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WHY RESEARCH?

 

“If we knew what we were doing,

It wouldn’t be research”

 

A famous quote by Albert Einstein on what research stands for. We all can do what we knew and research meant to understand what we did without knowing.

The word “research” doesn’t need introduction to anyone for its broad meaning and wider scope in all walks of life, be it academics, space science, pharmaceuticals, finance, manufacturing, textiles etc., The common factor in these different areas in the name of research is that, research make attempts to understand what people and organizations were thinking about past in the spontaneous changing world!!. The gap in what we have thought of and what has emerged should move to the risk basket meant for the present and future. Targeting making financial sense of the future, actuarial profession always targets this risk basket to be smaller and to carry minimum number of items!!!

Needless to add, the actuarial profession across the world aims to understand, identify and quantify all risks in the market for financial and non-financial aspects and make sense of future. The concept of risk for the insurance industry has been constant by its meaning; however, the scope is unlimited for the future. Let us together attempt to understand this unlimited scope from what we were doing unknowingly.

The question of “why research” by the Actuarial profession can be answered as:

  • Financial markets are influenced by social, cultural, emotional and political factors across the world and sensitive to any change in society, both economical and non-economical.
  • As a result, the precision of any economic decision is always a matter of judgment and debate and can only be better placed by understanding past.
  • Which leads to signposting to “the present” and “the future” in order to keep the validity of economic decisions within affordable risk range
  •  For which research outcomes become crucial ingredients in modelling emerging risks and uncertainties.
  • The qualitative and strategic thought process by members of the actuarial profession driven by Professional bodies to provide all their actuarial inputs nurtured by the environment in which they function.
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