NFU Mutual has become the first UK insurance company to receive IFoA Quality Assurance Scheme (QAS) accreditation for its actuarial function. This scheme recognises an employer’s commitment to providing quality assurance at an organisational level, promoting confidence in the work of their actuaries and the demonstrable high quality of their work, and to supporting their employees in carrying out that work.
I wanted to apply for QAS because it provides us with visible external benchmarking which demonstrates to our stakeholders that we hold ourselves to high standards in the work that we do.
The application process itself was straightforward and there was collaborative support from the team at the IFoA. The assessor was challenging but fair and made constructive recommendations to ensure we were fully covering all aspects of the QAS requirements.
I am very proud that NFU Mutual is the first insurance company in the UK to receive the QAS accreditation. This recognises not just the quality of my team’s work, but also NFU Mutual’s commitment to supporting our staff in meeting their professional obligations and facilitating their development and training.
Matthew Byrne, NFU Mutual’s Head of Actuarial Function
Founded in 1910 to offer expert insurance to the farming community, NFU Mutual has grown to become a leading name outside of farming too, and now underwrites more than £1.7 billion in annual premium in life and general insurance lines for rural communities within the UK.
It’s exciting that the Quality Assurance Scheme has a first accreditation in the UK insurance sector – and huge congratulations to NFU Mutual in the significant achievement of being the first.
The scheme has been growing consistently in other industries, and in insurance in other global territories, since launch in 2016. Now we hope insurance firms in the UK will follow the example set by NFU Mutual and seek to secure this valuable mark of commitment to high standards in actuarial work.
IFoA President, Dr Louise Pryor
Approximately 15% of the IFoA’s global membership work with a QAS accredited organisation, giving a total of 45 accredited organisations worldwide.
Find out more about how your organisation can benefit from QAS accreditation
QAS is open to all employers of actuaries with a commitment to creating a working environment that supports actuarial excellence.