In a world where experiential learning is paramount, SHMA Consulting has set a commendable precedent with its successful internship program. Launched in June, this initiative has not only provided a platform for budding talents to thrive but has also enriched the organization with fresh perspectives and dynamism. With a cohort of 10 interns hailing from

As the nation of Pakistan commemorates its 76th Independence Day, hopelessness has stricken the country but unity resonates through every corner of the country. At the heart of this celebration lies the profound significance of freedom, a freedom hard-fought and cherished by generations. The SHMA office joins this national sentiment by hosting a vibrant event

As the Generation X cohort, born between 1965 and 1980, inches closer to retirement age, a pressing concern is navigating the financial realities of retirement. Shaped by economic shifts, changing work patterns, and societal transformations, this generation is facing unique challenges as they approach their golden years. A closer examination, enriched with compelling statistics and

The United Arab Emirates (UAE) General Pension and Social Security Authority (GPSSA) has taken a pioneering step towards enhancing social security in the Gulf Cooperation Council (GCC) region. Recognizing the paramount importance of insurance protection in safeguarding citizens’ well-being, the GPSSA has initiated a significant campaign aimed at raising awareness about insurance coverage. This campaign

The Power of Incentives: Elevating Workplace Performance Through Appraisals In the dynamic realm of workplace dynamics, the role of incentives in driving performance and productivity has garnered significant attention. Performance appraisals, an integral component of talent management, offer a structured framework to recognize and reward employees’ contributions. Backed by compelling statistics and insights, it becomes

The insurance industry stands on the precipice of a digital revolution, transforming traditional processes and redefining customer experiences. The question that looms large is whether a fully digitized insurance industry is a distant dream or an achievable reality. As we examine the current landscape, backed by statistics and insights, the trajectory towards 100% digitalization becomes

In the ever-evolving world of insurance, companies are facing a multitude of challenges that demand strategic planning, innovation, and adaptability. The combination of inflation, rising interest rates, climate change, and talent shortages presents a complex mix of hurdles. To weather this storm, insurers must implement a range of strategies that address these challenges head-on, ensuring

In the past few decades, the whole world went through a paradigm shift in the wake of rapid technological revolution across the globe, shifting our collective perspective towards many facets of life and transforming old practices and ways of doing things. With everything changing around us, workplace culture has also undergone a significant transformation, reflective

The future of youth in Pakistan is deeply intertwined with the nation’s overall development and progress. Pakistan, with a substantial and youthful demographic, holds immense potential for growth, innovation, and positive change. However, several critical factors, including political instability, economic challenges, access to education, ethical considerations, interdisciplinary collaboration, and a global perspective, contribute heavily to

Microinsurance is a form of insurance designed to make important insurance options more accessible, for individuals and families with financial resources, in developing countries. Its purpose is to provide coverage for situations like illness, injury, or loss of life for people with valuable assets. This is achieved by combining policies into larger frameworks, which creates

Cyber risks have become a significant concern in today’s interconnected world, with businesses relying heavily on digital technologies and data. As cyberattacks become more complex and frequent, organizations are turning to cyber risk insurance to mitigate these risks and protect their digital assets. However, it’s not enough to simply purchase a policy; it’s essential to

Healthcare risk adjustment is a crucial step in ensuring the fair distribution of resources within the healthcare sector. Traditional risk adjustment models rely on variables like age, gender, and diagnosis codes to estimate anticipated costs. However, as the healthcare industry evolves, non-traditional variables are becoming increasingly important. Variables such as geography, BMI, education, and income

Insurtech, a term coined for the intersection of insurance and technology, has been making waves in the insurance industry over the last few years. Insurtech refers to the use of technological innovations designed to make the current insurance model more efficient. Its influence on the industry has been enormous. The future of Insurtech appears bright

In today’s world, it’s more important than ever for companies to prioritize social responsibility and sustainability. Social responsibility is the idea that companies need to take responsibility for their actions and how their decisions affect their communities, environment, and other stakeholders. Whereas sustainability is the concept of developing and maintaining the ability of a company

Health Insurance is a vital aspect of healthcare, as it allows people to access the medical attention they need without financial worries. Over the years, health insurance has evolved, with new trends emerging that are transforming the way providers deliver care to their customers. From the adoption of telemedicine to the rise of consumer-driven health

According to a 2019 global poll, 72 percent of insurance businesses believe climate change would have an impact on their business, but 80 percent have not taken major actions to mitigate climate risks. Furthermore, insurance companies invest the money they collect in the financial markets. They have $582 billion invested in fossil fuels, which may

Climate change affects living creatures across the world in many ways, including excessive rainfall, violent storms, drought, wildfire, and so on. The calamities, ups, and downs also have an influence on insurance firms internationally, since disasters are becoming more frequent and costlier, making the industry more vulnerable, even though opportunities abound. Furthermore, disasters are becoming

The year 2020, with its epidemic and lockdown, has changed the way people consume products and services. This has also had an impact on the insurance sector. Individuals and organizations across the world are aware of the need for insurance coverage in response to rising hazards, including those posed by Covid-19. Notably, this has led

Insurance fraud is defined as a purposeful deceit committed against or by an insurance business or agent for financial gain. Fraudulent claims not only lead to higher premiums for everyone but also undermine the trust and integrity of the insurance industry. It is a widespread problem that affects both the insurance industry and consumers. Insurance

The Arab Actuarial Conference, a highly anticipated event in the actuarial world, took place recently. As the Platinum Sponsor, SHMA Consulting was proud to be a strong supporter of this prestigious global platform, which brought together industry experts, professionals, and enthusiasts from various sectors across the Middle East and North African countries. Actuaries, actuarial firms,

At SHMA Consulting, a strong emphasis is placed on professional growth and continuous learning. The company recognizes that the success of its employees is integral to the overall success of the organization. With a well-defined career progression framework and a commitment to supporting employees in achieving their professional goals, SHMA Consulting offers a clear growth

The role of women in the workforce is of paramount importance in building a diverse and inclusive society. Recognizing the value of women’s contributions, organizations worldwide are increasingly prioritizing the well-being of their employees and implementing policies that support women’s needs, including maternity leaves and flexible work arrangements. SHMA Consulting is at the forefront of

Artificial Intelligence (AI) has emerged as a transformative force across various industries, and the actuarial field is no exception. With advancements in machine learning algorithms and data analytics capabilities, AI has the potential to revolutionize actuarial processes and enhance decision-making. However, concerns about the displacement of human actuaries by AI are also being raised. In

At SHMA Consulting, we are excited to announce the launch of the DiiA program. DiiA stands for Data, Intelligence, Innovation, and Analytics, and is an initiative that aims to enhance the data analytics capacity of all staff members by developing the right tools, processes, and ecosystem. This will allow us to bring more efficiency, intelligence,

Embarking on a career as an actuary can be both exciting and challenging. The unique opportunities and demands of this profession require individuals to possess a specific skillset and a strong educational foundation. At SHMA Consulting, we understand the importance of providing aspiring actuaries with the necessary guidance and support to excel in their careers.

The scorching sun welcomed the SHMA team as they arrived at the beach hut for the highly anticipated annual picnic. The heat was heavy, and the excitement in the air was palpable. People were bubbling with anticipation, eager to enjoy a day of relaxation, camaraderie, and delicious food. Refreshing cool water and delicious food throughout

Women’s Day is a special occasion that allows us to recognize and honor the incredible achievements of women in various fields. SHMA Consulting, a leading organization dedicated to promoting diversity and empowerment, is proud to have hosted an extraordinary celebration for Women’s Day on the 8th of March, 2023. This event promised to be an

Dubai, UAE: SHMA Consulting, one of the leading financial consultancies of the region, is proud to be the Platinum Sponsor of the Arab Actuarial Conference 2023, being held at the Four Seasons Nile Plaza Hotel in Cairo, Egypt, from 9th – 11th May, 2023. The Arab Actuarial Conference will focus on the risks and challenges

IFRS 17 is an International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB). It replaces IFRS 4, which was the previous standard for insurance contracts that was in effect since 2004. The purpose of IFRS 17 is to create a more consistent and comparable accounting treatment of insurance contracts across companies,

The actuarial profession is often compared to a team sport, with the members of a team working together to achieve success. This analogy can be seen in the leadership of SHMA Consulting, where many professionals have come together to form a “dream team” of actuarial expertise.   Mr Ali Omer Golam Morshed is the coach,

The actuarial world has been undergoing a rapid transformation over the last few years. This is due in large part to the rise of artificial intelligence (AI) and digitization within the industry, which are two critical factors that have helped to revolutionize actuarial work life.   The first area of change comes in the form

Transformation of an organization comes with many hurdles and obstacles. But a team that is dedicated to the growth and building a responsible community can overcome them. SHMA Consulting is one of those organizations that works tirelessly to improve, innovate and inspire the team members. The recent expansion is a result of those efforts by

We all know that the best days at work are the ones where we get to do what we love, but for a lot of employees, it can be hard to make time for that.   That’s why a special retreat was organized for the employees at SHMA Consulting! Not only do they get to

The overall GDP growth rate is anticipated to expand by more than 6% this year after growing by 3.8% in 2021, supported by a pickup in tourism, building activity, and business connected with Expo 2020 Dubai, according to the International Monetary Fund. With rising worldwide trends, inflation is predicted to average just over 5% this

The general perception of insurance companies is that they are organizations created to prevent or lessen the negative effects of unanticipated calamities. Insurance firms do in fact underwrite risk outcomes. It is generally expected that a person, regardless of status, caliber, education level, and class, will at some point in time come across hostile situations

I. Introduction Overview of the insurance industry The insurance industry is facing a number of challenges due to the ever-changing landscape of the global economy. One of the most significant trends affecting the insurance industry is the rise of technology and the increasing demand for digital services. Technology has enabled insurers to offer more tailored

Object detection is a computer technology related to computer vision and image processing that deals with detecting instances of semantic objects of a certain class such as humans, buildings, or cars in digital images and videos. Each year over 20,000 workers are injured in road construction work zones. 35% of those injuries are due to

As the speed of business increases, critical insurance tasks and processes will need to keep pace. Automation technology is the key to keeping up with demand and establishing a profitable response. The worldwide market for technology that enables hyper-automation will reach $596.6 billion in 2022.

The stakes have never been higher when it comes to data integrity and fraud protection, especially in the insurance sector. One of the biggest insurance businesses, CNA Financial, experienced a cyber-attack in March 2021. They ultimately had to pay $40 million to retake ownership of their network. The sort of data that is being transferred

Artificial intelligence and machine learning are revolutionizing the way businesses utilize data. By leveraging these technologies, businesses can quickly and accurately process large amounts of data to gain valuable insights. This leads to better data utilization and more productive processes. AI and ML can also automate mundane tasks, freeing up resources to focus on more

No industry can survive without adopting relevant technologies, and the insurance industry is no exception. Insurance companies need to behave like technology companies selling insurance. Utilization of cloud platforms and services should increase, driven by increased emphasis on big data, AI, ML etc. for insurance businesses. Claims can be approved in a few minutes and

In the midst of the global pandemic, the world’s economies significantly slowed down. The COVID-19 pandemic was an unprecedented event for the insurance industry and presented an increasing number of claims, which led to a negative impact on annual growth. In 2021, the insurance market in the GCC region witnessed moderate growth and is expected

Artificial Intelligence (AI) is a multi-faceted field. Software algorithms that mimic human senses and thought processes automate complex decision-making processes. Machine learning is a subfield of AI that focuses on creating computer programmers that can educate themselves to learn, understand, reason, plan, and act when faced with a barrage of data. The potential for generating

Predictive Analytics technology is being used by Insurance companies to gain a competitive edge. It helps them to accurately price and select risks, identify high value claims, detect fraud, and triage claims. This technology also helps them to prioritize claims and settle them in an efficient manner. By using Predictive Analytics, companies can improve their

Do you find yourself solving complex numerical puzzles in your spare time?, then we have a perfect profession for you. Becoming a successful actuary is not an easy task. It takes a lot of dedication and hard work to be successful. If you are thinking about starting this journey, then you should be aware of

At SHMA, we are committed to the development of our employees. We want to help them grow into the best version of themselves, and so we have a system in place to ensure that our employees are always learning and improving.   Our learning culture is supported by an experienced team of subject-matter experts who

  There is a common misunderstanding that actuaries spend their lifetime behind a computer screen, punching numbers in the excel sheet or a computer program, running analysis all day long without a break. At SHMA, we strongly believe that work and play go hand in hand. No matter how tough the work is, if there

  The UAE has a strong economy and is a leading financial center in the Middle East. The insurance industry in the UAE is one of the most promising and rapidly growing industries in the world. In recent years, there have been several emerging trends in the UAE’s insurance industry.   According to a report

  Are you looking for insurance industry insights for 2021-2022? Check out our latest data and statistics on the Saudi Arabian insurance market.   According to our research, the Saudi Arabian insurance market is forecasted to grow at a compound annual rate of 5.3%. Data and statistics from Saudi Arabia’s Ministry of Finance shows that

The insurance industry plays a vital role in the economy, providing protection against a variety of risks. In the wake of the Covid-19 pandemic, the industry is facing many challenges with claims rising and policyholders canceling their policies.   The outbreak of COVID-19 has had a profound impact on the global economy. The virus has