Li Daan, Actuaries Association: Making Actuarial Education in China Reach the International Level.

In p>1983, Li Daan, who worked for AIA in Hong Kong, was ordered to receive two mainland actuaries who came to AIA to study actuarial science. He never thought that he would become attached to actuarial education in China.

Up to now, due to its unremitting promotion of actuarial education in the Mainland, some people in the actuarial field have respected Li Daan as a master and master of actuarial education in the Mainland, and he has strongly denied this, and cited the contributions made to the development of actuarial education by Professor Duan Kailing of Temple University in the United States, Professor Ingham, former president of the Actuarial Association of North America and Professor Teng Weizao, former president of Nankai University, rather than talking too much about himself.

On May 9th, China Actuaries Association was formally established, and Li Daan was elected as the director of the Education Examination Committee of China Actuaries Association. Recently, he shuttled between Hong Kong and Beijing, telling reporters who came to interview, the establishment of the association can concentrate the strength of the industry, mobilize the resources of the industry, and better improve the overall level of actuarial education. He said that he was very happy to see that twenty years of hard work finally came to fruition. "I will soon retire from AIA, which has worked for nearly 4 years, so I can concentrate my energy on the improvement of the actuarial examination system in China." Li Daan hopes that more people will care about the cultivation and growth of Chinese actuaries.

Actuaries are the scarce resources of insurance industry in China

In China, actuaries are a group of people who are wrapped in words such as professionalism, elite and high salary. Behind this phenomenon, China's actuary training is facing a serious shortage of supply, and things are scarce.

"There is indeed a big market demand gap for actuaries in China". "If there are at least 2 actuaries per million people in developed countries, China needs 26, actuaries."

According to the latest data released by the CIRC, since the first batch of 43 Chinese actuaries were certified by the CIRC in 1999, there have been 111 Chinese actuaries and 64 quasi-actuaries in China, as well as about 2 internationally recognized actuaries and some actuaries. Compared with the development scale of insurance industry in China, the number of actuaries is far from enough, and most actuaries have only obtained the qualification of actuaries in recent years, and their working time is short, their experience is insufficient and their technology is not mature.

But these figures can also be viewed optimistically, Li Daan said. "Now many foreign actuaries are also involved in the development of the domestic insurance industry, and the strength of Chinese actuaries is already relatively strong, saying that it is not small. The number of actuaries with more than 3 people ranks fourth in the world, and Hong Kong ranks third. The Chinese actuary team has a certain strength. "

where is the gap in actuarial education

"I think many insurance company leaders don't realize the importance of actuaries." Li Daan said.

Li daan believes that there are some congenital deficiencies in the training of actuarial talents in the mainland. On the one hand, although many colleges and universities offer actuarial courses, at present, no school has established an actuarial department. In foreign countries and Hong Kong, some universities have actuarial departments. Judging from the current actuarial examination system in China, "compared with the four major systems in North America, Britain and Japan, we started late and have a big gap. At present, actuaries are too busy to participate in the system construction, which leads to the imperfection of the system. Second, there are defects in the teaching materials. " Li Daan told reporters that the actuarial examination framework in Europe and America has been changed twice in the last 1 years, while the actuarial examination in China has been held for 9 years and is still in the same framework. Li Daan stressed, "On the other hand, the bosses of some insurance companies do not pay enough attention to the cultivation of actuarial talents."

According to statistics, there are about 11 insurance entities in the domestic market at present, and many companies should need actuaries, but this is not the case. Many companies indicate that they need experienced actuaries when recruiting, so it is difficult for actuarial undergraduates to find jobs after graduating from school. "Insurance companies should take more responsibility for the training of actuaries."

The "watchdog" of the actuary value insurance company

In Li Daan's eyes, what is a good actuary? Li Daan blurted out: "watchdog, when it comes to' thieves' and irregular operation of the company, it will' bark' to warn of danger."

The so-called insurance product actually sells a piece of paper. Li Daan explained that the value of an actuary lies in that he can figure out how much this piece of paper is worth, and the company's profit and loss will depend on the actuary's control in the next 1 or 2 years. As an actuary, he should be responsible not only to the shareholders of the company, but also to the policyholders and the regulatory authorities. When the interests of the three parties conflict, how to handle them is very important. Li Daan said: "With experience and ethics, there are compromises and persistence." The three parties need to be balanced to be harmonious, so if we only emphasize the premium income, we will have problems in the company's operation without looking at whether the reserve is fully withdrawn and solvent. He stressed: "I admire actuaries with professional ethics."

Local advantages of Chinese actuaries

It is understood that the Chinese actuary qualification examination has maintained close cooperation with the North American actuary qualification examination, but compared with the examination fee of thousands of dollars for a course in North America, the Chinese actuary examination is much cheaper. At the end of last year, according to the relevant regulations of the China Insurance Regulatory Commission on the management of the chief actuary system, anyone who passed the actuarial examination in China can take the chief actuary examination again when he is the chief actuary in a mainland insurance company. Therefore, China's actuary qualification examination has been paid more and more attention.

In view of the phenomenon that some insurance companies prefer to employ foreign actuaries, Li Daan expressed his views frankly: "I have a soft spot for Chinese actuaries. Some insurance companies hire foreign actuaries as chief actuaries, thinking that the image they may leave to the outside world will be better, but from a technical point of view, Chinese actuaries may not be worse than foreign actuaries. On the contrary, they know more about China's laws, accounting systems and markets. "

"I hope the Chinese actuary qualification examination can be recognized internationally", said Li Daan, which is also his goal as the director of the Education Examination Committee of the Chinese Actuaries Association.