insureAI, an actuarial technology and consulting firm specializing in machine learning and deep learning for financial services, said it has become the first South African organization to receive accreditation under the Institute and Faculty of Actuaries’ Quality Assurance Scheme.
The accreditation marks a milestone for the firm, which develops proprietary neural network architectures and AI-driven methodologies used in insurance pricing, reserving and risk assessment. The company said its technology enables actuaries to apply deep learning techniques while preserving model interpretability.
The Quality Assurance Scheme is the IFoA’s employer quality standard and uses an outcomes-based framework with independent external assessment. Accredited organizations are required to demonstrate a commitment to professionalism, development and training, and organizational culture to support high-quality actuarial work.
“At insureAI we are building a firm where cutting-edge AI capability and rigorous professional standards go hand in hand,” said Ron Richman, founder and chief executive officer of insureAI. He said the accreditation recognizes the firm’s focus on transparency, professionalism and continuous improvement, and provides assurance to clients about the standards underpinning its work.
Paul Sweeting, president of the Institute and Faculty of Actuaries, said the accreditation represents the first time the scheme has been awarded in South Africa. He said insureAI’s achievement reflects the effort invested in aligning policies and procedures with QAS standards and provides a strong foundation for future development.
As part of the accreditation process, insureAI said it strengthened internal controls covering conduct and work processes, independence safeguards, conflicts of interest, data protection and professional development for staff.
The firm said the accreditation offers insurers additional confidence in the quality of its actuarial services, while reinforcing its commitment to professional excellence for its growing team of actuaries and engineers.
Looking ahead, insureAI said it plans to deepen engagement with the IFoA through Quality Assurance Scheme network activities and international initiatives, while continuing its involvement with the Actuarial Society of South Africa. Team members currently contribute to committees including the Short-Term Insurance Committee and the Climate Change Committee, the firm said.
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