Institute of Actuaries of India Unveils Global Conference of Actuaries (GCA) with a Focus on

Mumbai: The Institute of Actuaries of India (IAI) unveiled the Global Conference of Actuaries (GCA) 2024, set to take place from 12th to 14th February 2024 at Westin Hotel, Mumbai. Themed "Data, Disruptions, and the Actuary," this conference aims to provide a comprehensive overview of the transformative role of data and disruptions and how actuarial skills are best suited to handle this disruption. It will draw the spotlight on the pivotal role of the actuary for organizations which are seeking to navigate the complexities of a rapidly evolving landscape in the era of data and disruptions.

Some of the Key Topics and Highlights of GCA 2024 include:
Disrupting Trends in Insurance: Industry experts will analyse and discuss the latest trends reshaping the insurance sector, including the impact of emerging risks, changing customer expectations, changing sales and distribution landscape and regulatory shifts. The sessions will provide insights into how the ongoing evolution and widespread adoption of digital innovations are fundamentally restructuring the risk landscape. Simultaneously, these changes are generating fresh opportunities for insurers capable of rapid innovation.

Artificial Intelligence in Financial Services: Sessions dedicated to the integration of artificial intelligence in financial services will offer insights into the role of AI in risk management, underwriting, and decision-making processes.  Focus of the discussions will be on how AI is helping the financial services industry streamline and optimize processes as well as the broader framework that could emerge in an increasingly flat, AI compressed world.

Technology-aided distribution of financial products: The conference will delve into innovative distribution strategies leveraging technology to enhance accessibility and efficiency in delivering financial products and services. It will explore the ongoing redefinition of how financial products are distributed by technology. The financial sector in India is currently undergoing a transformative journey, offering promises of improved accessibility, efficiency, and inclusivity as well as navigating challenges of technology-driven frauds. 

Data Security: By committing to robust investments in cybersecurity measures, staying attuned to regulatory changes, practicing adept data management, adapting to technological advancements, and giving due consideration to privacy concerns, insurance companies can effectively shield their data assets. A crucial aspect of the conference will be dedicated to addressing the challenges and solutions surrounding data security in the context of actuarial practices. 

Technology in Banking: Exploring the impact of technology on banking, this topic will cover advancements in financial technology, digital banking, and their implications for credit risk modelling, risk-based capital assessment and the role of the actuarial profession. The session will deliberate on transformational customer experiences, increasing operational efficiency, and optimizing costs.
 
Technological Interventions in Crop Insurance: Participants will gain insights into the role of technology in crop insurance, including the challenges and opportunities presented by technological interruptions. The sessions will dive deep into the technology interventions that the insurers can deploy to bring efficiency and accuracy to various processes, such as yield estimation, risk underwriting, and claims settlement.

Bridging the Health Protection Gap: The tasks ahead of the National Health Authority in designing strategy, building technological infrastructure, and implementing the “National Digital Health Mission” with the broader objective of creating a National Digital Health Ecosystem will be deliberated alongside the role of the private sector players in health services and health insurance.

Student Session around Remote Working Skillsets: A special session designed for students will focus on developing skillsets relevant to remote working, providing valuable insights for the student community and next generation of actuaries and quantitative professionals. This session holds increasing relevance as employers seek out Indian actuarial talent for a variety of mission-critical roles.

The Debate around the New and Old Pension Scheme: Given the NPS/ DC contributions will be higher than OPS/ DB outgo in the initial years, decision-makers may have been tempted to revert to OPS/ DB. Even more so, given the employee sentiments. The session would debate around life cycle allocation options and designing decumulation payouts – like longevity pooling and modern tontines/ value annuities - that have potentially better NPS/ DC outcomes. 

New Ethos around Asset Management: With the dimensions of asset classes and sector allocation getting redefined due to high-technology supported high finance world, the conference would end with a session on the new ethos underlying asset management being delivered by one of the most respected investment professionals of India. 

"Through the Global Conference of Actuaries, the Institute of Actuaries of India aims to foster collaboration and knowledge exchange among actuaries worldwide. We believe the synergy between data and disruptions in actuarial science not only transforms traditional practices but also presents opportunities for actuaries to harness innovation, improve decision-making, and contribute meaningfully to the continually evolving realms of risk management and financial forecasting. At the GCA, we aim to address critical cross-cutting topics such as data, disruptions, and the evolving role of the actuary, and how we can collectively navigate the challenges and harness the opportunities in a rapidly changing landscape", said Mr. R Arunachalam, President, Institute of Actuaries of India.

For more information and to register for the Global Conference of Actuaries, please visit https://gca.org.in/index 

About the Institute of Actuaries of India (IAI):
The Institute of Actuaries of India (IAI) is the premier professional body responsible for regulating and developing the actuarial profession in India. With a commitment to advancing the actuarial field, the IAI plays a pivotal role in promoting education, research, and professional standards.