14 August 2023
The Institute and Faculty of Actuaries has awarded its Quality Assurance Scheme (QAS) accreditation to India’s oldest actuarial firm, K. A. Pandit. The Mumbai and Ahmedabad based consultancy is the first actuarial employer in India to achieve this accreditation. K. A. Pandit has demonstrated its commitment, through an independent audit, to a working environment which allows actuaries to maintain globally recognised standards and develop their skills.
The QAS was officially awarded on Saturday 12 August, the birthday of the firm’s founder, Kantilal Anandrai Pandit. The accreditation also falls in the year that K. A. Pandit marks its 80th anniversary. The consultancy is well established in the Indian market with the founder’s family members still closely managing the firm. It provides actuarial and risk consulting services, specialising in employee benefits, insurance and corporate solutions.
Kulin Patel, Partner/CEO of K.A. Pandit, said: “We are immensely proud at becoming India’s first accredited firm under QAS. QAS is more than just another accreditation scheme as it will help provide a strong compass, and a sense of independent accountability to continue to strive for the highest professional standards. The QAS is a great benefit for our clients and team members, as we continue to build on our rich history.”
The QAS recognises organisations that have demonstrated their commitment to three outcomes: Professionalism, Development and Training, and Organisational Culture. The scheme was established in 2016 and now covers 15% of the IFoA’s global membership and a quarter of its UK membership through 42 accreditations. The QAS is open to all employers committed to creating a working environment that supports actuarial excellence.
Matt Saker, IFoA President, said: “We are delighted to welcome K. A. Pandit to the QAS. It is especially exciting for the IFoA to be awarding this accreditation in India for the first time, to a firm with such a rich history in actuarial consultancy. The QAS is a great example of how we work in partnership with employers, supporting them and recognising the high standards they have in place. We look forward to working with K. A. Pandit over the coming years.”
For more information on the IFoA’s QAS, visit our Quality Assurance Scheme web page
~ENDS~
India: Chunku Pani, South Asia Member and Stakeholder Manager, IFoA
Mob +91 9603121316
Email: chunku.pani@actuaries.org.uk
UK: Jacob Lonsdale, Member Propositions and Insights Lead, IFoA
Email: jacob.lonsdale@actuaries.org.uk
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
The IFoA regulates and represents over 32,000 members worldwide, overseeing their actuarial education at all stages of qualification and development throughout their careers. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.
The IFoA is available to provide independent expert comment to the media on a range of actuarial-related issues, including COVID-19 and its long-term consequences, mortality, pensions, life and general insurance, health and care, finance and investment, climate change and sustainability, systems thinking, uncertainty and judgement, and risk management.