Wednesday, June 17, 2009

Actuary Seow

There are few actuary in Malaysia, according to the Actuarial Society of Malaysia, there are 55 Fellows in Malaysia. Among the Fellow Members, there is one actuary from Xiao clan. His name is Seow Fan Chong from Hong Leong Assurance.

What is actuary?

How to become an actuary?

To become an actuary is not easy task, it needs to pass professional examinations from actuarial professional bodies. The examination is very difficult. You need to be good at mathematics skills. So,you still want to become actuary, young Xiao?

Actuarial Society of Malaysia was found in 5-10-1978, the only representative body for actuarial profession in Malaysia. The society is also a full Member Association of the International Actuarial Association. It accepted accreditation from major actuarial societies in the world:-

1. Society of Actuaries in USA (SOA)
2. Institute of Actuaries in England(IA)
3. Institute of Actuaries of Australia(IAA)
4. Casualty Actuarial Society in USA(CAS)
5. Faculty of Actuaries in Scotland(FA)

Actuaries build and use mathematical models based on statistical data to calculate the appropriate amount of premiums to charge policyholders. This will require projections of how events will unfold in the future. In calculating the right amount of premiums, the actuary will need to project how large potential claims will be and when there will occur. Such projections are incorporated into the models to calculate the premium required. At the same time, judgement, business acumen and experience are required to understand and logically interpret the results of the model before finally coming up with a solution to the problem. Actuarial science is a combination of science and art!(from Actuarial Society of Malaysia,

Mr Seow Fan Chong, FSA,FIA,FRM is one of the few actuary in Malaysia. He is the Appointed Actuary of Hong Leong Assurance Berhad. He graduated from the National University of Singapore majoring in Economic and Statistics in 1993. He is the Fellow of Society of Actuaries in USA(SOA),Fellow of the Institute of Actuaries in England(IA) and Financial Risk Manager(FRM, USA).

Mr Seow Fan Chong is also Head of Health Insurance Working Group; He is also members of General Insurance Working Group , and Enterprise Risk Management Working Group. He also sit in Discipline Panel of the Actuarial Society of Malaysia.

He is also the Vice President (Insurance Risk Management)of GARP Malaysia Chapter Committee.

He is the only actuary from Xiao clan in Malaysia. The Xiao clan in Malaysia is very proud of him, being one of the very few actuary in Malaysia. The younger generation of Xiao in Malaysia should follow the fine example of Seow Fan Chong , and not afraid of facing tough challenge in life.

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