Actuaries Around the World – Indonesia

Headshot.pngWe recently had the pleasure of interviewing Fauzi Arfan, FSAI from Indonesia. He is the President of The Society of Actuaries of Indonesia (Persatuan Aktuaris Indonesia). Mr. Arfan joined Great Eastern Life in June of 2015 and currently holds the position of Director and Chief Financial Officer (CFO). Prior to joining Great Eastern Life, Fauzi was the Marketing and Engineering Director of PT Asuransi Jiwa Tugu Mandiri.

He began his career in the insurance industry in 1994 and has since enriched his experience and knowledge to build a career in PT Asuransi AIA Indonesia, PT Sun Life Financial Indonesia, PT Asuransi Jiwa Tugu Mandiri and AJB Bumiputera 1912. Fauzi has a Bachelor’s Degree in Mathematics from Padjadjaran University and has been a member of the Indonesian Actuarial Association (FSAI) since 2000. He has been registered as an Insurance Expert of Indonesia Life (AAIJ) since 2003.

Actuarial Learning (AL): How many practicing actuaries do you have?
Fauzi Arfan (FA): As of April 2018, there are 264 fellows and 273 associates.

(AL): What is the word for actuary in your local language?
(FA): Aktuaris.

(AL): Do you have any advice for young people in your country interested in pursuing this career?
(FA): Study and keep up your motivation to pursue your dream.

(AL): What are some of the highlights of the history of the actuarial profession in your country?
(FA): There were people calling themselves actuaries in Indonesia prior to 1964, but in October of that year, 25 persons decided to create the Persatuan Aktuaris Indonesia (PAI),  Society of Actuaries of Indonesia. In 1987, PAI decided that it would operate its own examination system, adopt standards of practice, a code of ethics and a discipline process. It registered with the Ministry of Finance as a non-profit and non-political organization. Since 2007, PAI is recognized as a full member of the International Actuarial Association (IAA).

(AL): What are some of the main challenges and projects for your association over the next 5-10 years?
(FA): As we expect an increase in the supply of actuaries through the expansion of the university program, we will heavily focus on projects in continuing professional development to train actuaries in different areas of work that are constantly changing and developing.

(AL): Who are the main employers of actuaries?
(FA): Most qualified actuaries work in life insurance companies; however, there are more general insurance companies in the market.

(AL): Do the schools in your country have actuarial majors, minors, concentrations or do students study on their own or overseas?
(FA): Yes, our schools have actuarial majors as well as concentrations. It is only recently that Indonesian universities have started to offer majors in actuarial science. PAI has signed a memorandum of understanding (MOU) with some universities that offer basic actuarial courses.

(AL): What is the credentialing procedure like for an actuary in your country?
(FA): The current PAI syllabus is structured as follows: seven exams are required to achieve Associateship and three more exams are required to achieve Fellowship.

(AL): Do employers support the cost and time of exam preparation?
(FA): Yes, most employers do, especially multinational companies.

(AL): Are there any noteworthy non-traditional actuarial positions?
(FA): Some noteworthy positions include ERM, banking and financial services and business analytics.

(AL): Could you tell us a little bit more about your country’s plan for increasing the number of actuaries in Indonesia?
(FA): PAI is collaborating with the government of Canada, Indonesia’s financial services authority (OJK), and the University of Waterloo on a project called the Risk management, Economic sustainability and Actuarial science Development in Indonesia (READI) Project. This project aims to increase the number and quality of Indonesian actuarial science graduates through initiatives such as mathematics outreach and university and lecturer capacity building.

(AL): What could people from outside of your country do to help the profession grow in Indonesia?
(FA): Offer support for Indonesian actuaries to obtain fellowship through an international route and to participate in international professional bodies and committees. Promote the contribution of actuaries in government units as well as in other industrial sectors.Logo

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