April is Financial Literacy Month
April is Financial Literacy Month, an annual event that began in the US in 2000, and was officially recognised by a Presidential proclamation in 2010. While it originated in the US, Financial Literacy Month has global relevance, and insurance plays a crucial role.
Understanding insurance empowers individuals and businesses with the knowledge needed for risk management, financial protection, and long-term planning. As a specialist in actuarial and risk modelling solutions, RNA Analytics is deeply invested in providing the tools and insights that help insurance companies assess risk, optimise pricing, and ensure financial stability – as well as contributing to the wider understanding and advancement of actuarial modelling globally. As a technology provider with a deep history in the insurance industry, we support insurance literacy at all levels by providing data-driven insights that help insurers and policyholders better understand risks, and make informed decisions. As a technical specialist in advanced analytics, our work in developing fair and accurate pricing models supports insurance literacy by ensuring customers understand how premiums are calculated.
Our commitment to financial literacy is not only evident in our solutions and consulting services, but also in our dedication to staff training and skills development, as well as our broader support of insurance education – in particular promoting the development and practice of actuarial science. Company-wide workshop training enhances job-specific skills, contributing to an inclusive, equal opportunities approach to the development of our own staff. Actuarial examination support provides resources including study materials, mentoring and exam fee reimbursement, supporting employees through rigorous actuarial exams, equipping the profession with essential skills, and ensuring RNA remains at the forefront of innovation.
Our dedication to advancing the profession extends beyond this. Underlining our commitment to wider education initiatives, we entered into a Memorandum of Understanding in 2024 with Yonsei University, one of Asia's leading educational institutions, to enhance the training of professionals in insurance and actuarial science. This exciting collaboration aims to establish a system for training experts in our R³S solution, aligning with Yonsei University's practical experience requirements in the insurance and actuarial fields. New courses are planned that will enable students to specialise in the R³S solution, as we look to cultivate the levels of proficiency that are essential in today’s fast-paced and complex global insurance and risk industry.
In this fast-moving and hyper-connected industry, technological know-how is fundamental to financial literacy. RNA Analytics is privileged to work with some of the industry’s foremost experts driving product development, and working hand-in-hand with clients to achieve the best outcomes. We have worked closely with insurers in recent years as part of the industry’s ongoing digital transformation, and continue to expand our horizons, leveraging new and emerging technologies and partnerships. The potential impact of artificial intelligence (AI) on actuarial science is profound, and we are taking advantage of this technology with our latest initiative, by implementing a chatbot and model construction assistant. The greatest gains, we believe, lie in leveraging AI for smarter decision-making, improved risk assessment, and more efficient processes. The advent of AI represents yet another shift in the financial literacy needed in the segment to stay current, and our experts recommend that actuaries master the range of data science tools and programming languages to ensure they seize the emerging opportunities.
Reinforcing our commitment to comprehensive education and training, RNA Analytics offers a comprehensive suite of training programmes for clients worldwide, focusing on our R³S software suite. Structured to cater to various levels of expertise and specific modelling needs, our next courses are curated to appeal to actuaries at all levels, with the Q2 schedule commencing in June 2025. Find out more about the work our teams do, as well as our training initiatives at www.rnaanalytics.com