KNUST Actuarial Science students attend seminar

Actuarial Science students of the Kwame Nkrumah University of Science and Technology (KNUST) have attended a day’s training seminar organised by the Prudential Life Insurance, Ghana.

The seminar was to enhance the skills of the students with demands of the industry and equip them  with the professional skills needed to succeed on the job market. 

It also formed part of activities under the Prudential Actuarial Support System (PASS), geared at facilitating the development of Actuarial Science training and learning in Ghana.

Speakers at the seminar included seasoned actuaries from London, Kenya and a former Director-General of the Social Security and National Insurance Trust (SSNIT), Mr Kwame Osei.

Addressing the students, the Chief Executive Officer of Prudential Life Insurance Ghana, Mr Mokobi Aryee, said there were not many qualified actuaries in Ghana and that posed a lot of challenges to the industry in employing the needed professionals to make the work of the industry effective and efficient.

Main objective

He said the main objective of the seminar was to bridge the gap between the theory and practice of Actuarial Science.

He said lots of factors went into product pricing. These, he said, included the product design, setting of assumptions and building financial models.

On product designing, Mr Aryee said factors to consider included the profitability and marketability of the products, the existing legal framework and the ability of the products to meet the needs of the public.

Mr Kwame Osei, an actuary consultant and a board member of Prudential Life Insurance Ghana, took the students through various aspects of Actuarial Science, practice and theory within the Ghanaian context. 

Some of the students, who spoke to the Daily Graphic, expressed their gratitude to the organisers for giving them a deeper insight into the subject and asked for more of such seminars to be organised for them.