It comes at a time when insurance outsourcing Business is gaining momentum in the country.
According to a market research study published by Facts and Factors, the global Insurance The Business Process Outsourcing market is expected to grow at a CAGR of 8.80% and is projected to cross $9826.42 Million by 2028.
“We have heard from large employers of SOA members (especially in the US) who have India offshoring arrangements that they want us to increase our presence in India to support the education and credentials of our employees, Board member Dave Ingram said. , SOA.
“Over the past 2-3 years, we have witnessed a steady growth in the actuarial offshoring business, creating unique opportunities for SOA’s internationally recognized credentialing process to be relevant in India,” he added.
SOA, which has not been very active in India, also wants to work in collaboration and partnership with the Institute actuaries India (IAI).
“We see that there are actually two distinct actuarial markets in India – the domestic actuarial market and the offshoring market. We want to support the growth of the actuarial offshore market, where an internationally recognized credential (and accompanying educational process) ) is relevant. We believe this can be done in a collaborative manner with IAI,” said Andy Peterson, senior director international at SOA.
The Actuarial Association is of the view that in the post-COVID period, there are several emerging risks and challenges which have made risk management more challenging.