The South Asian Actuarial Conference 2025 (SAAC 2025), hosted by the Actuarial Association of Sri Lanka (AASL), took place from June 18th to 20th at the Shangri-La Hotel in Colombo. With over 270 local and international delegates in attendance, this event marked a significant moment for the actuarial profession, not just in Sri Lanka, but across South Asia.
This was the fourth time Sri Lanka hosted SAAC, with previous editions held in 2017, 2019, and 2023. The 2025 conference proved once again that Colombo is a vibrant hub for professional learning, networking, and cultural exchange. This year’s theme, “Brewing the Perfect Blend: Actuaries, the Master Blenders of Risk,” was both meaningful and uniquely Sri Lankan. Inspired by the country’s world-famous tea industry, the theme compared actuaries to tea blenders – combining different elements such as data, experience, and insight to manage complex financial risks.
Throughout the event, speakers and sessions explored how actuaries are not just technical experts but also strategic thinkers who play an essential role in shaping decisions in insurance, finance, and public policy. The theme tied beautifully into the atmosphere of Colombo, with its rich tea heritage and welcoming culture. SAAC 2025 featured over 24 sessions, panel discussions, and workshops. Topics covered a wide range of subjects relevant to today's fast-changing world. Some of the major highlights included:
- IFRS 17 / SLFRS 17: Experts shared the latest updates and practical insights on this global insurance accounting standard.
- Artificial Intelligence (AI): Speakers discussed how AI is transforming insurance operations, improving pricing models, claims processing, and customer experience.
- Health Insurance: Sessions explored growing trends in health insurance across South Asia, including access, affordability, and digital transformation.
These sessions were valuable not only to actuaries but also to accountants, underwriters, claims professionals, and economists, many of whom were present at the conference. The diversity of topics and speakers made the event inclusive and engaging for professionals at all stages of their careers. What truly made SAAC 2025 stand out was its perfect mix of professional excellence and cultural celebration. The AASL ensured that delegates not only learned but also experienced the warmth and beauty of Sri Lanka.
Attendees enjoyed several local experiences, including:
- A tea mixology session by Dilmah, where participants created unique tea-based drinks.
- A relaxing sailboat cruise around Colombo’s Port City with Sail Lanka.
- A hands-on barista masterclass, teaching the art of brewing perfect coffee.
- A wine tasting evening, offering insights into pairing and flavor.
- A fun-filled dance session led by Sri Lankan dance expert Kevin Nugara.
These events allowed attendees to unwind, build friendships, and appreciate Sri Lanka’s hospitality and culture. The cocktail evening in particular was a major highlight, creating an informal space for networking and meaningful conversations. One of the most inspiring parts of SAAC 2025 was the special session for university and A/L (Advanced Level) students. Young participants interested in actuarial science got the chance to hear directly from experienced professionals and ask questions about careers in the field. This session was designed to raise awareness and encourage the next generation of actuaries. Students left feeling motivated and better informed about the challenges and opportunities that lie ahead in the profession.
We had the opportunity to speak with Kunj Behari Maheshwari, a Fellow of AASL and the Appointed Actuary at Sri Lanka Insurance Corporation Life and Softlogic Life. Kunj also leads the life insurance practice at WTW’s Insurance Consulting and Technology division. Here are a few of his key thoughts from our interview:
On industry changes: Kunj noted that the past five years have been a period of major adjustment for South Asia’s insurance market, due to events like the 2019 Easter attacks, the COVID-19 pandemic, and the economic crisis. Despite these shocks, the industry showed strong resilience, with the emergence of new players and a stronger focus on health and short-term savings products.
On the evolving role of actuaries: Kunj emphasized that actuaries must move beyond just technical work and become strategic business partners. By getting involved in sales, marketing, and channel development, actuaries can help drive both growth and profitability. He encouraged companies to align incentives and decision-making processes so that actuaries are involved at every level.
On learning from India: India’s success in launching mass insurance programs, such as low-cost health and crop insurance, offers valuable lessons. Kunj believes that Sri Lanka, with its smaller and more manageable population, could adopt similar models and possibly achieve nationwide coverage faster.
On the role of AI: AI is already changing actuarial work through automation, enhanced analytics, and better risk modeling. Kunj mentioned how tools like RiskAgility FM are now using AI assistants to support actuaries with designing, coding, and reviewing models. This increases both efficiency and accuracy, making actuaries more effective in their work.
Since its founding in 2008, the Actuarial Association of Sri Lanka has worked hard to grow the profession and connect Sri Lankan actuaries to the global community. Hosting SAAC 2025 for the fourth time is a clear sign of AASL’s dedication and leadership in the region. By bringing together professionals from all over the world, AASL has once again created a platform for collaboration, innovation, and growth. SAAC 2025 was more than an event; it was an experience. From engaging technical sessions to unforgettable cultural experiences, the conference offered something for everyone. Attendees left Colombo with new ideas, new connections, and a deeper appreciation for the actuarial profession. As the world continues to change, the role of actuaries will become even more important. Conferences like SAAC 2025 remind us that the profession is not only about managing numbers, but also about understanding people, navigating uncertainty, and helping shape a better future. Until the next gathering, SAAC 2025 in Colombo will be remembered as a blend of knowledge, culture, and community at its finest.
