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Nicholas Actuarial Solutions Speaks at Indonesia Actuarial Conference

Shahina Khatun

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An influential actuarial firm in Asia named Nicholas Actuarial Solutions discussed about the 2 largest challenges facing the great actuarial profession called IFRS 17 Insurance Contracts and Industry Revolution 4.

Actuaries for the Industry 4 which was organized by Persatuan Aktuaris Indonesia, invited the Founder & Actuary Nicholas Yeo to speak in the Indonesia Actuarial Conference 2019. He gave an insightful presentation. Nicholas highlighted that the actuarial jobs will not be relevant, and the actuaries really need to adapt some changes which should be brought about by the industry revolution. According to the Founder & Actuary of the Nicholas Actuarial Solutions named Nicholas Yeo, the proper application of the artificial intelligence as well as the process automation like the risk management, finance, compliance, actuarial and investment will reduce the insurance premium by 2.5%. He added that they could make the insurance market even more efficient.

At his speech, Nicholas shared his concerns as well which was related to financial impact of the IFRS 17 for the insurance companies. He said that IFRS 17 was absolutely challenging for the insurance companies and the insurance companies had to spend more resources to determine the potential impact on the shareholder equity. It would affect the yield and ultimately it could destroy the value of insurance company. Though it remains unclear yet that the insurance company were able to create that assessment.

This Nicholas Actuarial Solutions is basically a technology focused firm which was established in Kuala Lumpur in 2005 in Malaysia. It is now the most influential actuarial company across the entire Asia, and it is the first actuarial firm which was awarded with the MSC Malaysia status by Malaysian Government.

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