Passion for Educational Excellence, Innovation & Global Impact | Rokhaya Kandji Managing Director, IFAGE, Senegal

Africa Insurance Magazine (AIM) : Over the years’ women have fought so hard to break the glass ceiling. Who are the female leaders in the insurance, actuarial and finance industry, who inspired your professional career and why?

RK : In the insurance, actuarial, and finance industries, there are several remarkable female leaders who serve as sources of inspiration. Among them is Renata De Leers, the CEO of Actuaires du Monde (www. actuairesdumonde.org) and an esteemed actuary IA/Be. Renata has been a guiding mentor to many, including myself. Her pioneering efforts in promoting the field in Africa are exemplary, leveraging her expertise as a global consulting actuary and financial inclusion expert. She has made significant contributions by working with various stakeholders across the continent. Another notable figure is Rosalie Logon, who held the position of Managing Director at Atlantic Insurances of Cote d’Ivoire for many years and was among the first female members of the Board of FANAF (www.fanaf.org ). Rosalie serves as a shining example of a leader who not only invests in business but also values the individuals within her immediate circle. Her commitment to nurturing talent and fostering growth is truly commendable. Lastly, I must mention Patty Karuaihe-Martin, the current Managing Director of NamibRe. Patty embodies true guidance, constantly encouraging others to strive for their best selves. With her extensive experience and expertise in insurance, reinsurance, and taxation, she has become a trusted figure in the industry, offering invaluable insights and mentorship. The dedication, resilience, and leadership demonstrated by these women have profoundly influenced me, inspiring me to pursue excellence in my own career journey.

AIM: The journey to becoming the MD at IFAGE, tell us more...

RK : My path to assuming the role of Managing Director at IFAGE has been a journey marked by passion, resilience, and ongoing education. Through unwavering determination, commitment, and a readiness to embrace opportunities, I have played a pivotal role in the advancement and prosperity of IFAGE, culminating in my appointment in 2013. With over five years of experience initially as a diligent insurance manager, where I focused on business development, I subsequently ascended to the position of Deputy CEO in 2018. Finally, in 2020, I had the privilege of stepping into the role of Managing Director.

AIM: IFAGE is driving the insurance and actuarial education transformation in Senegal and Africa, briefly tell us how the institution is enhancing the related industries?

RK : IFAGE is actively contributing to the education of insurance and actuarial professionals in Senegal and across Africa through a multifaceted approach encompassing comprehensive educational initiatives, strategic industry collaborations, and a strong emphasis on research and innovation. Our institution takes pride in producing graduates who possess the requisite skills and knowledge to propel industry advancement and foster innovation. As the Managing Director of IFAGE, our unwavering dedication to educational excellence and our vision for global impact drive us to cultivate partnerships with esteemed international universities, particularly in the fields of Insurance, Actuarial Science, Data Science, and soon, Banking. Given the dynamic nature of these fields, characterized by rapid evolution, collaboration with global experts and institutions is paramount to remaining at the forefront of innovation and knowledge dissemination. Through these strategic alliances, we aim to provide our students and faculty with unparalleled opportunities for learning, research, and professional growth on a global scale. To ensure the success and sustainability of these partnerships, we are committed to meticulous planning, transparent communication, and ongoing collaboration. Clear objectives and expectations will be established for each partnership, accompanied by robust mechanisms for monitoring and evaluation. Moreover, fostering a culture of mutual respect, trust, and transparency will be central to our collaborative endeavours. Regular communication and engagement with our partner institutions will be prioritized to address challenges, celebrate achievements, and continuously enhance our collaborative efforts. Our students and faculty stand to reap numerous benefits from these international partnerships, including access to top-tier educational resources, exposure to diverse perspectives and methodologies, opportunities for international research collaboration and publication, heightened cross-cultural competency, and expanded career prospects in an increasingly interconnected global landscape. Furthermore, these partnerships will enrich the academic and professional experiences of our community members, nurturing personal growth, intellectual curiosity, and lifelong learning. IFAGE is steadfast in its commitment to assessing the impact of our international collaborations on our academic programs and institutional objectives through a comprehensive evaluation framework encompassing qualitative and quantitative measures. Regular assessments of student and faculty experiences, academic outcomes, research productivity, and institutional reputation will be conducted, supplemented by stakeholder feedback and tracking of key performance metrics aligned with industry standards and best practices.

AIM : In your opinion how can learning institutions nurture future ready insurance and  actuarial professionals?

RK : Learning institutions play a pivotal role in cultivating future-ready insurance and actuarial professionals by integrating rigorous academic curricula, practical experience, mentorship programs, and avenues for professional growth and networking. Emphasizing critical thinking, problem-solving, and adaptability is paramount in preparing students for the dynamic challenges of the industry. Here are several key elements that learning institutions can incorporate into their educational approach to nurture future-ready insurance and actuarial professionals :

1. Modern Curriculum: Offer updated courses that encompass the latest trends, technologies, and regulations in the insurance and actuarial sectors, including areas such as data science, machine learning, predictive analytics, and risk modelling.

2. Interdisciplinary Approach: Encourage interdisciplinary learning by integrating subjects such as mathematics, statistics, finance, economics, computer science, and business management. This holistic approach equips students with diverse skill sets and prepares them for various roles within the industry.

3. Practical Experience: Provide opportunities for students to gain handson experience through internships, cooperative education programs, or industry projects. Real-world exposure enables students to grasp industry dynamics and develop practical skills.

4. Industry Partnerships: Forge partnerships with insurance companies, actuarial firms, and industry associations to facilitate networking, mentorship, guest lectures, and industry-relevant projects. Collaborating with industry stakeholders bridges the gap between academia and industry expectations.

5. Professional Certifications: Support students in pursuing professional certifications such as those offered by the Society of Actuaries (SOA), the Casualty Actuaries Society (CAS), or the Institute and Faculty of Actuaries (IFOA). These certifications enhance students’ credentials and increase their career prospects.

6. Soft Skills Development: Place emphasis on developing soft skills such as communication, critical thinking, problem-solving, and adaptability. These skills are essential for effective collaboration, conveying complex concepts, and navigating dynamic work environments.

7. Ethical Education: Instil a strong sense of ethics and integrity through coursework and case studies. Ethical awareness is crucial in professions where decisions impact individuals’ and organizations’ financial well-being.

8. Continuous Learning Culture: Foster a culture of lifelong learning by promoting professional development opportunities, continuing education programs, and access to industry resources. Encourage students to stay abreast of industry advancements and pursue ongoing learning throughout their careers. By integrating these elements into their educational programs, learning institutions can effectively nurture future-ready insurance and actuarial professionals who are well-equipped to thrive in an ever-evolving industry landscape.

AIM : What do you think should be done to sustainably develop the Senegal and African insurance, actuarial industries and position them for global relevance?

RK: To ensure the sustainable development of the Senegalese and African financial industries and elevate their global relevance, it is imperative to focus on several key areas. These include investing in talent development, promoting regulatory harmonization and stability, fostering innovation and technology adoption, enhancing industry collaboration, and bolstering competitiveness on the global stage. Additionally, creating conducive business environments and advancing financial literacy and inclusion are vital components of this endeavour.

Source : Africa Insurance Magazine | Q2 May 2024