RIYADH: Actuaries who can handle big data are necessary for Saudi Arabia’s insurance sector to grow and move forward, according to a top official.
Speaking at the Saudi Insurance Symposium in Riyadh on Sept. 28, CEO of Consulting Actuaries and Insurance Specialists Sulaiman bin Mayouf, said that the company has invested in human resources through the establishment of a program aimed at graduating Saudi actuarial personnel.
An actuary is a person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums.
“If we want to talk about the added value of the supporting companies in the insurance sector, each company must have an added value that exceeds the services it provides,” said Mayouf.
He added that his company will work on more than one workshop with the Central Bank of Saudi Arabia, to create an added value to the insurance sector in general.
Consulting Actuaries and Insurance Specialists is one of the few actuarial companies operating in the Kingdom.
“Over 65 years of combined actuarial and insurance experience, working with both Regulators and insurance companies in the Middle East and North Africa Region as well as the US,” according to its website.
