Global CEO Magazine recently spoke with Ms Saroja Gunatilleke, Managing Director of S G Actuarial Consultancy (Pvt) Ltd. In year 2012 when Ms Gunatilleke qualified as a Fellow of the Institute and Faculty of Actuaries in the UK, she was the only Sri Lankan with such a qualification working in Sri Lanka.

With experience spanning the insurance sector and a regulatory body, she now runs her own consultancy, offering Actuarial and Risk Management consultancy and training services both locally and internationally.

Ms Saroja Gunatilleke’s journey from discovering actuarial science in the UK to becoming a pioneering figure in Sri Lanka highlights the opportunities available for those with a passion for mathematics. Her insights into risk management, regulatory changes, and the future of the actuarial profession offer valuable guidance for anyone interested in pursuing this path.

Q: Could you briefly introduce your field?

A: “Actuaries are problem solvers and strategic thinkers. They use mathematical skills to help measure the probability and risk of future events. These skills are used to predict the financial impact of forthcoming events on a business and its clients. Businesses and governments increasingly depend on the skills of actuaries and analysts to help them model and plan for the future. As the world changes at an increasingly rapid pace, risk management expertise can help businesses navigate this evolving landscape.” The Institute and Faculty of Actuaries, UK.

Actuaries although traditionally engaged with insurance companies, now work in any industry as we cover risk management and investment as part of the qualification.
It’s a relatively niche profession, and in 2012, when I qualified as a Fellow of the Institute and Faculty of Actuaries in the UK, I was the only Sri Lankan with such a qualification working in Sri Lanka. Although a few more have qualified since, it remains a rare field.

Q: Your firm provides a wide range of services, including risk management. How do you add value to companies through risk management, and what specific services do you offer in this area?

A: At S G Actuarial, we offer both actuarial and risk management services. We do offer traditional actuarial services, such as calculating premium rates for life insurance and reviewing policy liability calculations.

We also provide risk management services. Together with the client’s team, we assess how the company’s risk management processes can be improved or, if none exist, we develop them from scratch. Additionally, we handle business continuity planning and conduct analyses that can help improve a company’s operations. This is not limited to insurance companies; we work with companies in any sector.

Q: You have worked across five countries. How do you ensure that your work complies with the regulations of each market?

A: For any project, we work closely with the client’s team to develop a solution that suits their company. This approach ensures that the solution is practical and suitable for the company. The same principle applies when we work in overseas markets—I rely on the client to provide the necessary market-specific and regulatory information. We also perform various checks to ensure the solutions meet those market and regulatory requirements.

Q: Your services are global, and you offer training programmes in different countries. How do you tailor these sessions to meet the diverse needs of participants? What key skills do you emphasise?

A: We have been updating the programmes as and when necessary. When we started, we offered two standard programmes—one for life insurance and one for non-life (general) insurance. These were for non-actuaries, so Finance, Insurance, Investment, IT professionals. Over the years, these programmes have evolved, partly due to requests from clients to cover specific areas and partly because of regulatory changes. I’ve also adapted my training to suit various target audiences, from entry-level staff to senior management and even CEOs and Directors.

I now offer risk management programmes in addition to the core insurance related training which is suitable for any company. In addition, we do have programmes suitable for students too to see if this is a suitable career path for them.

Q: Could you provide an overview of your risk management approach?

A: Risk management is essential for any company, regardless of the industry or size. I’ve noticed that a lot of companies in Sri Lanka are not actively engaging in risk management, though all of them should be.

The key to our approach is collaboration. Rather than providing a pre-packaged solution, I work with the team to create something practical and applicable. This collaboration ensures that the solution can be effectively implemented and managed by the company. The core objective of my consultancy is to bridge the gap between actuaries and non-actuaries, ensuring that other professions understand our work and can contribute to creating a comprehensive solution. This approach has been well-received by our clients.

Q: There is a lot of talk about technology, including artificial intelligence and data analytics. How have insurance companies adopted these technologies, and how does S G Actuarial Services assist companies in integrating technology into their operations?

A: The insurance sector has seen many changes due to regulatory shifts and market demands, such as Risk-Based Capital (RBC) frameworks and IFRS 17. These require companies to handle data more efficiently and perform advanced financial modelling / projections. Technology plays a crucial role in meeting these requirements.

At S G Actuarial, we help companies assess whether they are meeting these regulatory standards and perform checks to ensure accuracy and reliability. Advanced technology makes it easier for companies to comply with regulations, and we assist them in leveraging these tools to enhance their operational efficiency.

Q: You have held numerous high-level positions in insurance companies and a regulatory body. How was the transition from these roles to running your own consultancy, and what do you foresee for the future of actuarial services in Sri Lanka?

A: Even when I started my career, I wanted to establish my own consultancy. I wanted the freedom of being my own boss and deciding on my own working hours. Even though the path that led to it was different, I achieved my target at a relatively young age. Although I don’t know what the future holds for me, the journey I have had so far being a consultant and trainer of my own firm has been incredibly rewarding.

The role of actuaries has expanded significantly due to regulatory changes like RBC and IFRS 17. When I began my career, the scope for actuaries was much smaller. Now, there is an increasing demand for in-house actuarial teams and consultants as well, due to limited resources in Sri Lanka.

Looking forward, I believe we will see more opportunities for actuarial consultants and actuaries working in various sectors beyond insurance, such as banking and any company as we are qualified to carry out risk management roles. While most actuaries in Sri Lanka are currently in the insurance sector, I expect this to change, with actuaries branching out into other industries.

Q: Finally, as someone with extensive experience in this field, what advice would you offer to someone interested in pursuing actuarial services in Sri Lanka?

A: Many people in Sri Lanka are hesitant to start because they think actuarial exams are too difficult. My advice is simple: if you truly love maths, this could be the perfect career path for you. Do your research, start the exams, and keep going. The exams are tough, but with persistence and hard work, it can be a highly rewarding career.