Redefining the Insurance World – Annual Conference 2019
On the June 27, 2019, SIR Consultants (Pvt.) Ltd organized a full day Annual Conference 2019 themed “Redefining the Insurance World” at Movenpick Hotel, Karachi. The conference was attended by approximately 200 participants which includes Fellows and associates of Society of Actuaries (SOA), Institute and Faculty of Actuaries (IFoA), ICAP members, Senior Officials from the insurance industry and other professionals.
Mr Farrukh Sabzwari Chairman SECP was the chief guest of this auspicious event. In his speech, he praised SIR efforts to provide a platform to discuss the concerns surrounding the insurance industry. He especially mentioned the initiatives taken by the SECP for insurance sector including the constructive changes in the SECP that he is making to make it as friendly and collaborative as possible to bridge the communication gap between the SECP and the insurance industry.
In the first panel discussion of the event, a discussion on “Operationalizing IFRS 17 – What are the practical challenges?” was conducted and moderated by Muhammad Usama Dangra, a consulting Actuary. The panel comprised of Farrukh Rehman, Chairman – Accounting Standard Board ICAP, Ali Nadeem, COO – IGI Life Insurance Ltd, Abdul Moid Ahmed Khan, Consulting Actuary and Hena Sadiq, Partner – Audit and Assurance at Deloitte Yousuf Adil. The panel concluded that a pragmatic deadline needs to be set for IFRS 17 implementation but before that insurance companies must embrace the change, start collaborating and working toward it before it is too late.
The second panel discussion moderated by Mr. Muhammad Saeed Zafar Consulting Actuary shed light on the “Current challenges of life insurance and best possible solutions”. The esteemed panelist for the session included Ali Omer Golam Morshed, CEO – Sidat Hyder Morshed Associates, Muhammad Ali Executive, Director – EFU Life Assurance Ltd and Syed Nayyar Hussain Zaidi, Director Insurance at SECP. The panel deduced that the ICAP, SECP and insurance companies should be considerate of each other problems and must work together in finding an optimum solution, which is beneficial for the companies and the government.
Hammad Raza Khan, EVP at Oman Insurance Company – UAE, delivered a presentation on the “Best Practices of Insurance.” He informed the participants of the conference on the rapid developments in the insurance industries which aim to make organization more customer centric and friendly and by giving priority to customer opinion and feedback. He stressed that it is crucial for the Pakistani market to break from the current regime and incorporate these changes as soon as possible in order to flourish.
Hussain Feroz, Head of Actuarial Department at FWU, UAE, presented on “Unit linked Products” and compared the regulatory environment and pricing of the markets in Pakistan, India and UAE. He emphasized that in order to prosper we need to learn from all markets around the world and stay on top of the innovation ladder.
Ali Omer Golam Morshed delivered an enlightening presentation on the “Regulatory Role of Actuaries”. He compared the roles and responsibilities of an actuary and discussed the challenges face by the profession in Pakistan and around the world.