UNDP-Milliman GAIN actuarial mission continues in the Maldives

Milliman is traveling all over the globe to spread actuarial expertise. In fact, the firm got within 220 miles of the equator on a successful recent trip to the Maldives.

Milliman professionals Simon Wong, Adrian Clark, and Dan Gerber jetted to the tropical South Asian country made up of more than 1,100 islands in the Indian Ocean to take part in the firm’s current collaboration with the United Nations Development Programme (UNDP), which is known as the UNDP-Milliman Global Actuarial Initiative (GAIN).

The collaboration has a mission of contributing to the growth of actuarial expertise and helping countries and the insurance industry to better manage the increasing risks faced by people and enterprises in developing countries.

The journey to the Maldives had two main components. The first was to help train and educate staff within the Maldives Monetary Authority (MMA), the nation’s central bank, which is trying to expand its regulation capacity and introduce more actuaries. The second was to attempt to put together a roadmap for the MMA to learn about their future goals and see how Milliman and the UNDP could help.

“There’s a lot of opportunity,” says Dan, an associate actuary with Milliman’s Health practice. “And it’s not that they don’t have any framework in place. They’re on their way to where they need to be, but on the actuarial side there’s a lot of work to do.”

To that end, Adrian, Simon, and Dan attended meetings with insurance regulators and local businesses and insurers for four days in the capital city of Malé. They provided training on such topics as fundamental actuarial concepts and how to read through and understand actuarial reports with case studies on insurance regulations. They conducted lectures, and Simon gave a talk about coral reef insurance and global warming issues that were relevant to the audience.

“Building up actuarial capacity was part of it, but it was certainly not the focus,” says Simon, a consulting actuary with Milliman’s Property & Casualty practice. “We prepared training on topics that they would be interested in and could use as they formulated their regulations.

"The MMA had faced some challenges in the past in putting in place actuarial regulations. It is our hope that the training we provided will help them make effective and practical regulations that will further strengthen and grow the insurance industry in the Maldives."

The in-person seminars were well-received by the attendees, and Simon is happy to report that it turned out to be beneficial for everyone involved.

“I thought it went quite well,” says Adrian, a Seattle-based consulting actuary. “First, everyone was a little bit formal and trying to get a sense of people’s positions and roles. By the last day, there was great camaraderie, correspondence, and conversation. It was a great opportunity to build a relationship with them, learn more about the challenges they’re facing, and offer up our expertise to help them move closer to achieving their goals.

“We really enjoyed sharing what we knew, how it might be applicable to the uniqueness of their situation, and helping them.”

Simon, Adrian, and Dan also got to enjoy some of their culture. They enjoyed the local seafood, curry dishes, and other specialties, many of which featured fresh coconut. They took a ferry to a nearby island to experience a less-populated lifestyle. And they walked around the capital, checking out old mosques, cemeteries, parks, and government residences.

“It’s an amazing part of the world,” Dan says. “I’m glad that we were lucky enough to visit.”