Mildred Areeta, Products Administrator, Sanlam Life Insurance, Uganda
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Name: Mildred Areeta Current title: Products Administrator Company name: Sanlam Life Insurance Uganda Course: Bachelors of Science in Actuarial Science University Attended: Makerere University Kampala |
Introduction
Studying to become an Actuary is an exciting road. I am glad I took it.
I am Mildred Areeta from Kampala, Uganda, one of the few students here to venture into the Actuarial Profession. I registered with the profession in 2010 and was admitted as a student member on 10th February 2010. That was an exciting moment.
I encourage mathematicians to take the actuarial road. It definitely leads to good places.
Day in the Life of Mildred Areeta
My day begins at 5.30 am. I am at work by 7:00 am most days.
My major duties revolve around products administration. I keep myself updated on the current trends in the industry and have to find new and clever ways to make life products attractive to the Ugandan public.
I spend my day online reading and taking notes. If I have policy contracts, presentations, or policy write-ups to make changes to, I do that. I assist our medical department and Individual Life Department as well on days when I don’t have much to do. My work day closes at 4:30 pm.
From 6:00pm to 8:00 pm I will be found in the library during studying season or at the gym during the brief periods in the year between exam sessions.
My weekends are spent studying, and a little partying after 7pm.
Brief Summary of the type of projects
- I am assisting with the launch of a Retirement Benefits Product with a team of excellent people at Sanlam. My role with this project centres on consulting with the regulator
- I will apply my actuarial knowledge to build a simple model in excel for use as an administration system. Knowledge from CT1 will help
- I am assisting with the launch of an Endowment Product with another team of excellent people at Sanlam. My role is to fine-tune the policy contract and the policy write-up and consult with our actuaries regarding the pricing aspects.
Q&A
- What made you decide to take the UK actuarial qualification?
The thought of having a qualification, recognised all over the world, a qualification that opens doors to more than 4 fields of work; Pensions, Life Insurance, Health Insurance, and Finance and Investment, got me convinced.
- What opportunities do you think that it has opened up for you?
Being a student member of the profession has opened up 2 opportunities that I can name.
- In 2012, I was nominated and sponsored by my former employer to attend an actuarial training by the African Insurance Organisation. It is three phase training with the first two done in 2012 and the last phase to be done in March 2013. I had the opportunity to travel out of Uganda for the first time. That was exciting and I had a great time travelling to Ghana, and Kenya. I had the opportunity to meet other students from Nigeria, Ghana, South Africa, Zambia, Zimbabwe, Kenya and Cameroon.
- In September 2012, I joined Sanlam in Uganda. Being a student actuary contributed to the confidence level that my current employer has in my abilities to deliver in my current role.
- How did you find the route through the qualification? / How are you finding the route through the qualification?
It has been both exciting and challenging.
- Do you have any advice for anyone wanting to get into the industry?
Yes. I advise them to check on their math skills, and then join after they feel confident enough. They will not look back.
- Do you find there is a good work/life balance?
It is not easy to gain a good work/life balance. Studying while employed, is hard. However, “what doesn’t kill you makes you stronger,” so brave people, go ahead and apply and start the number crunching.
- What challenges have you come across especially working as an overseas member and how did you overcome these?
The first challenge I faced was making payments for study materials, exam fees and subscription during my first two years. The British pound is a lot stronger than our local currency. After converting into the local shilling, it was a lot of money to me. It was challenging because I was not making much then. I overcame this by sacrificing and saving all I could to make sure I made my payments.
The other challenge is having no option to attend tutorials; one has to study all the material on their own. I overcame this by organising discussion sessions with 2 other students I knew.
- How do you feel the UK qualification has benefited you in your working life?
I do not have the qualification yet, but so far, even as a student, I have gained respect from my employers, both the former and the current one. I have applied the knowledge gained through some of the exams I have done, to my work and they were impressed.
I joined my current employer, Sanlam, in September 2012 and was promoted in 2 months. I am on probation till end of January 2013, and thereafter, subject to a performance appraisal, I become a manager at 26. I am proud of myself and the profession takes some of the credit.
- How do you manage your work/life balance?
During the period between May to June and October to December when I am not studying, I go to the gym after work. During the active studying period, I try to go out every other weekend.
- What would you like to achieve in the future?
I want to qualify in the next 3 years as an associate actuary, and thereafter specialise in Pensions. The Pensions Industry in Uganda was recently liberalised. This is my chance to make a solid contribution to my country, besides paying taxes.
- What ‘soft skills’ have you found useful?
My Strong work ethic and Time management skills. During my last performance appraisal at Sanlam, I was commended on both. I was happy and swelled with pride.