General Insurance Article - Another global first for the IFoA with launch of QAS

The Institute and Faculty of Actuaries (IFoA) has today continued to build on its reputation for innovation as it announced another global first, the Quality Assurance Scheme (QAS), is open for applications. The QAS is the first time an actuarial professional body has been positioned to accredit organisations on the quality of the business policies and processes that underpin the work of its members.

 As part of the accreditation process, an independent assessment team will evaluate whether organisations demonstrate their commitment to the quality of their actuarial work by showing that they maintain and apply high quality policies and procedures. The evaluation will also highlight improvements or different approaches that could be taken..
 Fiona Morrison, President of the IFoA, comments:
 “We are excited to be launching today this new Quality Assurance Scheme (QAS) for organisations that employ IFoA members. This continues to build on our reputation for promoting actuarial work in the public interest and supporting our members in new and innovative ways. Organisations that are accredited through the QAS will find they have an added advantage by promoting their independently accredited policies and processes.
 “My firm was one of five that took part in a successful pilot. I know first-hand from that experience that the QAS has value for the firms applying for accreditation.”

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