“Where others see challenge, we see opportunity.” 

Alex Tsai, Head of Greater China RNA Analytics

Change, it is said, is the only constant, and at RNA Analytics, we are embracing change to help all our clients face their own unique set of challenges as they future proof their businesses. Whether that is by preparing for incoming industry regulations such as IFRS 17, dealing with operational or market patterns and shifts, or developing the necessary skill sets for tomorrow through investing in new technology and talent; we are working with customers around the world to ensure readiness for whatever their next step may be.

One such team that excels in said change is our Greater China regional division, which is embracing change to reach out into new areas – including some that just a short time ago might not have seemed possible. With its relatively small team of six industry experts, RNA’s Greater China office boasts a wealth of actuarial and consulting resources, offering unrivalled local expertise in a vast, mature and booming industry. The combination of powerful software and renowned actuarial skills is key to the success of a team which in just 18 months, has established itself as a ‘one-to-watch’ competitor through expanding into previously unreachable waters for RNA Analytics, particularly at the bigger wave emerging from IFRS 17 and ICS in the region.

Given the powerful capabilities of our modelling software and high customer expectations, all of RNA’s teams are made up of specially trained individuals with extensive modelling skills, impeccable knowledge of regulations, and local market experience. That is what provides our localised teams with such a uniquely strong position of knowledge – the access to global expertise, delivered through smaller, more niche teams and markets. With over 30 years’ collective experience, the Greater China team are subject matter experts on local regulations and challenges felt by insurers and actuaries there, so are in the perfect position to understand and work with customers of all scales.

One such challenge is IFRS 17. RNA Analytics has been engaged by a market-leading customer within the Greater China market, assisting the firm in readiness for the new standard. The timetable is ambitious, with targets for implementation matched to the global schedule in 2023 – years ahead of the regional targets set. Where others see a challenge, we see an opportunity, and in building the right team for the task, the work to implement IFRS 17 with this major insurer is a significant milestone for our relatively new region. It is one of a number of exciting developments that we believe demonstrates our commitment to using our global strength for local good.

Training tomorrow’s actuarial stars

Many industries are suffering from the impacts of skill gaps, and the insurance sector is not spared of this. That is why RNA’s Greater China is proud to be working closely with Soochow University in Taiwan to provide software to help train actuarial students, by providing our modelling tools and workshops through free licenses, walking students through the software step-by-step. The initiative has been created and led by RNA’s Head of Greater China, Alex Tsai, and provides the students with access to best-in-class software while simultaneously providing real-time insight for RNA’s teams to have access to the very best of the local upcoming talent pool of students.

Moreover, Soochow University is currently in the process of becoming one of a small group of Institute and Faculty of Actuaries (IFoA) certified universities, demonstrating its high level of prestige on the international stage – aiming to join the current list of only 43 universities with this certification.

As part of IFoA’s requirements, an applicant school must be able to show that it regularly provides intensive actuarial education and practice with students to advance their skillsets, and RNA is proud and excited to support the development of the industry through the education of tomorrow’s actuaries, to not only benefit the students, but also RNA’s teams and consequently – our customers.

“I see this as a win/win situation,” Alex Tsai explains. “On the one hand we help the schools, providing real-world experience into their regular course, which we deliver every two weeks; and on the other, RNA is then in a very good position to identify great talent to recruit. Right now, we have finished the first semester, and the professors are really thrilled that we have been able to support them and to bring this real-world opportunity into their course - helping provide their students with future-proofed skillsets.”

Our ongoing work and projects in our Greater China division demonstrate how, despite being a global firm, we are committed to putting our local skills to best use. By building our resources, skills and experience at both the local and global levels, we can pool our resources to find the answer to just about every actuarial challenge there is to face!

To find out more about RNA Analytics’ global expertise, solutions and localised team knowledge – please visit www.rnaanalytics.com or download our latest white paper, ‘A Changing Insurance Industry’ here.