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In the lecture, Imas Faizal Tamami from the Actuarial Department of MAIPARK, a natural disaster reinsurance company, explained that actuarial science is a blend of mathematics, statistics, and finance aimed at managing uncertainty in the business world. He emphasized that actuaries must have a strong understanding of data and adhere to a professional code of ethics in all aspects of their work.

One of the key points he conveyed was the importance of maintaining balance in insurance product pricing to ensure it is neither too low nor too high. He also highlighted the actuary's role in ensuring the quality of data used in risk analysis. “Ensuring data quality is very important. Checking and cross-checking whether the data is accurate is crucial,” he added.

Faizal stressed the importance of transparency in financial reporting and risk management. He also discussed the challenges actuaries face in managing insurance reserves, including the need for more efficient modeling methods to reduce uncertainty in claim estimates.

During the Q&A session, he clarified that regulations, such as those issued by the Financial Services Authority (OJK), should not be seen as obstacles. “OJK exists to protect the rights of policyholders,” he stated.

At the end of the session, he underlined that actuaries must often be prepared to work beyond regular office hours. “While the job is typically nine-to-five, we must remain on standby for sudden meetings or deadlines that may arise at night or on weekends,” he revealed.

This public lecture provided valuable insights for ITB actuarial students in understanding the roles and challenges of actuaries in the insurance industry, as well as the importance of accurate data management in supporting business decisions.

Translator: Indira Akmalia Hendri (Perencanaan Wilayah dan Kota, 2021)