Spark, transforming the actuarial services landscape in Sri Lanka
Although a relatively unheard-of profession in Sri Lanka, actuaries are an integral part of an insurance business. However, due to the time and effort required to be a fully qualified actuary, the profession has experienced slow growth in Sri Lanka, according to Spark Actuarial and Risk Consultants which was launched in 2015.
Dr. Milanthi Sarukkali, with over 10 years of experience as a life actuary and is a Fellow of the Society of Actuaries, USA, with a Ph.D. in actuarial science from University of Connecticut, is the founder Spark Actuarial and Risk Consultants. The company in a media release focusing on the growth of this new field said that it is the largest actuarial consulting firm in Sri Lanka.
To be a qualified actuary, one is required to complete around 15 exams of a recognised professional body, such as the Society of Actuaries of US and the Institute and Faculty of Actuaries of UK, and have worked under qualified actuaries to gain necessary experience. Additionally, they are expected to meet professionalism standards and continuous professional development criteria set by these organisations. There are currently less than 10 fully qualified actuaries practising in Sri Lanka.
"At the same time, the demand for actuarial expertise has grown exponentially due to changing regulatory requirements, as well as the dynamic and competitive nature of the financial services industry. Insurance companies in particular, stand to benefit immensely by integrating the actuarial function as part of their core operations and involving actuarial expertise in strategic decisions. This requires diverse global experience coupled with an understanding of local market dynamics," the company says.
Spark says it has a team of fully qualified actuaries working in the life, health and general insurance sectors. Its senior team includes four Fellows from the Society of Actuaries, Institute and Faculty of Actuaries and the Casualty Actuarial Society. Maureen Tresnak who leads the healthcare vertical of Spark, has over 20 years of experience in the US, many of which have been supporting Medicare, a government sponsored insurance programme for the elderly. Steven Glicksman, a veteran in the property and casualty space,
"At the same time, the demand for actuarial expertise has grown exponentially due to changing regulatory requirements, as well as the dynamic and competitive nature of the financial services industry. Insurance companies in particular, stand to benefit immensely by integrating the actuarial function as part of their core operations and involving actuarial expertise in strategic decisions.
leads the general insurance vertical, and is passionate about providing strategic input to clients on product design and pricing. He is particularly skilled in working with emerging markets, specialised risks and incomplete data. Dr. Shayanthan Pathmanathan, who supports the life insurance vertical, has extensive experience in the life insurance sector particularly in asset-liability management (ALM) and Solvency II. He is a Fellow of the Institute and Faculty of Actuaries, and holds a Ph.D. in Mathematics from the University of Oxford.
Dr. Sarukkali noted, "Our team in Sri Lanka has been successfully providing offshore support to large global insurers in the US and Asia for almost two years. Spark adheres to global professionalism, standards, processes and quality controls to ensure that the services we provide are on par with international requirements. Our aim is to also develop the actuarial profession in Sri Lanka through mentoring, providing global exposure and guidance, and support for obtaining actuarial science designations".
While bringing its experience and learnings from developed markets to add value to the local insurance market, Spark also supports the local banking industry with the changing regulatory environment that is calling for more sophisticated and accurate analysis of credit risk. Spark currently supports both local and large global insurance companies in product design, pricing, performance monitoring, regulatory reporting and ongoing operational support in life, health and general insurance.