Forum for the Development of China's Insurance Industry and the Mission of Actuaries
--The Alumni Association of Actuarial Science in CUFE
December 30, 2014

2014 is the 65th anniversary of Central University of Finance and Economics. In this grand celebration day, School of Insurance and China Institute for Actuarial Science held a forum for the development of China's insurance industry and the mission of actuaries, which is also the alumni association of actuarial science in CUFE in the auditorium of the main building on Oct. 26, 2014. More than 100 famous alumni came back to CUFE, and gathered together with teachers and students.

Since 1993, School of Insurance, CUFE began to recruit postgraduate students in actuarial science, and a total of 14 sessions of students have been cultivated here. In 2004, School of Insurance began to recruit undergraduate students of actuarial science. Over more than 20 years, CUFE has cultivated a large number of outstanding actuarial talents, and has contributed to the development of actuary in China a lot.

This forum is presided by Professor Sujin Zheng, dean of actuarial science department in School of Insurance. Professor Xiaolin Li, associate dean of China Institute for Actuarial Science, made an opening speech. Confronting dozens of chief actuaries, vice presidents of large insurance companies, and more than 100 alumni, Professor Li welcomed our classmates back home in the name of all teachers and students. Professor Li also congratulated our postgraduates and undergraduates on the brilliant achievements in the field of insurance, and thanked teachers and seniors for their contributions. At last, Professor Li encouraged our alumni and classmates to raise level, free mind and constantly learning, which was accepted by the alumni, teachers and students.

Mr. Zhicheng Yang, who is the class president of grade 93 actuarial postgraduate and the vice chairman of SINO-LIFE Corp., gave a speech called "New area, new actuary" at the meeting. He mentioned a profound view that the base of actuary might change from traditional "laws of large number" to "laws of large data". This change can reflect the latest trend in finance, and we should think deeply about whether the "Independent Identically Distribution" assumption still appropriate. Indeed, data under Internet is no more independent but interrelated, since the behavior of people is connected to and influenced by each other. During the speech, Mr. Yang gave juniors a lot of beneficial guidance in aspects like technique, knowledge and faith, and signify that the future of Insurance belongs to all young students. Students major in actuary should have faith in it and work hard on it, should always remember responsibility we shoulder and contribute to Chinese Insurance's continued and healthy development.

Mr. Mingguang Li, postgraduate of grade 93 major in actuarial science, the vice president and the chief actuary of China Life, gave a speech named "rambling talk about rate reform". He talked about several decisive factors influencing insurance rate to teachers and juniors present, also some thoughts about fees of sales, administration and capital cost, which gave us a very beneficial idea. Mr. Li is the first and second secretary of China Association of Actuaries, also the first chairman of previous Chinese Actuarial Work Committee. He shared his growth experience and advice to juniors. At the second half of the speech, senior Li came up with 2 valuable questions: how the visible and invisible selling network combined together? Can the past message represent future? These questions raised thoughts about Insurance from new dimensions and height. At last, teachers and students present had a heated discussion about the questions, reaching the climax of the speech.

Mr. Jianxin Zhao, postgraduate of grade 93 major in actuarial science, the vice general manager of SINO-LIFE Corp., discussed about "Solvency II-reform and influence". He put forward an essentially problem: why the insurance company needs solvency management? Concerned on this problem, Mr. Zhao explained many important discovery and conclusion obtained from actual work and research in detail. He discussed with everyone heatedly, sparkling lots of new ideas.

After tea break, Mr. Yong Liu, actuarial postgraduate of grade 95 major in actuarial science, Tianan Life's Chief Actuary, talked about the problem about the role of economic capital and influence, while, Lifeng Wang, postgraduate of grade 95 major in actuarial science, and the actuarial responsible person of Huatai property insurance, talked from a hot topic "Internet insurance product development and risk management", He pointed out that the insurance industry in the future will be able to play a great role in e-commerce, security, Internet financial, etc, which made students have a forward-looking thinking on the future of the Internet industry. And Qiang Shen, postgraduate of grade 95 major in actuarial science, the director of the reserve management office of PICC, analyzed of the influence of Solvency ii for the minimum capital.

Finally, Hongwen Pan, postgraduate of grade 01 major in actuarial science, the director of Research department of UBS Securities, shared his experience in transforming from an actuary to an investment bank analysts, analyzed the advantages and disadvantages of young students from actuarial science to investment Banks , and the key positions and tasks in investment Banks, which opened the new professional perspective for the lower classmen, and we all gained a lot from his talk.

After meeting, all the participants have a dinner in the university together. During the dinner, alumnus talked about the study life in the campus, the work experience over the years after graduation, they encourage each other, and congratulate the achievement to each other, this is a rare alumni of love, just as Professor Li said "welcome home" in opening speech! Indeed, CUFE is a home for each actuarial alumni went out from here, is the place where dream starts for each young people interested in a career in actuarial. Let us take the teachers and alumni blessing, with trials and hardships, and contribute to the development of the actuarial career for the motherland!

(Xiang Wang, the actuarial undergraduate of grade 09 of Central University of Finance and Economics College' Insurance School, the graduate of grade 13 of Central University of Finance and Economics College' Culture and Communication School.)