Strathmore University, through the Institute of Mathematical Sciences (SIMS) and Kenbright Actuarial and Financial Services (KAFS), signed a Memorandum of Understanding (MoU) that will be a collaboration to enhance professional capacity building starting with health care, in January 2019. The two institutions will jointly work towards the development of a framework for implementing blockchain / smart contracts / distributed ledger solutions to the financial sector and in particular insurance, reinsurance and pensions.

Speaking at the event, Prof. Izael Da Silva, the Deputy Vice Chancellor, Research and Innovation, said, “Gone are the days when people were ivory towers. Academy-industry link is critical for the prosperity of Kenya.”

Also present at the event was Sammy Makove, Director, Financial and Regulatory Affairs, KAFS, and former Commissioner of Insurance and CEO of Insurance Regulatory Authority (IRA). He applauded the university for taking giant steps in preparing students for the market. He narrated that graduates of the university and now interns at KAFS showcased their topnotch skills while on a work trip to Gambia, in an area where there are no actuaries.

Mr. Makove initiated scholarships in the UK that enable the actuarial students to gain training and certification as actuaries. This has increased the number of actuaries in the country to 48 today, compared to zero in Uganda and one in Tanzania.

The partnership will also increase the knowledge base of the (re)insurance market thus increasing business and investment opportunities, impart the participants of Strathmore training programmes with practical skills to leverage on current technology to design and develop products for use in the (re)insurance market and assist the Kenbright group in conducting research.

 

This article was written by Dr. John Olukuru.

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