January - Actuarial Society of India
January - Actuarial Society of India
January - Actuarial Society of India
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REPORTAGE<br />
The nal student session <strong>of</strong> the IFS<br />
was a project on Hedging Options for<br />
Life Insurance business by Jatin Arora,<br />
assisted by Yogita Arora and guided by<br />
Satyan Jambunathan. Jatin rst gave<br />
some practical examples from product<br />
and risk management point <strong>of</strong> view<br />
where need for hedging arises for life<br />
insurers. He then introduced some<br />
common methods <strong>of</strong> hedging and typical<br />
instruments/arrangements used. He<br />
then went on to present a short case<br />
study <strong>of</strong> Variable Annuities in the US. The<br />
next leg <strong>of</strong> the presentation was on the<br />
regulatory framework and accounting<br />
practices that apply when hedging,<br />
internationally as well as in <strong>India</strong>. An<br />
interesting Q&A session followed.<br />
The penultimate presentation for the day<br />
was “IAI isciplinary Process by Gururaj<br />
Nayak and Yogesh Pandit. They took the<br />
audience through the disciplinary powers<br />
conferred upon the Institute through “The<br />
Actuaries Act 200. There was a lively<br />
debate among the audience regarding<br />
the limits <strong>of</strong> these powers, particularly<br />
for <strong>of</strong>fenses which might not necessarily<br />
be pr<strong>of</strong>essional in nature. As with such<br />
debates, new insights were gained by all<br />
present which will no doubt help shape the<br />
framework for the pr<strong>of</strong>ession in the future.<br />
For the last presentation <strong>of</strong> the IFS,<br />
Vandana Nagpal <strong>of</strong> Institute <strong>of</strong> Chartered<br />
Accountants <strong>of</strong> <strong>India</strong> (ICAI was invited<br />
to speak about the disciplinary process<br />
Vandana Nagpal<br />
1th IFS PARTICIPANTS<br />
in ICAI. This was a very interesting<br />
presentation where the audience got<br />
to learn about the processes followed<br />
in ICAI. Talking points from the previous<br />
session gave the audience a good set<br />
<strong>of</strong> benchmarks to ask Vandana about<br />
processes in ICAI to which she expertly<br />
complied.<br />
Abhay Tewari, Secretary <strong>of</strong> Advisory<br />
Group on Pr<strong>of</strong>essionalism, Ethics and<br />
Conduct closed the session thanking<br />
everyone for their contributions and<br />
making IFS a success.<br />
OFFSHORED ACTUARIAL WORK IN INDIA - COMPANY PROFILE<br />
Ernst and Young<br />
Insurance and <strong>Actuarial</strong> Advisory Services<br />
Ernst & Young provides Tax, Assurance, Advisory, Transaction Advisory Services, and Knowledge services to its clients in <strong>India</strong> and other global markets.<br />
Ernst & Youngs Insurance and <strong>Actuarial</strong> Advisory Services in <strong>India</strong>, and other oces globally, provide services in the areas o due diligence, valuation and<br />
pricing analyses, model building and validation, cash ow testing, and other related actuarial proects. In addition, Ernst & Youngs lobal Talent ub T<br />
in <strong>India</strong> actively supports Ernst & Youngs member rms globally and also deploys proessionals to client locations around the globe on a need basis.<br />
The <strong>Actuarial</strong> team at T Advisory is dedicated to providing services in actuarial modeling, actuarial analysis and review, audit support or IS, AA,<br />
and Statutory, EE calculations and review, and capitalrisk modeling or eneral, ie, and ealth insurance businesses. This team has supported<br />
many clients from the US, UK, Middle East, and Bermuda areas achieving global market exposure. The team is now focused on expanding their <strong>of</strong>ferings to<br />
other Ernst & Young <strong>of</strong>ces such as ordic region, Australia, anada, and Belgium.<br />
eneral insurance team ife insurance team ealth insurance team<br />
Auto, medical malpractice, worker’s compensation,<br />
property, and pr<strong>of</strong>essional liabilities, and predictive<br />
modeling by utilizing reserving s<strong>of</strong>tware and SAS<br />
ife insurance, variable annuities with embedded<br />
guarantees, and xed annuities by utilizing<br />
rophet, M-Alfa, AIS, and MoSes systems<br />
All team members are extensively working in MS Excel with BA, MS Access, S, and ++<br />
roup and individual products, medical,<br />
pharmacy, dental, and vision liabilities by<br />
utilizing reserving s<strong>of</strong>tware<br />
Our team comprises actuarial pr<strong>of</strong>essionals, including fellow and associate actuaries, and student<br />
actuaries actively pursuing UK/<strong>India</strong>n actuarial exams. Our plan is to build the actuarial center <strong>of</strong><br />
excellence by proactively providing technical and managerial training to our members and effectively<br />
expanding this team in the near future.<br />
Contact:<br />
Tel: +91-80-66813042<br />
E-mail: sandeep.patil@in.ey.com<br />
2012 Ernst & Young vt. td. All ights eserved.<br />
16 The Actuary <strong>India</strong>
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