UDSM Don touts importance of actuarial science in insurance

24Jun 2021
Theresia Victor
Dar es Salaam
The Guardian
UDSM Don touts importance of actuarial science in insurance

STUDENTS in the country have been urged to turn risks into opportunity by using their actuarial science which involves use of mathematics to add value to financial risk management.

Speaking during celebration to mark 10 years of actuarial science in Tanzania at University of Dar es Salaam over the weekend, Actuarial Science Course Coordinator, Dr Mashaka Mkandawile urged students to use their brains to turn risks into opportunity through actuarial science application.

“Actuarial Science is a study of risks and uncertainty usually of finances in long term and this study offers students the opportunity to develop their mathematical abilities whilst staying focused on financial and actuarial applications,” Dr Mkandawile said.

He said that not only does the course provide technical knowledge required by students but  it also seeks  to provide a wide range of  skills which ensure that graduates are able  to add value in many areas to future employers.

 He further noted that the actuarial science is a professional that is recognized worldwide hence its opportunities are not limited to the country alone but other countries as well. Dr Mkandawile further stated that the subject is a major player in the decision making process within the financial services industry.

“We have different products that have been designed by our very own students used by different insurance companies, banking and financial institutions in the country hence being able to provide the society with solutions to their challenges,” he underscored.

 Seconding Dr Mkandawile’s observation, Life Alliance’s Technical Manager, Smaa Issa said that the course that he attended brought positive impact on the market where graduate have applying the knowledge to come up with products that add value on insurance, banking and financial services.

Issa’s was backed by Head of Actuarial Department at Sanlam Life Insurance, Kyenekiki Kiando who said that it’s a good thing to see that actuarial science students are innovative and create products that solve people's needs in the country while companies get profit.  

One of the Actuarial Science third year students, Olive Kivuyo said that the course helps them to be more professional in analysing risks and bring innovative financial products and services that in market demand. “The course helps you to be a quality control expert with a high standard of actuarial service,” Kivuyo noted.

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