Vision, Mission and Framework
Vision:
a) To develop a Research team of competence and of quality matching with such world class actuarial teams in matured markets.
b) To work as a common platform/ single window to initiate research project/s of common interest of actuarial community.
c) To supplement MMIC on actuarial investigations.
d) To encourage the actuarial/ research oriented community to undertake in-depth studies on emerging risks.
e) To update the Indian actuarial community regarding research based findings of rest of the world.
f) To collaborate with other actuarial forums across the profession to form an integrated network for research activities.
g) To promote actuarial research activities across Universities, Organizations and individuals outside actuarial profession.
Mission: To promote research to advance actuarial science/application
Framework:
| Source of Research | Resource Generation | Delivery Model | Dissemination | Identification of Projects by |
| Individuals, Institutions, Research Bodies | Individuals- Members of the profession as volunteers
Identifying and developing volunteer groups under each Advisory Groups, Insurers, re-insurers, Educational Bodies
Research Bodies- Both Inside and Outside India |
•Institutions/ volunteer driven.
•Support from Research Team of IAI for preparing concept documents, data acquisition, guidance to individuals, and preparation of final reports.
•Where funding requirements exist, budgeting and evaluation by the Research team to obtain approval from the Council
| •Conferences/ events hosted by IAI
•Advisory Groups of the Profession
•IAI website
•The Actuary India magazine
•By Personal mails to members | •By respective Advisory Groups- Regular
•By the Research team-on regular basis |
| Strategic Research |
Creation of core groups of qualified and experienced actuaries for different functional areas:
• Life
•General
•Health
•Pensions & other benefits
•Investment
•ERM
Engaging the core groups /individuals /other eligible groups to undertake strategic research projects, possibly one in a year
| •Research subjects, deliverables, timelines and budget requirements proposed by Advisory Groups and approved by the Council.
•To be taken up by the core groups
•Alternatively, research team call for bids from the Members/ Groups / Institutions
•Agreement with parties for delivering report , monitoring progress, receiving final draft and placing it before the respective Advisory Group for acceptance
•Placing the report in IAI website by the Research team | •Research proposals on IAI website
•By mails to core groups/ individuals/ other eligible groups
•The Actuary India magazine | •Topics identified by the Advisory Groups
•Referred to General Council for approval and funding |
| Projects in collaboration |
Identifying other research bodies/ centers in India and undertaking projects of common subjects of interest, mainly related to Actuarial subjects of market interest
Targets research centers of good reputation, viz., IIS, IIMs
| Research team helps to acquire data, guidance to deliverables, preparation of final reports | •Directly contacting institutions and professional bodies by the Research team | •In consultation with respective centers |
| University Links | •Identifying universities/ educational centers offering actuarial degree/ courses | •Long term projects/ research work leading to PhD degree
•Offering scholarship to small number of students
•Guidance and support from Research team for arranging experts in the profession as guide, arranging library, materials | •Directly contacting institutions and professional bodies by the Research team | •Research subject/s identified by Advisory groups and approved by the Council |