Guido Monteverde graduated with a M.Sc. in Actuarial Sciences from the University of Lausanne (Switzerland) and with a Bachelor in Economics from the Universidad de Lima. Mr. Monteverde has extensive experience in the modeling of reserves, pricing, economic capital and reinsurance modeling. He is a fully qualified actuary of the Swiss Actuarial Association (SAV) and member of ASTIN. Currently, he works as principal actuary in the Department of Actuarial Supervision of the Superintendency of Banking, Insurance and AFP of Peru (SBS), and as consultant actuary for PRS Prime Re Solutions (Switzerland). He has been senior manager of Insurance Risk and actuarial manager in Rimac Seguros. Also, he is lecturer of postgraduate programs at the Advanced Finance and Risk Management Program organized by the SBS.What is the word for actuary in your local language?
The word is actuario.
What is your favorite part about being an actuary?
I love economic capital modelling. Within that area, risk aggregation with copulas, capital allocation, risk measures and reinsurance are all very interesting topics for me.
Do you have any advice for young people in your country interested in pursuing this career?
Besides the training in calculations and programming, it is very important to be trained in communication and soft skills.
Where do you think the changes to actuarial work in your country will happen in the next five years?
We are moving to a risk-based capital model similar to Solvency II and evaluating the implementation of IFRS 17 in the next 3 or 5 years. That means that actuarial work in Peru will move from just traditional reserving work to advanced actuarial modelling, including cash flow projections, risk aggregation and reinsurance optimization.
Who are the main employers of actuaries?
Insurance companies and the financial services authority.
Do the schools in your country have actuarial majors, minors, concentrations or do students study on their own or overseas?
In 2017, the financial services authority along with the Universidad ESAN organized a 1-year postgraduate program in actuarial science for the insurance industry. Also, since 2018 there has been a Master’s in Actuarial Science offered by the Universidad Nacional de Ingeniería that lasts 2 years and currently has around 20 students.
What is the credentialing procedure like for an actuary in your country?
There is a Peruvian association, but it is not yet a full member of the IAA, which means they do not currently offer any credential. In Peru, some professionals have studied abroad, like in Switzerland, which is my case, or have pursued the SOA credential pathway.
Do employers support the cost and time of exam preparation?
Some of them support the cost of exams and exam preparation if the employee passes them.
What lessons can be taken from Peru for the profession worldwide?
Continuous training. For example, the financial services authority in Peru strengthens their actuarial team with seminars on different topics each year and has included actuarial science in its Advanced Finance and Risk Management Program for graduate students.