Akshay Dhand originally intended to be an engineer or a doctor 鈥� largely because he thought those were the only two paths available.
鈥淚 come from a small town in the north of India,鈥� he says. 鈥淚n the late 90s, you could only go into engineering or medicine if you were a good student. There was no third option.
鈥淚 had started to prepare for engineering college entrance exams. However, a chance meeting with my cousin made me change my mind and I decided instead to pursue a degree in business studies with a view to joining her export business. After some further twists in the tale, I eventually ended up going to St Stephen鈥檚 College at the University of Delhi, majoring in mathematics.鈥�
During Akshay鈥檚 studies, an uncle, who used to teach at the Imperial College in London, mentioned the possibility of an actuarial career, and Akshay鈥檚 path was set.
Today, Akshay is the Appointed Actuary with Canara HSBC Life. 鈥淚t鈥檚 a statutory role, so I do a lot of reporting to the regulator and the board of directors,鈥� he says. 鈥淭here is also a wider strategic angle. I鈥檓 involved in strategic discussions about nearly all aspects of the company鈥檚 operations, particularly on ensuring profitable growth for the business.
鈥淚n fact, insurance companies here can鈥檛 function for more than twelve months without an appointed actuary. They may manage without other CXOs, but the company cannot write new business without the appointed actuary.鈥�
India鈥檚 insurance marketplace opened up in 2000, and competition is intense. 鈥淭here is constant pressure to outdo the competition,鈥� says Akshay. 鈥淭he challenge I often face is how to enable business while keeping a check on the risks and protecting the interests of policyholders and the financial health of the company.鈥�
Another critical aspect is India鈥檚 insurance regulatory framework. Regulations affect almost all aspects of the insurance company鈥檚 operations, and ensuring compliance takes a lot of bandwidth.
鈥淚n 2019, I took on the role of the director of product development besides my appointed actuary role,鈥� says Akshay. 鈥淎t that time, IRDAI, the insurance regulator in India, issued a new set of product regulations. Our entire product suite had to be realigned and relaunched in less than 6 months.
鈥淲e modified 24 products over a few months 鈥� the highest number of any life company in India. We were one of the first in India to achieve complete compliance.鈥�
“Bangladesh has about 4-6 qualified actuaries. The Maldives has none. We need ways to bring more people into the industry and give them the qualifications they need.” – Akshay Dhand, Chartered Actuary (Fellow)
Recognising that the actuarial profession is still developing in South Asia, Akshay has been working to help increase awareness of it.
鈥淚n 2023 I started contacting actuarial professionals in other parts of the South Asian region,鈥� he says. 鈥淲ith them, I created a podcast series called 鈥淎ctuarial Bytes from the Subcontinent鈥�, talking about the state of the profession in their respective countries.
鈥淔or example, Bangladesh has about 4-6 qualified actuaries. The Maldives has none. We need ways to bring more people into the industry and give them the qualifications they need.鈥�
Akshay believes it鈥檚 important that the profession stands out, particularly in newer markets. He thinks the Chartered Actuary designation can help achieve that goal.
鈥淚n India, chartered accountancy is a very popular profession,鈥� he says. 鈥淪o when you put the word 鈥榗hartered鈥� in front of something, people understand that the profession is important.
鈥淎dding the word 鈥榗hartered鈥� also adds more credibility. It may also help professionals establish credibility in newer domains, like banking, sustainability and so on. I certainly feel the appeal of the profession will increase. When students learn about the Chartered Actuary designation, it will create a desire to know more.
鈥淪o we鈥檙e communicating our importance to the wider public, and at the same time we鈥檙e attracting much-needed new talent. Both of those things will greatly benefit the profession 鈥� in India and around the world.鈥�
We鈥檒l be sharing member stories from around the world on a regular basis, so keep an eye out for updates. If you鈥檝e chosen to adopt Chartered Actuary status, or if you鈥檝e employed an actuary who is helping to transform your organisation, we鈥檇 love to hear from you.
