Insurance industry players identify talented black learners to pursue actuarial science

Learners from The Oprah Winfrey Leadership Academy for Girls (OWLA) pose for some photos outside the venue.

Key players in the insurance industry partner to identify talented black learners to pursue actuarial science, the acute shortage of black actuaries is receiving high-level attention thanks to an industry initiative to identify and help mentor the budding

The Insurance Sector Education and Training Authority (INSETA) recently co-funded the inaugural INSETA and MMI Holdings Actuarial Career Fair for top-performing Mathematics and Science learners at Melrose Arch in Johannesburg in July.
Ms Sandra Dunn, INSETA CEO, said the Fair was a perfect fit. “INSETA was established to promote skills development in the insurance industry. Since Actuarial Science is a scarce and critical skill in the insurance industry, we have a vested interest in facilitating the development and graduation of more qualified black actuaries to help fulfil this critical need.”

“In this, we share a vision with the Association of South African Black Actuarial Professionals (ASABA) in its efforts to address the lack of representation of black actuarial professionals in the financial services industry, and will continue to work together to further this cause,” she said.

The one-day Actuarial Fair was hosted by ASABA in an effort to increase awareness of the actuarial profession among learners from previously disadvantaged backgrounds. The event was organised by the ASABA Schools Committee to encourage potential school learners to consider a career in Actuarial Science.

Since an actuarial career path requires a high aptitude for Mathematics and Science, only Grade 11 and 12 learners with a Mathematics pass rate of above 80% were selected for this event.

In all, 66 pupils from Gauteng schools including: Dr WV Vilakazi High School, Bhukulani High School, Lenasia High School, PACE High School, LEAP School from Linbro Park, The Oprah Winfrey Leadership Academy for Girls and Steve Tswete Secondary School, attended the event.

Actuarial Career Fair provided quality information

Learners and their teachers were also introduced to the South African Actuaries Development Programme (SAADP), and given bursary information on Actuarial Science studies at university. Other Actuarial companies and actuarial bursary suppliers also had the opportunity to exhibit at the fair.

Learners and teachers had the opportunity to interact with a number of actuaries and actuarial trainees, enabling them to obtain as much information on the profession as possible. Attendees visited exhibits by MMI Holdings, INSETA, (Absa Bank) and the Actuarial Society of South Africa. Attendees could enter a mathematical quiz to win four iPads with which to enhance their study and internet connectivity needs.

A number of high-profile industry speakers gave presentations focusing on career advice for aspirant actuaries. Speakers such as Prof.Steven Jurisich, from WITS University, MMI media relations executive, Mr Dan Moyane and Munich Re CEO, Mr Junior Ngulube, gave insight on subject choice, the viability of careers within the industry and management’s view of candidate actuaries’ career paths.

South African London paralympian and Deloitte actuarial employee Mr Pieter Du Preez drew on his own life experiences in an uplifting presentation, detailing his struggle in overcoming a disability, so as to obtain a degree and to represent his country at the recent 2012 Olympics. Mr Moyane said he was looking forward to partnering with the organisors for future events. He urged that the number of attendees be expanded to several hundreds in an effort to address skills inequalities.