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Aug 19, 2014

A Visiting Actuary Gives Lecture to Actuarial Science Students

William Collins giving a lecture to the students

On Wednesday 1st, August 2014, the First year BBS Actuarial Science students had the honor of hosting William Collins, an associate actuary (ACAS) from the USA. Collins is a Marketing Manager at Esurance, an insurance firm based in San Fransisco, CA. He has also worked previously in Kenya developing general insurance products.

 

Collins took the class through a lecture covering different actuarial topics and their applications in the market. First, he spoke about the process of pricing a premium (from collecting necessary data to monitoring the performance of the product in the market), what to take into consideration and explained why its very important to price correctly. He also gave an illustration of how the demand-supply relationship in economics affects pricing, particularly giving an illustration of the UK market. Here, he took the class through the process he went through while working on a health insurance product for the sugarcane cutters of Mumias Sugar Company a few years ago.

 

He then gave a lecture on enterprise risk management. He introduced the concept of ruin theory and with the class, looked at the different types of risks involved in the business of insurance and explained the importance of understanding their correlation and the application of probability concepts in modeling them.

 

Collins took the opportunity to tell the class about the actuarial profession in general and the challenges faced by actuaries in the different markets. He reminded the students of the importance of qualifying as an actuary and the benefits actuaries bring into non-traditional areas such as marketing. He also spoke about his journey to become an actuary. Answering a question from one of the students, he mentioned the importance of a proper work-life balance.

 

The lecture was quite an inspiring way to start the day and the students were happy with the lecture. Collins expressed his interest in coming back. The class thanks William Collins for the lecture and Dr. John Olukuru, for making the lecture possible.

Contact Details

Madaraka Estate
Ole Sangale Road, PO Box 59857,
00200 City Square
Nairobi, Kenya
Tel: 0703-034000, 0703-034200



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