Prudential Uganda through the Prudential Actuarial Support Scheme (PASS) awarded the top five students of Actuarial Science at Makerere University with 500 USD each. In addition, the students will each receive a fully funded scholarship to sit for their professional exams and the top three will undertake a one-year apprenticeship at Prudential.
The Prudential Actuarial Support Scheme was officially launched on 21st October 2022. The scheme will promote the development of actuarial capacity by rewarding excellent students in actuarial science and supporting top graduating students with mentorship, internship opportunities and financial assistance to become certified actuaries.
Each year, the top three students will be offered a one-year apprenticeship at Prudential, the top five students will each be awarded USD 500 upon graduation and Prudential will cover the costs for their professional exams and learning materials.
Professional Actuaries world over are categorised as certified actuarial analysts, associates, and fellows, which is the highest qualification in the profession. The Insurance Regulatory Authority of Uganda requires every insurance company to have an actuarial with qualifications of at least certified actuarial analyst. Currently there are only two senior actuaries almost becoming fellows, in Uganda.
One of the two works with the regulator while the other is the head of Actuary at Prudential. This glaring need for more professional actuaries motivated Prudential to roll out the PASS programme in Uganda in a bid to develop the actuarial capacity in Uganda.
Actuarial science is critical to the insurance sector. Actuaries implement financial statistics and athematical theories to estimate appropriate premiums to minimise the risks for insurance companies, amongst other functions. Tetteh Ayitevie, CEO, Prudential explained that this initiative is inspired by Prudential’s purpose to help Ugandans make the most out of life.
“As a business, we seek to contribute to the growth and development of the insurance industry in Uganda by growing and nurturing talent and bringing their expertise to the industry. The program will support actuarial students in their path to achieving their certification.,” he said. “The scheme is also part of a long-term plan, through which Prudential is seeking to contribute towards the growth of insurance penetration and financial inclusion in Uganda. He added.
Insurance is a key element in today’s globalized economic systems and has a positive impact on savings, financial inclusion, gross capital formation, total productivity, public expenditure, foreign direct investment, trade opening and financial development. Thus, an increase in the number of fully qualified actuaries in Uganda, means a positive impact on the insurance sector and deepening financial services in Uganda.
Prudential Uganda is the third business unit in Prudential Africa to roll out the scheme following Prudential Kenya and Ghana, who have been implementing the programme since 2014 and 2015, respectively.
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