Call for entries for new world-class actuarial research awards

Old Mutual Insure, in partnership with the Association of South African Black Actuarial Professionals (ASABA), is inviting students and young professionals to enter the new OMI/ASABA Research Awards 2022. This is an exciting competition aimed at developing research excellence in the short-term insurance industry.

“The research awards are a celebration of innovative thinking by young, upcoming actuarial talent, as well as experienced practitioners and academics. It is an opportunity for these actuaries to showcase their thinking and solutions to challenges in our industry, stimulate debate, and gain confidence in their ideas,” says Ronald Richman, Chief Actuary at Old Mutual Insure.

The Research Awards are open to all registered professional and student members of ASABA, all members of the Actuarial Society of South Africa, and all academics working in the field of actuarial science. Research papers need to focus on the short-term insurance space to be considered. The university student who submits the best research paper will win R10 000 and the actuarial professional or academic with the best research paper will walk away with R20 000.

Richman says that the awards aim to build the actuarial science skills capacity within the insurance landscape, as well as help it to become seen as an exciting and rewarding career path.

“The more we recognise the brightest minds and the best insights that are shaping the future of the industry, the more we build the skills capacity and grow the talent pipeline in the industry,” he says.

Richman himself has won numerous international prizes for best actuarial research. Most recently, in 2022 he won first prize in the Risks Journal 2021 Best Paper Awards, and in 2021 he was also awarded the highly acclaimed Brian Hey prize for actuarial research in the short-term insurance market. He is the very first recipient to have won the award more than once since the inception of the awards in 1998.

Old Mutual Insure earlier this year joined hands with ASABA to transform the non-life insurance actuarial profession and ensure it becomes seen as an attractive and rewarding career path for black candidates. The partnership – the first of its kind in the short-term insurance space – aims to grow the pipeline of black actuarial talent. The initiative between the two parties aims will intervene at different career points, from studying through to becoming a young professional. It will do this by aiming to improve exam pass rates for the short-term actuarial fellowship exam, improve short term insurance research and increase networking among short term insurance actuaries and students.

How to enter

Research papers with a focus on the short-term insurance space must be sent to actuarialcommittee@ominsure.co.za before 15 October 2022. Papers may be written on any insightful or impactful topic: For example, how to investigate making short-term insurance more accessible in South Africa or insights on the effects of climate change on short-term insurance. Before submitting, work must be publicly available so that the wider industry can benefit from the insights. Winners will be announced by December 2022.