Interview with Zain Ibrahim – Regional Director, MEASA at the Society of Actuaries ‘From risk to policy, actuaries power growth’

Zain Ibrahim is a seasoned insurance and actuarial leader with over two decades of experience driving innovation, digital transformation, and strategic growth across the MEASA region. Currently serving as Regional Director, MEASA at the Society of Actuaries, he leads the execution of the organization’s global strategy with a focus on stakeholder engagement, regional growth, and strengthening the role of actuarial science in shaping sustainable insurance ecosystems.

Previously, Zain was Vice Chairman of the Insurance Association of Pakistan and held senior leadership positions at EFU Life Assurance Ltd., where he rose to the role of Senior Executive Director/COO/CUO. At EFU Life, he spearheaded digitalization initiatives, led operational strategy, and advanced prudent yet innovative approaches to risk management, customer engagement, and product development.

Zain has been actively involved in industry leadership through the Pakistan Society of Actuaries and IAP committees. His expertise spans operational strategy, underwriting, customer service, digital transformation, and actuarial science. Following are the edited excerpts of a recent conversation BR Research had with him:

BR Research: How does the actuarial culture in Pakistan compare with the rest of the world at academic and professional levels?

Zain Ibrahim: At the academic level, actuarial education in Pakistan is steadily evolving, and while it is not yet as established as in more mature markets, student awareness and enthusiasm for the field are gaining momentum. A few universities have begun offering actuarial science programs, and motivated individuals are increasingly pursuing international credentials such as those provided by the Society of Actuaries (SOA).

Professionally, the actuarial workforce remains small and mainly focused on traditional insurance, takaful, pension and consultancy roles, while in many global markets, actuaries also play important roles in banking, risk management, and public policy. The situation in Pakistan can therefore be described as in a formative stage, with enthusiasm from students and young professionals driving growth, even as the supporting ecosystem of universities continues to evolve.

Encouragingly, this trend is reflected in the steady increase of members enrolled in SOA’s Affiliate Membership Program, which reached 1,800 Pakistan members as of June 2025, indicating growing student interest and a strengthening actuarial pipeline in the country.

BRR: Pakistan has a strong pool of quantitative talent; what do you believe is needed to unlock a more dynamic and recognized actuarial profession in the country?

ZI: The profession faces specific challenges in Pakistan, such as limited awareness, high costs, and underdeveloped industry integration. Efforts should expand outreach, enhance affordability, integrate actuarial sciences into curricula, foster industry collaboration, and leverage actuarial expertise in public policy.

Pakistan’s robust pool of quantitative talent provides a solid foundation for a prosperous actuarial profession. To fully realize its potential, efforts should focus on expanding outreach to increase awareness of actuarial career pathways while improving affordability to make the field more accessible to aspiring students. Integrating actuarial sciences more deeply into university curricula will strengthen the academic pipeline, and closer collaboration with industry will ensure students develop practical, career-ready skills. Finally, leveraging actuarial expertise in public policy, tackling climate risk and regulatory work will showcase the unique contributions actuaries make to society, helping the profession gain greater recognition and influence both nationally and internationally.

BRR: What steps do you think Pakistani higher education institutes can take towards promoting actuarial sciences as a field of study?

ZI: To advance actuarial education in Pakistan, universities can broaden programs with modern tools, integrate actuarial concepts into STEM and business curricula, and promote awareness through outreach, seminars, and career initiatives. Financial support, such as scholarships and exam discounts, can enhance accessibility. Industry-academia partnerships and professional upskilling can align education with global standards and industry needs, helping to drive growth.

Additionally, there is a pressing need for more universities across Pakistan to introduce Actuarial Sciences as both major and minor programs. Currently, only a handful of institutions offer dedicated actuarial degrees, which limits access for talented students in other regions and cities. Expanding the availability of these programs would not only help meet the rising local and global demand for actuaries but also ensure a more diverse and well-prepared talent pipeline. By making actuarial education more widely accessible, universities can play a pivotal role in supporting economic stability, risk management, and innovation in Pakistan’s financial and insurance sectors.

BRR: How do you think the country can benefit from having more actuaries involved in its public and private professions?

ZI: Actuaries are key to Pakistan’s growth, enhancing insurance stability, risk management, and public policy design. Their expertise in data-driven decision-making, climate risk assessment, and economic stability drives sustainable development. Actuaries also support financial inclusion through microinsurance and takaful and play a crucial role in designing pension schemes and healthcare systems for long-term social welfare.

BRR: Aside from the financial perspective, what are the career options that Pakistani actuaries can consider while building their career locally?

ZI: The actuarial profession in Pakistan offers excellent job prospects, competitive earnings, and global mobility. Actuaries play key roles in insurance, banking, risk management, and public policy, using analytics to manage risks and solve complex problems. With strong demand both locally and internationally, this career provides financial stability, intellectual challenge, and the opportunity to work globally – all unique benefits that are challenging for other STEM careers to match.