Actuaries secretariat to advance brand visibility

Actuaries secretariat to advance brand visibility

Staff Writer

The Actuarial Society of Zimbabwe (ASZ) has established a secretariat as the profession continues to expand and make its brand more visible in solving developing problems.

ASZ President-elect Tafadzwa Prosper Matiashe said at the launch last week that the ASZ brand will be more visible and take part in solving emerging problems.

“Our organisation was not necessarily built into something. Around 2013, we were considering two different approaches to the situation when Zimbabwe was converted to a multi-currency regime.

“We then agreed to put things together by building a brand so that we could better develop,” he said.

He added that “we were operating at someone’s house, and back then we were also affected by brain drain.

“In 2016, we started the convention, and since then, we have never looked back. We have committed ourselves to solving developing problems by applying our skills. The good thing is we now have a secretariat,” he said.

The ASZ secretariat was launched by Deputy Minister of Finance, Economic Development, and Investment Promotion, David Mnangagwa.

He said the growth in the actuarial profession will positively impact the local financial services sector and translate into better insurance and pension products.

“The acoustic profession has expanded drastically and needs to be brought back to its exact state,” he said.

He noted that, throughout the past few years, the acoustic profession has expanded drastically on both a local and international level.

“While actuaries are found in the insurance space and virtually in every industry, there is a likelihood that the profession will continue on a growth trajectory, hence positively impacting the local financial services sector.

“I hope the growth in the architectural profession will translate into better insurance and pension products, even banking capital products,” he said.

Mnangagwa said the traditional space has been dominated by underwriters; hence, there is a need to bring the profession back to its original state or else it will become redundant.

The deputy minister challenged the actuaries to support new relevant products and developments as well as take part in policymaking.

“We need new products that address the problem. You also need support for government policy decisions through in-depth insights from the data you are using in your work.

“There should be no private sector on one side and no government on the other side. We are both afflicted by the same problems.

“Henceforth, we should come up with a solution that can be solved by each and every one of us,” said Mnangagwa.

He urged the actuaries to assist pensioners to have a fair relief of compensation, considering that the industry is currently seized with a compensation framework under Statutory Instrument 162 of 2023.