New R&D facility for actuarial science in Malaysia unveiled

Sunway University, Russell Group and Ardent Group have signed a memorandum of understanding to establish and develop a new research & development (R&D) facility for actuarial science in Malaysia.

The new institution, called the Actuarial Academy, is to be set up by Sunway University, Selangor, in collaboration with UK data analytics software and services firm Russell Group and Malaysia-based Ardent Group.

The academy will conduct commercial research into insurance and reinsurance data mining using methodologies developed by Russell Group. In the process, the academy will promote students’ practical actuarial expertise; internships with Russell Group and other leading re/insurance organisations will also be offered.

Suki Basi, managing director of Russell Group, said: “For too long Asia’s actuaries have been without a dedicated academic R&D centre of excellence. The analytical capabilities this new academy will foster will not only greatly enhance the accuracy of risk assessments in the global insurance and reinsurance industries, but draw students to this discipline.”