This comes at a time when insurance outsourcing businesses are gaining momentum in the country.
According to a market research study published by Facts and Factors, the global insurance business process outsourcing market is expected to grow at a CAGR of 8.80% and is anticipated to surpass $9826.42 million by 2028.
“We have heard from larger employers of SOA members (particularly in the US) who have India offshoring arrangements that they would like us to have an increased presence to support the education and credentialing of their staff in India,” said Dave Ingram, board member, SoA.
He said, “Over the last 2-3 years, we have seen a continued growth in the actuarial offshoring business, which creates specific opportunities for the SOA’s internationally recognised credentialing process to be relevant in India.”
SoA, which hasn’t been very active in India, is also seeking to work in cooperation and partnership with the Institute of Actuaries of India (IAI).
“We see that there are really two distinct actuarial markets in India – the domestic actuarial market and the offshoring market. We are seeking to support the growth of the actuarial offshoring market, where an internationally-recognised credential (and the accompanying educational process) is relevant. We believe this can be done in a cooperative manner with the IAI,” said Andy Peterson, senior director international at SOA.
The actuarial association is of the view that in the post-Covid period, there are many emerging risks and challenges that have made risk management more challenging.
