Softlogic Life

Thursday, 31 October 2019

Softlogic Life produces Sri Lanka’s youngest Actuaries

RishikulyaGunasekera and DilakshaneVijayakumar from Softlogic Life are the youngest actuaries who currently working in the insurance industry. They obtained Fellowship and Associate Memberships respectively from the Institute and Faculty of Actuaries (IFoA) in the United Kingdom. The Fellowship is the highest level of qualification attainable with the IFoA and members who achieve this Fellowship status are highly sought after as experts in their chosen field. The Associateship is the first level of qualification granted by IFoA at which individuals have the right to describe themselves as an Actuary.

Actuarial Science is applicable in any situation where risk and uncertainty are present.Actuaries performseveral diverse roles within the operations of Life Insurance companies including pricing and designing of Insurance Products, Actuarial Valuation, Profit Testing, Asset-LiabilityManagement, Experience Analysis and Reporting. The role of anActuary thereforerequires extra-ordinary skills that relate particularly to the complex business of Life Insurance where intricate assessments and workings need to be carried out in order to undertake key decisions relating to the portfolio of the Company and its business model.

Rishikulya, who isa Senior Manager in the Actuarial Department at Softlogic Life, started her career at PwC in London where she worked in the Department of Actuarial and Insurance Solutions Management for four years. She has a B.Sc. (Hons) in Mathematics from the University of Bath. She received her Fellowship this year, after completing her exams in 2018.

Dilakshane joined Softlogic Life as an intern to obtain first-hand actuarial industry experience in Sri Lanka, whilst completing her studies in the UK, where she completed a B.Sc. in Actuarial Science and anM.Sc. in Applied Actuarial Science from the University of Kent.Dilakshane obtained her Associateship from IFoA and she currently is a Senior Manager in the Actuarial Department at Softlogic Life.

Congratulating both Rishikulya and Dilakshane, Softlogic Life Managing Director Iftikar Ahamed said, “With Sri Lanka’s insurance industry set to grow exponentially in the coming years, actuarial expertise, which is at the heart of the insurance business, needs to be significantly strengthened and is a big priority for the progression of the local insurance industry.Considering the need for scarce actuarial resources locally, both Rishikulya’s and Dilakshane’s recognitions are undoubtedly enormous achievements, not only to Softlogic Life but to Sri Lanka’s insurance industry.”

With Sri Lanka only having a handful of fully-qualifiedActuaries at present, actuarial support is necessary for the main functions in the insurance industry. The achievement of these young individualswill provide a significant competitive edge to Softlogic Life. As Sri Lanka’s fastest-growing Life Insurer, Softlogic Life has strategically identified the requirement for a top-class actuarial team and has invested in several training and development initiatives which improve the performance of their ActuarialTeam, enabling them to become more competitive in a sustainable manner by promoting and facilitating the transfer of knowledge and skills and thereby strengthening critical organisational capabilities. In 2015, Softlogic Life entered into a partnership with their international investors—DEG and FMO— to build expertise in the Actuarial arenavia a Capacity Development Programme (CDP)/Business Support Services (BSS) Programme of the respective institutions, to enhance the knowledge, skills and expertise of its team of In-House Actuaries.

Softlogic Life has been able to attract crucial talent, and this achievement is proof that their recruitment strategy and efforts of training and development are working well for the company. Attracting great talent as well as retaining them is one of Softlogic Life’s key objectives in ensuring sustenance of their winning momentum.

About Softlogic Life

Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognised as one of Sri Lanka’s most diversified and fastest-growing conglomerates with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company include global investors; DEG and Leapfrog Investments.