Prudential, Makerere launch Scheme to aid students Pursue professional qualifications
KAMPALA – Prudential Uganda has launched the Prudential Actuarial Support Scheme (PASS) in partnership with Makerere University and the Insurance Regulatory Authority.
This is to promote the development of actuarial capacity by rewarding excellent students in actuarial science and supporting top graduating students with mentorship, internship opportunities and financial assistance to become certified actuaries.
According to the signed MoU, each year, one top student from Makerere University will be offered a one-year apprenticeship at Prudential and the top five students of Actuarial Science will each be rewarded with USD 500 (close to UGX2M) upon graduation and Prudential will cover the cost of all exams written.
Mr. Tetteh Ayitevie, CEO at Prudential explained that this initiative is a deliberate attempt by Prudential to promote the development of actuarial capacity in Uganda.
“As a business, promoting professionalism within the industry is important to us. This programme aims at paving the path for graduates in actuarial science to sign up for professional affiliate programmes as a way of deepening their knowledge of insurance from a business perspective.”
Tetteh said, “Our purpose is to help people make the most out of life…. What we’re doing here today is sowing seeds for more transformation for one of this great university’s newest programmes.”
He noted that the Scheme is a deliberate move by Prudential to contribute to the growth of the insurance industry in Uganda and ensure that the sector (insurance), has the required resources to develop products that meet the needs of the customers.
Professor Barnabas Nawangwe, the Vice Chancellor of the Makerere University applauded Prudential for the initiative that will go a long way in making certification more attractive to students.
“Actuarial Science is one of the recently introduced programmes at Makerere University. Since 2003 when the programme started, opportunities continue to expand not just in insurance but also across the international business space. The changing economy is also ground for new opportunities. I wish to take this opportunity to thank Prudential for being forward thinking and developing this initiative that will make the students of Makerere University more competitive in the market and across borders.”
Represented by Mr. Kilameri Ivan, Manager Risk and Actuarial, Al-Hajji Kaddunabi Lubega, CEO, Insurance Regulatory Authority said the PASS programme is a timely endeavour, coming at a time when the insurance industry is noticing a rise in the demand for insurance financial services.
“Insurance as a vehicle through which people cultivate their financial security and cultivate their wealth is largely hinged on actuarial science. This programme is timely and will go a long way in increasing the number of certified actuaries in the industry.”
He noted that the achievement comes at a time when there is an increase in the demand for insurance services.
Mr. Lubega says that there is a new financial reporting standards which basically bring in actuarial concepts that are required especially when it comes to financial reporting.
“As the regulator, what we’ve done is to ensure that we create a requirement for the internal actuarial control function and this is a requirement not just for Prudential but for the entire industry which then creates a demand for actuaries.”
“We’ve seen over the years that most of the people once they do Bachelors, they end up diverting, either it could be the costs or the difficulty of the exams but we think that this particular initiative by the Prudential will go in a great way in ensuring that these students are encouraged to pursue the professional qualifications which are quite important for the Insurance sector,” he noted.
Prudential Uganda is the third business unit in Prudential Africa to roll out the scheme after Prudential Kenya and Ghana who have been implementing the programme since 2014 and 2015, respectively.
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