The READI (Risk Management, Economic Sustainability and Actuarial Science Development in Indonesia) project aims to increase the number and quality of Indonesian actuarial science graduates to address the country’s growing demand for actuaries. In collaboration with Government of Indonesia, insurance industry, key university partners and the Persatuan Aktuaris Indonesia (PAI), the READI project aims to develop Indonesia as a center of actuarial science excellence. Project efforts will supplement the Otoritas Jasa Keuangan (OJK)’s 1,000 Actuaries program by providing gender-equitable opportunities and support for innovative, high-quality actuarial science education, certification and professional development.
Development of the actuarial science milieu in Indonesia continues to face several key challenges. This includes:
1) A severe shortage of Indonesian-educated actuaries to work in government agencies and the insurance, pension and financial risk management sectors;
2) An inadequate number of formalized actuarial science programs in Indonesian universities;
3) Shortage of suitably qualified, certified actuarial science lecturers;
4) Limited opportunities for actuarial science students to obtain practical, hands-on experience while studying;
5) Limited resources for and capacity of the PAI to provide the level of services needed to facilitate rapid development of the actuarial science sector; and
6) Low public awareness regarding actuarial science and related career opportunities.
In recognition of the need for concerted efforts to address these challenges, the READI project supported and facilitated the formation of an Industry-University Task Force (IUTF).
The IUTF brings together key stakeholders from the Indonesian insurance industries, partner universities, the OJK, Pusat Pembinaan Profesi Keuangan (PPPK), Ministry of Research, Technology, and Higher Education (Kemenristekdikti), and the READI technical team to identify strategies and solutions to help overcome the challenges hampering actuarial science education in Indonesia.