Malaysia Opportunity Knocked Posted On April 10, 2018 By Bob

Malaysia Opportunity Knocksposted Onapril 10 2018bybob Congeri Reall

Malaysia: Opportunity Knocks Posted on April 10, 2018 by Bob Conger I really enjoy travel, whether for work or pleasure (or even better, combining work and pleasure). When I first visited Kuala Lumpur, Malaysia, a few years ago, I was immediately attracted to this vibrant capital city. There was so much to love: the diverse architectures and neighborhoods, ranging from some of the tallest buildings in the world to bustling local shops and outdoor stall markets. The diversity of languages, interests, and foods, drawing on a wide range of cultures, geographies and backgrounds. The number and energy of young people everywhere I went, and the courtesy and friendliness of all the people I met.

The easy transit system. The lush greenery, deriving from the tropical climate just 3 degrees north of the equator. Malaysia is indeed an interesting and nice place to be. Lucky for me, with my very limited grasp of languages, one of the official languages is English, so I could navigate “KL” easily, even when left to my own wits. Malaysia also boasts a solid actuarial profession, and a well-developed actuarial association (Persatuan Aktuari Malaysia, or the Actuarial Society of Malaysia, ASM).

My first visit to KL was in connection with the inaugural joint general insurance (property/casualty) seminar being organized by ASM, the CAS, and the Institute of Actuaries of Australia. ASM and its members clearly had a vision for a strong future. The regulatory authority, Bank Negara Malaysia, also conveyed to us a vision that included key roles for general insurance actuaries. But something was a bit disappointing during that first visit in 2014: the insurance company executives I met, while acknowledging that they might have a general insurance actuary or two on their staff at some point in the future, did not express much of a compelling or immediate business purpose for those staff actuaries.

What a difference a few years make! The insurance marketplace is now singing a different song, as highlighted and explained in the Actuarial Review article about our most recent joint general insurance actuarial seminar, conducted in December 2017. Senior insurance company executives, whether presenting at the seminar or chatting with us privately, all spoke urgently about the current and upcoming demand for actuaries to work on loss reserving, solvency and capital management, pricing, and product development. The regulators also highlighted that the need for general insurance actuaries far exceeds the supply, and expressed the hope that some experienced actuaries from other parts of the world might consider exploring the opportunities in KL, whether at the companies or in the regulatory authority.

Several universities have ramped up with very energetic and ambitious undergraduate actuarial programs, and are hungry to increase the general insurance content that they deliver to their students – but of course they also recognize that the students they educate will not meet the near-term need for experienced practitioners.

In short, there is a significant need, and a hunger, for general insurance actuaries with enough experience to take on important responsibilities and to lead important projects. There is a need for actuaries who are equipped not only to do the technical work but also who can work closely with other members of the management team, and who can communicate effectively about the business implications of the actuarial analyses. There is a need for actuaries who can build the teams, the data, and the actuarial infrastructure that are required. And finally, there is a need for thoughtful, energetic, and creative actuaries to work within the regulatory authority and to teach at the universities. Is Malaysia the next step on your actuarial career path?

Perhaps it should be… If you would like to have a significant role in shaping the business strategies, product designs, marketing game plans, and pricing systems of insurance companies that are facing the opportunities and threats of a marketplace with new opportunities for product innovation, pricing differentiation, and growth across the motor insurance and property insurance spectrum. If you are ready for a seat at the table with other key decision-making executives; and if you are excited at the prospect of helping define the products, services, pricing structures, loss reserving practices, reinsurance structures, and capital management approaches for the Malaysia insurance and takaful marketplaces of the future.

If you would like to participate in the growth and development of the actuarial profession in Malaysia, and to be a part of this vibrant community of practitioners as it moves enthusiastically into the future. If you are open to a personal adventure of living and working in a different part of the world, or ready for the comfort of returning to a place where you have family roots.

If you are intrigued, and would like to learn more, here are a few suggestions: Read the recent Actuarial Review article about the 2017 seminar, and revisit the earlier article about the prior seminar. Come to the CAS Spring Meeting in Boston this May, and attend the session “Livin’ the Dream” that will focus on the role of the actuary in navigating some of the exciting and challenging competitive opportunities that are emerging in Malaysia as well as elsewhere in the region. Participate in informal conversation during the CAS Spring Meeting with the speakers for this session. We plan to organize and announce a time and place for such conversations, and I invite you to come talk, ask, and listen.

Add your name to a special-purpose email list that CAS is creating for people who are interested in information about actuarial activities and opportunities in Malaysia. If you would like to join this list, please send an email to Michael Chou, CAS International Relations Manager, at [email protected] (Note: CAS will control this list; we will not release your name, email address, or other information about you to third parties. You can remove your name from the list at any time.)

We are very fortunate to be working in a truly global profession. My work with actuaries in other countries has provided some of the most special moments in my career. I hope that your journey also will create some special moments that you can share with all the rest of us!

Paper For Above instruction

The article “Malaysia Opportunity Knocks” by Bob Conger highlights the evolving landscape and burgeoning opportunities for actuarial professionals in Malaysia’s insurance sector. It emphasizes the country’s vibrant economic growth, increasing demand for advanced actuarial expertise, and the strategic importance of actuaries in shaping the future of the Malaysian insurance and takaful markets. This essay explores the key reasons why Malaysia presents an attractive career destination for actuaries, including the expanding insurance industry, regulatory support, educational developments, and the country’s cultural diversity.

Malaysia’s dynamic insurance and takaful sectors are experiencing rapid growth due to economic expansion, rising middle-class populations, and increasing awareness of financial security. As the country progresses economically, the need for sophisticated risk management, product development, and solvency analysis has surged, creating a significant demand for experienced actuaries. Conger notes that the initial skepticism among insurance executives about the immediate need for actuaries has shifted into a recognition of their vital role in strategic decision-making. In recent seminars, industry leaders emphasized the importance of actuaries in areas such as loss reserving, capital management, and pricing, demonstrating the sector’s increasing reliance on advanced actuarial skills.

The Malaysian government and regulatory authority, Bank Negara Malaysia, have shown strong commitment to developing a sound and progressive insurance environment. By setting clear expectations for the role of actuaries within the industry and regulatory frameworks, Malaysia has fostered a proactive atmosphere for the profession’s growth. Regulatory mandates for solvency and risk management require robust actuarial input, positioning actuaries as essential players in ensuring financial stability and compliance. This regulatory environment not only encourages domestic talent development but also attracts international actuaries seeking opportunities abroad.

Educational infrastructure is another pillar supporting the profession’s expansion. Malaysian universities have increased their focus on actuarial science programs, incorporating more comprehensive curricula related to general insurance and risk management. While students and recent graduates may not yet meet the experience requirements for leadership roles, the academic landscape is primed to produce a steady pipeline of talented future practitioners. This, combined with on-the-ground demand, presents a compelling case for actuaries considering Malaysia as a career hub.

Furthermore, the multicultural and multilingual environment of Malaysia adds to its appeal. English is widely spoken, allowing international professionals to integrate smoothly into business and regulatory settings. The country’s strategic location in Southeast Asia offers access to a fast-growing market with diverse opportunities for product innovation, particularly in motor and property insurance sectors. Conger’s account of the vibrant, friendly society and excellent transportation infrastructure underscores Malaysia’s attractiveness as a place to live and work.

In conclusion, Malaysia’s robust insurance and takaful markets, supported by strong regulatory frameworks, expanding educational programs, and multicultural appeal, make it an increasingly attractive destination for actuaries looking to grow their careers. The nation’s evolving industry landscape provides opportunities for actuaries to influence product development, risk management, and strategic planning. For professionals seeking a meaningful international experience and a chance to contribute to a rapidly developing market, Malaysia offers a compelling opportunity to make a significant impact while enjoying a rich cultural experience.

References

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