INSETA and SAADP to increase the pool of Black Actuaries

Young unemployed South Africans from disadvantaged backgrounds with the potential to become actuaries will get an unexpected boost thanks to an innovative partnership between the Insurance SETA (INSETA) and the South African Actuaries Development Programme (SAADP). The deal will see high-potential university students from second year and up receiving financial and motivational support to gain their actuarial science qualification.

According to Cyril Ramaphosa, Chairperson of the SAADP, the move has been inspired by a shortage of actuaries in the economy which could potentially impact the insurance sector.

“Actuaries are actively involved in many areas of insurance, for example ensuring that an insurance company holds sufficient reserves and capital in order to meet its financial obligations to policyholders. As the insurance market serves many different clients, ranging from individuals to corporates across many industries, factors affecting the insurance industry also impact the wider economy,” commented Ramaphosa.

Ramaphosa said that INSETA’s policy of transformation is in perfect alignment with the goals of the SAADP to produce more qualified black actuaries in South Africa.

INSETA is paying all fees for second year, third year and honours SAADP students in the three participating universities: WITS, Stellenbosch and the University of Cape Town.

INSETA CEO Sandra Dunn said that financial aid, while a crucial enabler, is not sufficient on its own; support is vital as well. “Actuaries are in the top tier of the professional finance sector; the acceptance criterion to study actuarial science is incredibly high, and the work incredibly intense. But once accepted learners are suddenly left to their own devices, and many cannot cope – especially those from disadvantaged backgrounds who are not used to the environment shift. Which is where the SAADP comes in, they offer the exact support these students need. The organisation identifies needs, monitor and provide assistance, ensuring support to, and success of the learner,” says Dunn.

The SAADP intervenes in three different areas in order to achieve their objective, namely academic development, life skills and financial support.

The academic support aspect of the programme is managed by programme co-ordinators at the respective campuses in conjunction with lecturers, tutors and student mentors; the comprehensive bursaries offered by the SAADP to their selected students cover four years of study.

Ramaphosa said that, in addition to academic development, the SAADP realises that it is crucial to equip students with life skills that will enable them to deal with the challenges that are encountered when preparing for the corporate world. To fulfil this mission, Alexander Forbes has designed various training programmes to equip students accordingly.

SAADP has organised that willing qualified actuaries from different organisations volunteer their services to mentor undergraduate students, advise on career development, expose the students to the workplace and prepare them practically through the transfer of their skills.

INSETA, in addition to their extensive financial support, are organising experiential training for SAADP undergraduate students to expose them to the real world of work, as well as workshops aimed at developing professional skills for SAADP staff.

“Currently we have produced 51 graduates and three qualified actuaries. We now need to continue producing qualified actuaries every year at an increasing rate,” said Ramaphosa.