Akshay Dhand originally intended to be an engineer or a doctor – largely because he thought those were the only two paths available.
“I come from a small town in the north of India,” he says. “In the late 90s, you could only go into engineering or medicine if you were a good student. There was no third option.
“I had started to prepare for engineering college entrance exams. However, a chance meeting with my cousin made me change my mind and I decided instead to pursue a degree in business studies with a view to joining her export business. After some further twists in the tale, I eventually ended up going to St Stephen’s College at the University of Delhi, majoring in mathematics.”
During Akshay’s studies, an uncle, who used to teach at the Imperial College in London, mentioned the possibility of an actuarial career, and Akshay’s path was set.
Today, Akshay is the Appointed Actuary with Canara HSBC Life. “It’s a statutory role, so I do a lot of reporting to the regulator and the board of directors,” he says. “There is also a wider strategic angle. I’m involved in strategic discussions about nearly all aspects of the company’s operations, particularly on ensuring profitable growth for the business.
“In fact, insurance companies here can’t function for more than twelve months without an appointed actuary. They may manage without other CXOs, but the company cannot write new business without the appointed actuary.”
India’s insurance marketplace opened up in 2000, and competition is intense. “There is constant pressure to outdo the competition,” says Akshay. “The challenge I often face is how to enable business while keeping a check on the risks and protecting the interests of policyholders and the financial health of the company.”
Another critical aspect is India’s insurance regulatory framework. Regulations affect almost all aspects of the insurance company’s operations, and ensuring compliance takes a lot of bandwidth.
“In 2019, I took on the role of the director of product development besides my appointed actuary role,” says Akshay. “At that time, IRDAI, the insurance regulator in India, issued a new set of product regulations. Our entire product suite had to be realigned and relaunched in less than 6 months.
“We modified 24 products over a few months – the highest number of any life company in India. We were one of the first in India to achieve complete compliance.”
“Bangladesh has about 4-6 qualified actuaries. The Maldives has none. We need ways to bring more people into the industry and give them the qualifications they need.” – Akshay Dhand, Chartered Actuary (Fellow)
Recognising that the actuarial profession is still developing in South Asia, Akshay has been working to help increase awareness of it.
“In 2023 I started contacting actuarial professionals in other parts of the South Asian region,” he says. “With them, I created a podcast series called “Actuarial Bytes from the Subcontinent”, talking about the state of the profession in their respective countries.
“For example, Bangladesh has about 4-6 qualified actuaries. The Maldives has none. We need ways to bring more people into the industry and give them the qualifications they need.”
Akshay believes it’s important that the profession stands out, particularly in newer markets. He thinks the Chartered Actuary designation can help achieve that goal.
“In India, chartered accountancy is a very popular profession,” he says. “So when you put the word ‘chartered’ in front of something, people understand that the profession is important.
“Adding the word ‘chartered’ also adds more credibility. It may also help professionals establish credibility in newer domains, like banking, sustainability and so on. I certainly feel the appeal of the profession will increase. When students learn about the Chartered Actuary designation, it will create a desire to know more.
“So we’re communicating our importance to the wider public, and at the same time we’re attracting much-needed new talent. Both of those things will greatly benefit the profession – in India and around the world.”
We’ll be sharing member stories from around the world on a regular basis, so keep an eye out for updates. If you’ve chosen to adopt Chartered Actuary status, or if you’ve employed an actuary who is helping to transform your organisation, we’d love to hear from you.
