‘Providing Opportunities, Information and Enhancing Professionalism’

The leading Actuarial Association in the region 

About

SUMMARY

Karatina University Actuarial Students’ Association herein abbreviated as KARUASA is a professional students’ association for actuarial science students and other students interested in the actuarial profession in Karatina University.

The association was duly registered under the Dean of Students’ office in March 2013 but started operating on 2nd April 2015.

We are an affiliate association of Actuarial Students’ Society of Kenya (ASSK).

LEADERSHIP

In pursuit of excellence, KARUASA’s objective is to conduct business the way a corporate would – highly professional.

Association leaders go through a thorough process of nomination by members and vetting by an independent committee before being appointed into the leadership positions. This is to ensure that we get the best and also to make sure that the process is not politicized.

Leadership Composition

Patrons – Ms Catherine Nyakundi (lecturer)

                – Dr Irene Irungu(lecturer)

Chairperson

Vice Chairperson

Treasurer

Secretary

Vice Secretary

Organizing secretary

Deputy Organizing Secretary

Project Manager

IT Manager

What We Do

Our objective is to promote the profession by providing relevant information and opportunities to our members. We achieve this through;

  1. Training members on various actuarial aspects e.g Exposure to Insurance products.
  2. Encourage our members to take up the Actuarial professional papers.
  3. Promoting research by organizing debates and forums.
  4. Industry talks from a range of invited guests from Finance, Investment, Entrepreneurship and Actuarial fields.
  5. Providing networking and opportunities for exposure.
  6. Acting as a link to the umbrella actuarial bodies such as ASSK and TASK.
  7. Mentoring members and other students interested in the profession.
  8. Providing a platform for engaging with other professions e.g, Banking, IT etc
  9. Organizing social retreats.

 

Remarkable Achievements

Barely three years old, KARUASA has made tremendous advances towards promoting the Actuarial Profession both within and nationally.

Coaching on Product Development and Research Paper Writing(2018)

KARUASA being a center of innovation aims to promote creativity of analytical thinkers,enhance market research and encourage team work by appreciating the past,recognizing the present to help shape the future.This has been achieved by an event that was moderated by FinSal Savannah Ltd the Co-founders of KARUASA.

TASK Visits Karatina University Actuarial Students for talks on the Actuarial Profession ( 2018)

The future of the actuarial profession  lies within the students and through such TASK is a key player being an affiliate body of the Institute and Faculty of Actuaries where it is mandated to govern actuarial profession in Kenya by creating awareness on what actuarial profession is.

Kenbright Actuarial and Financial Services Chief Actuary  and Managing Director at Kenbright Holdings Limited Visit (2017)

Ezekiel Mburu Macharia (FIA) and Emma Okere paid a visit to give an actuarial talk and highlights on blockchains.

Actuarial Professional Talk (2017)

Justin Otieno (FIA and An Actuary at UAP-Old Mutual Group),Dr. Lucy Muthoni(lecturer at Strathmore university),Wilson Orero Agwenyi(Financial risk management associate KPMG) gave a talk that shaped the actuarial skills sets of the members.

Annual Make a Difference Day(MAAD) Barclays mentorship programme and Financial Literacy Talk(2017)

Yearly,Barclays through it’s programme gives back to the society to enable students appreciate the existing working environment for a better change.

Crowned Champions in the 5th Annual National Actuarial Product Design Competition (8th and 9th June 2017)

A team of our members  who just completed their second year emerged the best in this year’s Annual National Product Designing and Modeling Competition having presented a microinsuarance products titled “No Claim Discount Model for Microhealth” and “Bima Nyumba”.

Finalists in the first ever KPMG East Africa/ASSK Innovation Challenge(2017)

One of our member managed to the final stages of the challenge having presented a product on Cyber Crime

Grand Actuarial Challenge(2016)

Actuarial hosted Dedan Kimathi University actuarial students in a debate on big data and telematics

Finalists, 5th ASSK annual national actuarial product design and modelling competition

The club was crowned the champions in a colorful ceremony presided over by practicing actuaries and judges of the day at the Multimedia University. The product was a Micro-health Insurance Product to cover the low income earners who are the majority in our country, hence going a long way in changing the way the market perceives insurance.

the team is expected to represent the country during the career fair of the University of Dar-Es-Salaamin May 2018 and during the TASK convention in November 2017.

First Runner-up

In the Kenyan Actuarial Boot camp at Maseno University, a team of four presented a microinsurance product (CredoBima) in February 2016.

Second Runner-up

Members of KARUASA designed and presented a health microinsurance product for small traders in the National Product Design Competition organized by Actuarial Students’ Society of Kenya (ASSK) in June 2016.

The First Mount Kenya Actuarial Students’ Regional Convention-2016

We initiated this annual event which brings but not limited to actuarial students from the mount Kenya region to discuss the game changing issues in the industry. This year’s theme was ‘Emerging Trends In The Kenyan Securities Market’ where students presented research papers. The event was graced by Insurance Regulatory Authority (IRA).

  • It also hosts 2 out of 10 ASSK’s Executive members, that is, Finance Secretary and Deputy Organizing Secretary who served in the academic year 2015/2016.
  • 3 of our executive members attended the Annual TASK Convention 2015 at Intercontinental Hotel.
  • About 20 students participated in the ASSK’s 2015 Product Design Competition.
  • Attended the Institute and Faculty of Actuaries’ President Address to Kenyan Actuarial Students at The University Of Nairobi.
  • Organized an internal CT Clinic facilitated by Faventia Actuaries.
  • Main organizers of MADD Student Mentorship Program by Barclays Bank.
  • Among others.

Trainings;

  • Currently undertaking Actuarial Techniques Training sponsored and conducted by Techtuary Consulting Company, spearheaded by Mr. Elias Omondi.
  • Also in progress, Actuarial Modelling and Data Analysis using MS Excel and SPSS

Contact

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‘Providing Opportunities, Information and Enhancing Professionalism’

The leading Actuarial Association in the region