Prudential launches actuarial support scheme at Makerere

Prudential Uganda has launched the Prudential Actuarial Support Scheme (PASS) in partnership with Makerere University and the Insurance Regulatory Authority (IRA), an initiative that will promote the development of actuarial capacity at the institution.

This scheme will reward excellent students in actuarial science and support top graduating students with mentorship, internship opportunities and financial assistance to become certified actuaries.

Each year, one top student from Makerere University will be offered a one-year apprenticeship at Prudential and the top five students of actuarial Science will each be rewarded with $ 500 (Shs 1.8 million ) upon graduation and Prudential will cover the cost of all exams written.

Speaking during the launch in Kampala, Tetteh Ayitevie, the chief executive officer at Prudential explained that this initiative is a deliberate attempt by the company to promote the development of actuarial capacity in Uganda.

"As a business, promoting professionalism within the industry is important to us. This programme aims at paving the path for graduates in actuarial science to sign up for professional affiliate programmes as a way of deepening their knowledge of insurance from a business perspective," he said.

Professor Barnabas Nawangwe, the Vice Chancellor of the Makerere University said actuarial science is one of the recently introduced programmes at the university.

"The changing economy is also the ground for new opportunities. I wish to take this opportunity to thank Prudential for being forward thinking and developing this initiative that will make the students of Makerere University more competitive in the market and across borders," he said.

Kaddunabi Lubega, the chief executive officer of IRA said the programme is a timely endeavour, coming at a time when the insurance industry is noticing a rise in the demand for insurance financial services.