertise and experience in other areas than life insurance and pension
Country 2001 2003 2006People's Rep. of China 26 29 19India 42 50 29Malaysia 28 21 23Philippines 39 49 49Indonesia 46 57 60Number of countries/regions ranked 49 59 61
World competitiveness rankings
Source: World Competitiveness Yearbook, 2006, published by IMD, Switzerland.
10PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Challenges
Unknown professionLow awareness of the public of the roles of actuariesLow appreciation toward the profession
Limited Network Capital
Lack of involvement from the individual actuary to the profession / industry / regulatory body
11PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Strategic Plans
Increase quality of work and professionalismStandard PracticeCode of Ethic and ProfessionalismBusiness Planning & Strategy
Increase knowledge and skillsCPD rulesSeminar / Workshop
12PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Strategic Plans
Brand ImagePromote the profession
Increase PAI InvolvementActive working committeesNetwork / Relationship CapitalStrategic Alliances with other professional organizations and universities
Individual Contribution
13PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
PAI First Move
Lobbied MoF and ADB to support the development of actuarial profession in Indonesia
Received Technical Assistance from ADB in November 2006
Received funding from ADBProject started in November 2006 and completed in May 2007
14PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
PAI-ADB Project
Objective Assist PAI to become an Internationally-recognized
Professional Organization and to bring the Indonesian actuarial profession in line with
international standards.
FocusImprovement in human capital quality and
professional standards of PAI through continuous training programs and through an Internationally-
recognized examination.
15PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
PAI-ADB Project
Area of development Education and curriculumContinuing professional development (CPD) systemStandard of practices, Code of ethics, and professionalismKnowledge management / Library System Enhancement
International and domestic experts involvement in the project implementation stages.
to assist PAI on developing best practices and guidelines
16PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Project Activities
Project ManagementTOR preparationsExpert Identifications & AppointmentsActivities
Non workshop projectsWorkshop projects
Financial ManagementProject Cost & Benefit AnalysisActivity Cost Tracking
17PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Non-Workshop Projects
Curriculum and Examination System Revision and Development Continuing Professional Development (CPD) System DevelopmentStandard Practices System Review and Development on PensionCode of Ethics System Review (CE, Disciplinary Aspect, and Professionalism Aspect) Knowledge Management / Library System Enhancement
18PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Workshop Projects
Employee Benefit Accounting and Valuation Standards Social Security Issues Insurance Reporting Risk Based Management and Asset Liability Management on PensionRisk Based Management and Asset Liability Management on InsuranceRole of Actuaries in Non-life Insurance
19PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Follow Up Actions
Provide continuous information and/or training/workshop through new CPD system scheduled to be fully implemented in 2007
Build more effective communication with its members concerning new regulations or issues affecting its members
Ensure professionalism by effectively implementing professional conduct and ethics and disciplinary procedure
20PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Follow Up Actions
Establish networks and alliances with other professional organizations, universities, and also related government bodies.
Take active part in all actuarial related issues in the country,
support and involve in the development and implementation of non-life insurance, employee benefits and social security system.
Encourage members’ involvement in domestic/ international events
21PERSATUAN AKTUARIS INDONESIATHE SOCIETY OF ACTUARIES OF INDONESIA
Thank YouThank You