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READI Annual Report 2016 - 2017


Table of Contents

Executive Summary ............................................................................................................ I

Project Objective ........................................................................................................ ISynopsis IFinancial Matters ....................................................................................................... IIOperational Constraints ........................................................................................... IIOutcome Highlights – What the Data is Telling Us ............................................... IIREGARDING THE ULTIMATE OUTCOME: ....................................................................... III

1000 Indonesia recognized as a centre of excellence in actuarial science and risk management, with attention to gender equality ........ III1100 Increased employment of female and male Indonesian accredited actuarial science and risk management graduates by Indonesian businesses, universities and government agencies ......... III1200 Strengthened actuarial science and risk management profession, with attention to gender equality, in Indonesia: ................ III

In Conclusion … ......................................................................................................... IV1.0 Introduction ........................................................................................................ 1

1.1 Project Summary/Description .................................................................. 11.3 Expected Results, Logic Model, Cross Cutting Themes ......................... 21.4 Logic Model ............................................................................................ 31.5 Crosscutting Themes .............................................................................. 31.5.1 Gender Equity .................................................................................................. 41.5.2 Climate Change Mitigation & Carbon Tracking ................................................ 51.5.3 Project Reach (Social Inclusion) ...................................................................... 6

2.0 Operations .......................................................................................................... 72.1 Implementation ....................................................................................... 72.1.1 Output-level Results ....................................................................................... 7

Output 1111: Technical assistance (TA) provided to partner universities to establish actuarial science and risk management streams of study ................................................................................... 7Output 1112: Actuarial Science Applied Research Program established and operated ..................................................................... 8Output 1113: Industry – University Task Force and associated working groups established and operated ......................................................... 9Output 1114: TA provided to selected universities to support development of actuarial science and risk management co-op programs ............................................................................................ 10


Output 1121: TA provided to partner universities for curriculum design – including review of international standards, course mapping and textbook review – that addresses material specified in Indonesian actuarial science professional exams ................................................ 11Output 1122: Lecturers and selected female and male practitioners supported to obtain actuarial credits and/or relevant graduate degrees ........................................................................................................... 12Output 1123: Actuarial science mentoring provided through short courses, e-courses and workshops to selected female and male teaching professionals ....................................................................... 13Output 1131: Actuarial science and risk management scholarship program targeted for female and male undergrad students designed and operated ...................................................................................... 14Output 1132: TA provided to employers to strengthen actuarial development programs for employees ............................................... 15Output 1211: TA provided to partners on delivery of high school math outreach programs with an actuarial science focus. .......................... 15Output 1212: Actuarial science and risk management awareness campaigns designed and implemented .............................................. 16Output 1213: Public interest in actuarial science and risk management promoted through research, publications and media ......................... 16Output 1221: International professional association and regulator linkages on profession-related topics facilitated for OJK, PPPK and PAI ..................................................................................................... 17Output 1222: Continuing Professional Development (CPD) seminars workshops and mentorships conducted for actuaries and other stakeholders ....................................................................................... 17Output 1223: TA provided to regulators and associations to strengthen organizational capacity ....................................................................... 18

2.2 Management Issues and Adjustments .................................................. 182.2.1 Adjustments to the Logic Model and PMF ..................................................... 182.2.2 Adjustments to the Risk Register ................................................................... 192.2.3 Human Resource Management ..................................................................... 192.2.4 Procurement .................................................................................................. 202.2.5 Banking Arrangements .................................................................................. 202.2.6 Handling of Cross Cutting Themes ................................................................ 212.3 Financial Report .................................................................................... 21

3.0 Outcomes ...................................................................................................................... 233.1 Progress toward READI Outcomes ...................................................... 23

Ultimate Outcome: 1000 Indonesia recognized as a centre of excellence in actuarial science and risk management, with attention to gender equality ................................................................................... 23Intermediate Outcome 1100 Increased employment of female and male Indonesian accredited actuarial science and risk management


graduates by Indonesian businesses, universities and government agencies ............................................................................................. 25Immediate Outcome 1110 Strengthened linkages between industry and university for improved, gender equitable actuarial science education in Indonesia ....................................................................... 27Immediate Outcome 1120 Strengthened capacity of female and male actuarial science and risk management teaching professionals and institutions, with attention to gender equality, in Indonesia ................ 30Immediate Outcome 1130 Improved equitable access to actuarial science and risk management education for female and male university students and graduates in Indonesia ................................. 30Intermediate Outcome 1200 Strengthened actuarial science and risk management profession, with attention to gender equality, in Indonesia ............................................................................................ 32Immediate Outcome 1210 Increased awareness of the actuarial profession, including attention to related gender issues, by selected target groups including high school and university students, teachers, and parents in Indonesia .................................................................... 33Immediate Outcomes 1220 Strengthened capacity of the PAI, OJK and PPPK to develop the actuarial profession in Indonesia. ............. 34

3.2 Lessons Learned and Implications for future Project Activities ........................... 373.3 Proposed Adjustments or Implemented Changes .............................................. 38

4.0 Management Activities ................................................................................................. 39Appendix A: Map showing location of partner universities ............................................ 40Appendix B : Summary of Progress Against Outcome and Output Targets ............... 41Appendix C: Communications ........................................................................................... 54Appendix D:Result and Risk Management Tools (PMF, RR) ........................................... 58

Updated Project Measurement Framework ............................................................... 58Updated Risk Register ............................................................................................... 79


A Acronyms & Abbreviations

Acronym Definition

AAJI Asosiasi Asuransi Jiwa Indonesia (Indonesian Association of Life Insurance Agencies)

AAUI Asosiasi Asuransi Umum Indonesia (General Insurance Association of Indonesia)

AS Actuarial Science ASARF ASEAN

Actuarial Science Applied Research Fund Association of Southeast Asian Nations

AWP Annual Work Plan CA Contribution Agreement CEA Canadian Executing Agency

CPD Continuing Professional Development CIA Canadian Institute of Actuaries COO Canadian Outreach Officer

DIKTI Directorate General of Higher Education, Ministry of Research, Technology and Higher Education (Indonesia)

DFATD Department of Foreign Affairs, Trade and Development EF Education Fair (math outreach)

e.g., For example GAC Global Affairs Canada GE Gender Equity

GOI Government of Indonesia HS High School IAA International Actuarial Association

IPB Institut Pertanian Bogor (Bogor) ITB Institut Teknologi Bandung (Bandung)

ITS Institut Teknologi Sepuluh Nopember (Surabaya) IUTF Industry-University Task Force (formed under READI) LM Logic Model

MORTHE Ministry of Research, Technology & Higher Education MOU Memorandum of Understanding NTE no target established

OJK Otoritas Jasa Keuangan (Financial Services Authority), Ministry of Finance

PAI Persatuan Aktuaris Indonesia (Society of Actuaries of Indonesia) PIP Project Implementation Plan

PISA Program for International Student Assessment PMF Performance Measurement Framework


A Acronym Definition

PPPK Pusat Pembinaan Profesi Keuangan, Sekretariat Jenderal – Kementerian Keuangan

PSC Project Steering Committee POTW Problem of the Week

RBM Results Based Management READI Risk Management, Economic Sustainability and Actuarial Science

Development in Indonesia (“the project”) SAR Semi Annual Report SOA Society of Actuaries

Surya Universitas Surya (Serpong) TA Technical Assistance TAAS Think About Actuarial Science (career day math outreach activity)

UI Universitas Indonesia (Depok) UGM Universitas Gadjah Mada (Yogyakarta)

UPH Universitas Pelita Harapan (Karawaci) UWaterloo University of Waterloo WACE World Council and Assembly on Cooperative Education

WBS Work Breakdown Structure WIL Work Integrated Learning WG Working Group (under the READI Industry-University Task Force)

READI Annual Report 2016 – 2017 Page I

E Executive Summary This is the second Annual Report of the five year, $15.53 million Risk Management, Sustainable Economic Development and Actuarial Science Development Indonesia (READI) project - implemented by the University of Waterloo (uWaterloo) in cooperation with the Otoritas Jasa Keuangan (OJK).

Project Objective The READI project’s objective is to establish Indonesia as a regional centre of actuarial excellence and to strengthen the actuarial profession in Indonesia. The project will achieve these objectives by working with high schools and universities, the insurance and pensions industry, Persatuan Aktuaris Indonesia (PAI)– Indonesia’s professional actuarial association – and relevant government agencies – to increase the number and quality of Indonesian actuarial science graduates available to Indonesian business, universities and government agencies.

Synopsis Year Two has been a formative period for the READI project. Organizationally, by the end of the reporting period, the project had finalized its Project Implementation Plan (August 2016), finalized and began implementing its gender equality strategy (see Section 1.5.1), had operationalized its climate change and mitigation and carbon tracking tool internally (see Section 1.5.2), reached out to a wider set of universities beyond Java with a view to including students, personnel and institutions in the project activities (see Section 1.5.3), become almost fully staffed (by January, see table in Section 2.2.3), established effective partnership arrangements with nine universities (see Appendix A map) and with PAI, and began work on a data management system to help track project results.

On the programming side, at the close of Year Two, the project had initiated several short courses and workshops (see 2.1.1 - Output 1123, 1221), provided advice to partner universities on stream of study development, course mapping, and lecturer upgrading (see 2.1.1 - Output 1111, 1121, 1122), established an Industry-University Task Force including four thematic working groups (see 2.1.1 - Output 1113), launched HS Math Outreach activities (see 2.1.1 - Output 1211, 1212), carried out a capacity assessment of the PAI (see 2.1.1 - Output 1223), and introduced the concept of cooperative education with faculty leaders (see 2.1.1 - Output 1123, 1114). A summary table showing progress against targets for READI Outputs and Immediate Outcomes is attached in Appendix B.

Early conceptual work was done during the year on the design of the project’s applied research component (see 2.1.1 - Output 1112, 1213) and its undergraduate scholarship program (see 2.1.1 - Output 1131). Both components are set to be launched early in the coming year facilitated by additional staffing support. Public awareness raising and knowledge management aspects are coming on stream with the hiring of a project officer with suitable expertise in late March 2017. Actuarial development programming for employees (see 2.1.1 - Outputs 1132) was also discussed and promoted in various stakeholder venues (IUTF, workshops, one-to-one consultations) with substantive efforts slated to begin early in the coming year, beginning with the production of a video documenting Manulife Indonesia’s highly-effective in-service actuary development program.

READI Annual Report 2016 – 2017 Page II

E Collectively, these advances have provided the project with a strong technical and administrative foundation for implementation of an ambitious, robust program of activities during the April 2017 – March 2018 work plan period. All components of the project should thus be fully operational by Q1 of the AWP 2017-18 period.

Financial Matters During the reporting period, the total expenditure of $1.6m was 30% lower than the $2.4m budgeted. This under-expenditure is largely attributable to the delays faced recruiting the Indonesia-based team. Underspending was most notable on: student and trainee costs and admin costs. At the same time, spending on Indonesian and Canadian Consultants lines exceeded budgets. An explanation of variances is included in Section 2.3.

Operational Constraints Inevitably, there have been challenges. The most significant administrative constraint pertained to the project’s inability – for various reasons – to establish a bank account in Jakarta. The chronology of related challenges is described in Section 2.2.5. The team was also challenged by, and invested significant energy to address the need (perceived as well as advised by GAC) to revamp the READI Logic Model and Performance Measurement Framework (PMF). While extremely time-consuming, these efforts will support a more accurate and useful RBM-based framework for the project. Revisions to the Logic Model and PMF are described in Section 2.2.1 with the updated PMF is presented in Appendix C. No changes were required for the Risk Register following revisions made in February 2017 as part of the Annual Work Plan 2017-18 preparation process.

The project undertook additional baseline research to fill a number of information gaps in the project’s PMF. The baseline report is currently being finalized and will be available in July 2017.

Outcome Highlights – What the Data is Telling Us Interviews were conducted with senior administrators of math/science faculties, a sampling of organizations, as well as regulators and industry associations to collect quantitative data on aspects such as: faculty credentials, student enrolment and graduation, and alumni participation in the actuarial sciences workforce. As well, a national and international perception survey was carried out which provides two data points on several of the Project’s immediate and ultimate outcome indicators - November 2015 (reconstructed through retrospective inquiry) and May 2017. Key findings from the research are set out below and elaborated upon in Section 3.0. The indicator targets and survey data are presented against a four point scale where the following values and ratings apply:

• Range 1 = Poor • Range 2 = Fair • Range 3 = Good • Range 4 = Excellent

READI Annual Report 2016 – 2017 Page III

E REGARDING THE ULTIMATE OUTCOME:

1000 Indonesia recognized as a centre of excellence in actuarial science and risk management, with attention to gender equality

• Based on provisional criteria outlined in the PMF, there are no universities matching READI criteria for Centre of Excellence in actuarial science and risk management (as set out in the PMF) at the baseline. There is no indication that this has changed as of early 2017.

• Three international respondents - international association representatives - suggest that

Indonesia’s actuarial sciences profession can be most closely compared to that in Malaysia and Thailand. That said, observers recognized that access to actuarial science programs in Malaysia is still significantly better than in Indonesia at present. As above, no change in major trends in the Indonesia actuarial milieu were observed by respondents between 2015 and now.

• Among two international industry observers and about 60 national survey respondents

distributed across government, education, company, and associations, the majority assessed the quality of actuarial science teaching as “fair” to “good” with weighted averages of 3.0/4.0 (availability of university education in the actuarial sciences), and 2.5/4.0 (quality of teaching). Minor positive change since 2015 is noted (by just less than half of respondents) with references to new actuarial science programs coming on stream.

REGARDING THE INTERMEDIATE OUTCOMES:

1100 Increased employment of female and male Indonesian accredited actuarial science and risk management graduates by Indonesian businesses, universities and government agencies • The same respondents distributed across government, education, company, and

associations assessed the quality of actuarial science graduates as “fair” to “good with weighted averages of 2.1 to 2.5 on a four-point scale across four variables: depth of knowledge they possess, balance between practical and theoretical knowledge, evidence of communication skills, and evidence of business acumen (see Section 3.0). This rating figure is short of the end of project target (i.e. weighted averages between 3.0 and 4.0, that is with most respondents judging these variables as “good” or “excellent”). Most respondents, did not perceive a difference between quality of actuarial science graduates in the baseline year (2015) and early 2017, or were unable to make a judgement. Given the short time that READI has implemented capacity building activities, any discernable changes – which appear to be few at this juncture – that may have taken place cannot yet be reliably linked to READI.

1200 Strengthened actuarial science and risk management profession, with attention to gender equality, in Indonesia:

• At the beginning of 2016, PAI had 206 Fellows and 193 Associates registered. As of early 2017, this number had grown to 235 Fellows (32% female) and 251 Associates (30% female). This 22% increase in the total number of PAI associates and fellows indicates a promising upward trend.

• Fifty-nine survey respondents from industry, government and education sectors assessed the risk management profession as fair to good (1.4 to 2.8) on a four-point scale (poor to excellent) across five variables: presence of regulatory practices, quality

READI Annual Report 2016 – 2017 Page IV

E of continuing professional development, quality of professional actuarial examinations, supply of qualified actuarial professionals, and research capacity (see Section 3.0). Slightly less than half see a slight positive shift since 2015.

• Positive trends observed include: the presence of stronger regulations, increased interest in the actuarial sciences among students and within industry; new employment opportunities opening up; new university actuarial science programs are starting; the quality of PAI exams is improving (while still a work in progress); and more women are entering the profession.

• Respondents (about 70% of whom are male) observed that inclusion of both women and men in the actuarial profession is “good” to “excellent” (2.9 to 3.1) on the four-point (poor to excellent) scale across four variables: access to actuarial sciences education; how gender differences are portrayed in the curriculum; and policies and practices of the industry association. Patterns of response did not vary by gender. During the AWP 2017-18 period, READI will hold focus group discussions and undertake further survey work with women working in the actuarial milieu to cross-check these findings.

In Conclusion … Overall, the data related to READI’s intermediate and ultimate outcomes suggests that the project is being implemented at a time when the profession is gaining strength and momentum, suggesting that it is critical that READI learn from, reinforce and add-value to positive forces in play. The establishment of the READI Industry-University Task Force and its associated working groups as a vehicle for multi stakeholder collaboration should prove very valuable in this regard.

Over the past year, the READI project has succeeded in establishing key working relationships, building a strong team in Waterloo and Jakarta, operationalizing effective administrative and financial systems and procedures, and launching most capacity development components. Moving forward, the project is now well-positioned to implement a full-slate of capacity building and technical assistance activities and to greatly enhance project momentum and achievement of results.

READI Annual Report 2016 – 2017 Page 1

I 1.0 Introduction This annual report, covering the period 01 April 2016 to 31 March 2017, is the second annual report (AR) prepared for the Risk Management, Sustainable Economic Development and Actuarial Science Development Indonesia (READI) project. The Annual Report presents the results of activities during the above noted period and provides cumulative results as of the end of the 2016-2017 Fiscal Year.

1.1 Project Summary/Description The READI project ($15.53 million CAD over five years) is funded by Global Affairs Canada (GAC)1. The Project is implemented in cooperation with the Otoritas Jasa Keuangan (OJK), the Indonesia Financial Services Supervision Authority. The University of Waterloo, which has entered into a Contribution Agreement (CA) with the Government of Canada to provide technical and project management services for READI, serves as the Canadian executing agency (CEA) for the project. Manulife Financial Indonesia has generously provided $1m CAD in co-funding to support the project. Similarly, Sun Life Financial has provided $0.5 m CAD to support senior actuarial technical advice services provided by the University of Waterloo.

The Project Implementation Plan (PIP) for READI, which provides the over-arching principles and directions for the project for the 2016 -- 2020 period, was approved by GAC in July 2016 and formally endorsed by the Project Steering Committee (PSC) in August 2016.

The READI project’s objective is to establish Indonesia as a regional centre of actuarial excellence and to strengthen the actuarial profession in Indonesia. The project will achieve these objectives by working with high schools and universities2, the insurance and pensions industry, Persatuan Aktuaris Indonesia – Indonesia’s professional actuarial association – and relevant government agencies – to increase the number and quality of Indonesian actuarial science graduates available to Indonesian business, universities and government agencies3. Working in collaboration with the OJK and other project partners, READI supports Canada’s foreign policy priority of promoting prosperity in Southeast Asia in alignment with Canada’s Global Markets Action Plan, in which Indonesia is a priority. A copy of the Project Logic Model (LM), which outlines the project’s results framework, is included below in section 1.4 below. A more detailed presentation of the project’s results chain and results measurement approaches is presented in the READI Performance Measurement Framework which is included as Appendix D. 1.2 Project Rationale

The READI project addresses a critical and focused development need – filling a deficit in qualified actuaries to help plan for and avoid significant risks to economic stability and growth for Indonesia. Financial crises over the past two decades have highlighted the importance of

1 The MOU signed between the governments of Canada and Indonesia for the READI project was signed by the Ambassador of Canada on behalf of the Department of Foreign Affairs, Trade and Development (DFATD) of Canada, which was subsequently renamed Global Affairs Canada (GAC). 2 As of February 2017, the READI project works with the following university partners: Institut Pertanian Bogor (IPB); Institut Teknologi Bandung (ITB); Institut Teknologi Sepuluh Nopember (ITS Surabaya); Universitas Gajah Mada (UGM); Universitas Indonesia (UI); Universitas Parahyangan (UNPAR); and Universitas Pelita Harapan (UPH); Universitas Prasetiya Mulia (PRASMUL); and Universitas Surya; 3 Along with the partner universities listed above, READI also collaborates closely with: the Pusat Pembinaan Profesi Keuangan (PPPK), Persatuan Aktuaris Indonesia (PAI), the Directorate General of Higher Education from the Ministry of Research, Technology and Higher Education; the Ministry of Education and Culture’s Directorate General of Primary and Middle Education; the Indonesian Association of Life Insurance Companies (AAJI); and the Indonesian Association of General Insurance Companies (AAUI).


I a stable and trusted financial industry. Individual Indonesians, particularly those with limited means, rely on health, life and other insurance in times of crisis and need. The insurance market in Indonesia is growing consistently, by 8% in 2013 and about 15-20% in 2014, resulting in an on-going increased demand for actuaries. Indonesia presently faces a shortage of accredited actuaries, threatening the growth of the insurance and pension industry and presenting a risk to economic stability and growth for Indonesia. Actuaries provide an underpinning in risk assessment and assurance of sound business practice similar to financial auditors. Risk based regulation of the insurance and pensions industry, adopted by Indonesia following Canada’s lead, requires the professional understanding and oversight provided by accredited actuaries.

Understanding of and expertise in risk management and actuarial science is also important for public sector financial and management capacity, particularly at the national and regional levels. Access to more and better actuarial science graduates by government and business will improve transparency and security in management of public finances (e.g., pension and health insurance systems) and improve the trade and investment climate in Indonesia. Indonesia has enacted laws to provide appropriate oversight of the finance industry by trained actuaries but there is a very large gap between supply and demand for these highly educated and skilled people.

Project activities will enhance the capacity of educational institutions to meet clearly identified labour market demands and engage the private sector in providing students with appropriate, meaningful and structured workplace learning opportunities through to employment. More Indonesian actuarial science graduates with strengthened education acquired in Indonesia will support business growth, market expansion and productivity. Understanding of and expertise in risk management and actuarial science is also important for public sector financial and management capacity including oversight and regulation, particularly at the national and regional levels. Access to more and better actuarial science graduates by government and business will improve transparency and security in management of public finances (e.g., pension and health insurance systems) and improve the trade and investment climate in Indonesia. Project activities are also aligned with current Government of Indonesia development priorities.

1.3 Expected Results, Logic Model, Cross Cutting Themes The most recent version of the READI Logic Model is presented below. The Logic Model, which was updated in February-March 2017 to more accurately present the relationship between various levels of results, summarizes the development results targeted for the project. Achievement of planned Outputs (completed activities or services) will facilitate the achievement of Immediate Outcomes, which in turn are expected to contribute to the achievement of the Intermediate Outcomes. Throughout this process, it is recognized that a wide range of other (external) contributory factors may play a significant role, both positive and negative, in the achievement of targeted results. Outputs and Activities are numbered so that correlations can be easily made. The progress and results related to activities from April 2016 to March 2017 and related outputs are presented in Section 2.1.1.


I 1.4 Logic Model

READI Logic Model (15April2017) Ultimate Outcome

1000 Indonesia recognized as a centre of excellence in actuarial science and risk management, with attention to gender equality

Intermediate Outcomes (Results expected by the end of project)

1100 Increased equitable employment of female and male Indonesian accredited actuarial science and risk management graduates by Indonesian businesses, universities and government agencies

1200 Strengthened actuarial science and risk management profession, with attention to gender equality, in Indonesia

Immediate Outcomes (Short-term results)

1110 Strengthened linkages between industry and university for improved, gender equitable education in Indonesia

1120 Strengthened capacity of female and male actuarial science and risk management teaching professionals and institutions, with attention to gender equality, in Indonesia

1130 Improved equitable access to actuarial science and risk management education for female and male university students and graduates in Indonesia

1210 Increased awareness of the actuarial profession, including attention to related gender issues, by selected target groups including high school and university students, teachers, and parents in Indonesia

1220 Strengthened capacity of the PAI, OJK and PPPK to develop the actuarial profession in Indonesia.

Outputs (Completed activities)

1111 Technical assistance provided to partner universities to establish actuarial science and risk management streams of study 1112 Actuarial Science Applied Research Program established and operated 1113 Industry-University Task Force and associated working groups established and operated 1114 Technical assistance provided to selected universities to support development of actuarial science and risk management co-op programs

1121 Technical assistance provided to partner universities for curriculum design – including review of international standards, course mapping and textbook review -- that addresses material specified in Indonesian actuarial science professional exams 1122 Lecturers and selected practitioners (female and male) supported to obtain actuarial credits and/or relevant graduate degrees 1123 Actuarial science mentoring provided through short courses, e-courses and workshops to selected female and male teaching professionals

1131 Actuarial science and risk management scholarship program for female and male undergrads designed and operated 1132 Technical assistance provided to employers to strengthen actuarial development programs for employees

1211 Technical Assistance provided to partners on delivery of high school math outreach programs with an actuarial science focus 1212 Actuarial science and risk management awareness campaigns designed and implemented 1213 Public interest in actuarial science and risk management promoted through research, publications and media

1221 International professional association and regulator linkages on profession-related topics facilitated for OJK, PPPK and PAI 1222 Continuing Professional Development (CPD) seminars, workshops and mentorships conducted for actuaries and other stakeholders 1223 TA provided to regulators and associations to strengthen organizational capacity

1.5 Crosscutting Themes Actions to address cross-cutting issues such as gender equality (GE), climate change, carbon tracking and social inclusion have been incorporated into activities and sub-activities where ever practical. A summary of the status of cross cutting efforts is presented in this Section 2 to emphasize their importance within the overall project.


I 1.5.1 Gender Equity

Progress on Implementation of Gender Equality Strategy The overall approach of the project is to explicitly integrate gender equality into all project components. To this end in the fiscal year 2016/2017, the project:

• Hired a Canadian Gender Advisor to provide gender inputs and technical advice on all project components and assist in the identification of an Indonesian Gender Advisor.

• Conducted a review of the project’s logic model, baseline study and Performance Measurement Framework from a gender equality perspective and made related revisions based on this review.

• As a team, discussed how gender could be integrated effectively and relevantly into each project component by each component lead.

• Revised the project’s Gender Equality Strategy.

The three gender equality objectives identified by this Strategy include:

• To advance women’s equal participation as decision makers with men in programs and activities associated with the project.

• To support the realization of women’s human rights in the formulation of policies and regulations affecting the involvement and success of women in the actuarial profession.�

• To reduce gender inequalities in access to and control over the resources and benefits of education and work in actuarial science and project activities.

While most of the 2016/2017 gender-related actions were designed to set a foundation for the proposed gender activities and results, the project also initiated several activities to work toward the achievement of the project’s gender equality objectives.

Gender Equality Strategy Actions taken Contribution to results/Observations

1. Increase awareness among decision makers on gender equality issues �in actuarial science & risk management teaching & profession

Drafted a background reflection paper on key gender issues related to actuarial science, risk management and insurance to help create increased awareness of what these issues are amongst decision makers and researchers in Indonesia. Platform to broadcast the paper to be developed in 2017/2018.

Identified that the Applied Research Working Group does not currently perceive that there are significant gender issues related to actuarial science, risk management and insurance, therefore a priority action for 2017/2018 will be to hold a sector-specific awareness session with this working group.

2. Create a compendium of best practices and data issues on gender equality and diversity in the actuarial profession and develop a platform to broadcast best practices, research and tools and make them available �to industry partners 3. Allocate a Senior Project Gender Advisor to help industry-university task force integrate gender equality and diversity issues into task force agendas where relevant as well as to provide related technical assistance to support follow-up actions.

Identified qualified candidates for the position of Indonesian Gender Advisor. Included drafting of TORs for this position based on the GE strategy, Logic Model, PMF and discussions with other team members.

Will set foundation for all key GE actions to be undertaken by project in 2017/2018.


I

1.5.2 Climate Change Mitigation & Carbon Tracking Carbon tracking started in January 2017 and includes greenhouse gas (GHG) emissions for international and domestic air travel and hotel stays associated with the project, as well as fuel for the project vehicles. Emissions are calculated using international standards and emission factors. For January to March 2017, these emissions are 43.06 tonnes (CO2e). Based on a carbon price of $30 CND/tonne, this amounts to $1,291.65.

Internal offsetting activities for this carbon footprint included organization and plans to host a workshop on “The Role of Actuaries in Assessing Risks Associated with Climate Change” in Jakarta, Indonesia on May 9th, 2017.

Gender Equality Strategy Actions taken Contribution to results/Observations

4. Ensure that research projects funded by project integrate gender and diversity issues in research design.

Conducted review of project gender research fund criteria. Summarized reflection paper to outline potential areas of research on gender and actuarial science, risk management and insurance.

Project research fund integrates gender as one research methodology criteria for all research funded (e.g., collection and analysis of sex-disaggregated data for all themes). Project research fund includes distinct fund on Actuarial Science and Gender/Social Inclusion in Indonesia.

Summary Data 2017 Jan-Mar Carbon Price

JAN-FEB MAR TOTAL

Air travel 801.94 303.00 1,104.94

Fuel 53.84 6.45 60.29

Hotel stays 51.6 74.82 126.42

Total $907.38 $384.27 $1,291.65


I Climate change is also an explicit area of focus for the READI applied research fund, initiated in 2017.

1.5.3 Project Reach (Social Inclusion) READI undertook targeted activities to address these important and longstanding education service access and quality inequities. The project supported and participated in an OJK-mediated 1,000 Actuaries outreach event held in Makassar, South Sulawesi. Meetings were also held with Universitas Hasanuddin, one of eastern Indonesia’s leading universities, to explore opportunities for collaboration and synergy. In early April, READI will participate in an outreach event in Banda Aceh, Sumatra. Opportunities for collaborating with the Asosiasi Asuransi Jiwa Indonesia (Indonesian Life Insurance Association) are also being discussed. If confirmed, this will allow the project to collaborate with AAJI, extending project reach to other universities and geographic areas in Java4.

4 The project continues to seek suitable university partners beyond Java. At present, few if any suitable candidates exist, but the READI project hopes to be to engage in substantial collaboration with a suitably-qualified university located outside of Java before the project period ends.

Presented in Tonnes CO2e and $$

Current Period (March) Emissions (tonnes) Carbon price (@$30/t)

Air Travel 10.10 $ 303.00 Fuel 0.22 $ 6.45 Hotel Stays 2.49 $ 74.82 12.81 $ 384.27


II

2.0 Operations This section reports on progress on activities and outputs, and provides a financial update as of 31 March 2017. It provides a comparison of actual to planned activities, outputs and expenditures. Specifically, it looks at implementation aspects, management considerations and adjustments, and financial issues.

2.1 Implementation Progress regarding activities and sub-activities outlined in AWP 2016-2017 is described below using the numbering from the READI Logic Model (LM) and the Performance Measurement Framework (PMF) (see Appendix D).

During the latter portion of the 2016/2017 fiscal year, both the Logic Model and the PMF were carefully reviewed to address a number of results chain inconsistencies. It was determined by READI, with the agreement of GAC, that modifications to both documents were required. These modifications were approved during the March 2017 Project Steering Committee Meeting. The READI team is confident that few changes are likely to be required in future, and if any are needed, they should be quite minor. All reporting in this report is based on the updated LM and PMF.

Activities and sub-activities have been placed under the most appropriate Output statement as per the Logic Model.

Quantitative data was drawn from the READI project management databases and/or inventories of project results and products. Virtually all qualitative data and information was obtained via surveys and focus groups discussions (FGDs) with key project stakeholders. As per the PMF, READI reports on the various results indicators on a semi-annual, ongoing or annual basis. Accordingly, this report presents quantitative and qualitative data for all indicators. The indicator targets and survey data are presented against a four point scale where the following values and ratings apply:

• Range 1-2 = Poor to Fair • Range 2-3 = Fair to Good • Range 3-4 = Good to Excellent

2.1.1 Output-level Results

Output 1111: Technical assistance (TA) provided to partner universities to establish actuarial science and risk management streams of study

Indicator

Baseline

Targets Established Achievement Project period

Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)

Cumulative to Mar 2017

1111-1 Number of universities receiving TA to support establishment of AS steams of study

0 6 3 universities

3 NO 50%


II

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1111-2 Effectiveness of the TA provided to support establishment of AS streams of study

N/A 70%* NTE** NTE NO To be reported in

2017-18 Midyear Report

*of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive **NTE = no target established

Progress in Achieving Planned Results The project continues to provide technical assistance and guidance to partner universities to help them to assess and design actuarial science curricula to maximize alignment with international standards and Persatuan Aktuaris Indonesia (PAI) professional exams. Two new potential partners, UnPar and PrasMul, expressed an interest during this year in being READI partners. As part of that evaluation, both their respective curricula were evaluated before being accepted as project partners. Recommendations for enhancing the actuarial science curriculum were made to both universities.

One of the challenges in establishing AS streams of study is the ability of universities to hire new lecturers. READI has been in communications with the Director General of Learning & Student Affairs, DIKTI via Ibu Parisyanti, and are working on having a meeting with the Director General for Institutionalization of Knowledge, Technology and Higher Education (Direktorat Jenderal Kelembagaan Ilmu Pengetahuan, Teknologi, dan Pendidikan Tinggi), DIKTI as both departments play important roles in regulating how university lecturers are hired, retained and trained. Once Ibu Parisyanti is able to confirm a date upon which Pak Intan, Dirjen Learning & Student Affairs can meet with READI university partner deans of MIPA/STEM, we will organize the meeting.

Note: As the work with most project stakeholders started in earnest only during the latter part of the reporting period, insufficient time has lapsed to allow for meaningful perception data to be collected. A similar situation exists for perception data related to technical assistance provided for other project outputs. Accordingly, stakeholder feedback will be collected and reported in the April – September 2017 Semi Annual Report.

Output 1112: Actuarial Science Applied Research Program established and operated

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1112-1 Number of papers/technical reports produced

0 40 papers/

technical reports

0 0 NO 0%

1112-2 Perception of quality and value of program by stakeholders

0 70% *

NTE NTE NO To be reported in 2017-18

Midyear Report


II *Positive shift in several or more of the variables noted in footnote 9 on a “poor” to “excellent” scale. By close, majority of respondents provide combined scores in the “good” to “excellent” range for variables in footnote 9

Progress in Achieving Planned Results The details of the Applied Actuarial Science Research Program were developed in the third and fourth quarter of this fiscal year with a first draft of the Program produced in early February. By the end of March, most of the details had been worked out and a first Call for Papers was in production.

Output 1113: Industry – University Task Force and associated working groups established and operated

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1113-1 Number of industry-university task forces established

0 1 task force / 4 working groups

1 task force 4 working

groups


groups

YES 100%

1113-2 Effectiveness of the TA provided in support of creating and operating an industry-university task force and associated working groups

0 70%* NTE NTE YES To be reported in 2017-18

Midyear Report”

* of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive

Progress in Achieving Planned Results To strengthen linkages between industry and university education in Indonesia, the Industry-University Task Force (IUTF) has been formed and operationalized to identify strategies and solutions to help overcome the challenges hampering actuarial science education in Indonesia. The IUTF stakeholders include READI project partner universities, DIKTI, life and general insurance companies, AAJI and AAUI, PAI, OJK and READI project team members. Attendance and participation at the inaugural January 2017 meeting was excellent.

Four working groups have been formed to increase the efficiency and productivity of IUTF, including Recruitment & Development of Actuarial Science Lecturers, Applied Actuarial Science Research, Co-operative Education Programs and Math Outreach & Public Education on Actuarial Science. Each working group will lead in identifying key challenges and opportunities related to the respective topics and will recommend strategies and efforts to help mitigate related challenges or exploit untapped opportunities. As active members of the actuarial science community, working group members will also help to link the READI project with industry, higher education and government actors who are well-positioned to support achievement of project objectives.

The membership in the four working groups has been finalized, and was subsequently expanded when further industry representatives came forward. Two of the working groups – Applied Research, and Math Outreach have been moving forward via email exchanges. The Lecturer Retention & Development Working Group will follow-up on and move forward once


II the project’s collaboration with the Dirjen Learning & Student Affairs, and Dirjen IPTEK & DIKTI can be solidified. As mentioned, the Lecturer Retention & Development WG will also provide advice and support for setting up mentoring undertakings for lecturers.

In April 2017, the READI team surveyed 15 (8m, 7f) IUTF members to obtain their feedback regarding the technical assistance provided by READI and the progress of the IUTF during its first 3 to 4 months of existence. Using a four-point scale, respondents rated the “clarity of purpose” of the IUTF with an average score of 3.60 (or “excellent”). “Quality of planning” of IUTF events was rated at 3.33 (“excellent”), with “progress to date” rated as 3.00 (on the cusp between “good” and “excellent”. Secretariat support provided by the READI team was rated at 3.47 (“excellent”) with “IUTF routines and culture” coming in at 3.07, or just into the “excellent” category. Comments and suggestions related to the IUTF included the following:

• Communications & media: Continue utilizing social media such as WhatsApp to promote and maintain on-line communications and progress. A suitable chat/email group to provide updates to other IUTF members and working groups5. More time for discussions in the working groups to allow the working groups to prepare the best possible action plans. Need to ensure regular engagement and support with working groups early on – probably need more contact to build momentum.

• Insurance Industry: Work to increase the involvement of industry representatives. More socialization of project objectives and activities to industry representatives could support this process. Focus on integrating the needs of industry with the skills & knowledge that student interns/coop workers can offer.

• IUTF members drawn from universities: Need to be fully supported by their university so that they can confidently engage in the work.

Output 1114: TA provided to selected universities to support development of actuarial science and risk management co-op programs

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1114-1 Number of universities and companies receiving TA for the development of co-op programs

0 7 universities

15 companies

9 universities

5 companies

9 universities

5 companies

NO 64%

1114-2 Effectiveness of the TA provided in support of creating co-op programs

N/A 70% NTE NTE NO To be reported in 2017-18

Midyear Report

*of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive

Progress in Achieving Planned Results In January and February 2017 visits were made to all 9 partner universities and 5 employers in Jakarta, Bandung and Yogyakarta for socialization, awareness-raising and a preliminary study of existing internship programs. The employers included, Manulife, Sun Life, AAUI, Prudential, and AXA. The Indonesia Ministry of Research, Technology and Higher Education was also visited for the same purpose. These sessions raised awareness and provided a comprehensive understanding of Cooperative Education and Work Integrated Learning (WIL) program systems both from the perspective of the university and industry. This allowed for the

5 Note a quarterly IUTF Newsletter will be published beginning in Q1 of the AWWP 2017-18 period.


II establishment of expectations of the Co-op program from the university and industry’s point of view while building linkages between university partners and employers. Two Universities, Prasetiya Mulya and UPH have subsequently stepped forward and expressed an interest in piloting co-op programs. On the industry side, Manulife, Prudential, Sun Life, Zurich and several other companies have also indicated an interest in hosting co-op students.

In April 2017, a dozen key contacts (lecturers, administrator, business leaders, actuaries, etc.) – all of which are members of the READI Industry-University Task Force – were asked to comment on the quality of the technical assistance support provided to date. At the time of writing, stakeholder feedback is still coming in. Some preliminary data is however available, as summarized below.

Regarding TA support for cooperative education, six (3 female, 3 male), four of five answering the question indicated that READI and its stakeholders are working well together on developing co-operative education scenarios, but that progress is slower than expected. One respondent indicated that progress had exceeded expectations. Commenting on the task, one respondent mentioned the challenge of demonstrating the value of the model to insurance companies, which is needed to elicit their participation.

Output 1121: TA provided to partner universities for curriculum design – including review of international standards, course mapping and textbook review – that addresses material specified in Indonesian actuarial science professional exams

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1121-1 Number of universities for which actuarial science and risk management courses are verified as addressing material specified in Indonesian actuarial science professional exams

0 9 university partners

7 7 NO 78%

1121-2 Effectiveness of the TA provided in support of curriculum design

N/A 70% NTE NTE NO To be reported in 2017-18

Midyear Report * of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive

Progress in Achieving Planned Results Work in this area continues, some of it on-going and somewhat informally, to support Universities with mapping some of their courses to SoA/IFoA exams. For example, UPH is working on getting additional VEE from SOA, as well as accreditation from IFoA.


II Output 1122: Lecturers and selected female and male practitioners supported to obtain actuarial credits and/or relevant graduate degrees

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1122-1 Number of (f/m) lecturers and practitioners supported financially through the project to obtain professional actuarial credits

0 30 (at least 50% female)

1 female 1 NO 3%

1122-2 Number of (f/m) lecturers and practitioners supported through the project to obtain a Master’s degree in actuarial science, statistics or mathematics

0 19* 1 female 1 NO 5%

*lecturers and practitioners supported to completer an actuarial science and risk management graduate degree (at least 10 females)

Progress in Achieving Planned Results One candidate (Giovani Gracianti) successfully completed the MActSci program during the 2015/16 academic year. As the project did not have any full-time staff in late 2015 – early 2016, the project was not able to recruit any candidates for the current 2016/17 in-take. Giovani Gracianti, who now works part-time with the project, worked hard to help identify and support nine applicants for the 2017/2018 academic year. Four have been accepted, and an additional candidate may be accepted in July 2017 pending the results of her English competence test. One otherwise very good applicant was not accepted as his mathematics background was deemed insufficient. READI will work with him to see if he can upgrade his math skills and apply again next year. The four other candidates were refused due to weakness with English (most common problem) or weak math pre-application test performance. So, we will have four, maybe five people in the MActSci program September 2017. That will bring the total to 5 or 6 against a target of 20.

READI aims to do even better for the 2017/18 in-take and thus have already started planning our communication strategy and will soon produce supporting communication materials, which we will broadcast via the Industry-University Task Force, during READI meetings and training events, and via social media. The target for the 2018/19 in-take is 8 to 9 lecturers. If that can be achieved, it will bring the cumulative total to 13-15 lecturers, leaving a target of 5-6 for the 2019/20 in-take. Keep in mind that the uWaterloo MActSci program only accepts about 20 students/year, so uWaterloo cannot accept a huge number of applicants from the READI project. Eight to nine applicants from Indonesia is probably the maximum possible.


II Output 1123: Actuarial science mentoring provided through short courses, e-courses and workshops to selected female and male teaching professionals

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1123-1 Number of short courses taught by visiting lecturers

0 25 3 3 NO 12%

1123-2 Number of workshops delivered by visiting experts to teaching professionals

0 12 2 2 NO 17%

1123-3 Number of lecturer-months of (f/m) Indonesian lecturers participating in study and exposure visits

N/A 24* NTE NTE NO 0%

*lecturer-months (with 50% female participation)

Progress in Achieving Planned Results

To strengthen the capacity of actuarial science and risk management teaching professionals in Indonesia, actuarial science mentoring is provided through short courses, e-courses and workshops.

The READI Online Course Portal for all online learning program was launched at the end of October to integrate e-learnings into the face-to-face teaching. Three online e-courses have been developed by uWaterloo to support actuarial science training: Introduction to Financial Mathematics, Introduction to Statistics and Introduction to Probability. 40 participants have been enrolled into the online courses. In order to be enrolled into the courses, participants need to register on the READI website to express their interest. Partner associations can also send the list of participants who need enrollment to the online courses. All registered participants are provided with personal credentials to access the online courses

Three short courses that were designed to correspond to Indonesian and international actuarial science professional credits, were held in Jakarta in 2016 and 2017. In total, there

Institution Female Male Grand Total

Government Agency

Ministry of Finance (KEMENKEU) 5 5

Financial Services Authority (OJK) 1 1 2

Government Agency Total 1 6 7 Partner University

Institut Pertanian Bogor (IPB) 3 2 5

Institut Teknologi Bandung (ITB) 6 5 11

Institut Teknologi Sepuluh November (ITS)

3 3 6

Universitas Gajah Mada (UGM) 4 2 6 Universitas Indonesia (UI) 7 1 8

Universitas Khatolik Parahyangan (UNPAR)

3 2 5

Universitas Pelita Harapan (UPH) 3 5 8

Universitas Prasetiya Mulya (UPM) 2 1 3

Universitas Surya 2 1 3

Partner University Total 33 22 55 Grand Total 34 28 62


II have been four short courses with a total participation level of 62 people, 55 lecturers from the nine universities and seven government agency participants.

Participants of the short courses are requested to complete a “self-assessment quiz” to measure their current levels of knowledge on the topics. The instructions suggest that the participants should use the self-assessment quiz as a measuring tool to determine their level of preparation and identify any areas of strength and weakness. Participants are strongly encouraged to strengthen their area(s) of weakness by reviewing the relevant material in the 3 online courses under the READI portal.

A combination of teaching instruction in English and Bahasa Indonesia was employed in the third short course to result in better teaching effectiveness. The short courses typically comprise about 30 lecturers, with an equal number of male and female lecturers. The next three short courses – on Actuarial Mathematics – will be held in May and July, with a third short course in January 2018. The short courses prepare lecturers to sit for PAI exams. The project reimburses lecturers for any successful PAI exams.

Output 1131: Actuarial science and risk management scholarship program targeted for female and male undergrad students designed and operated

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1131-1 Number and value of scholarships awarded, by target student population (gender, home location)

0 $1.9 million

NTE NTE NO 0%

1131-2 Number of undergrad student-years completed by scholarship students

0 250* NTE NTE NO 0%

*student-years completed by scholarship students (125 female)

Progress in Achieving Planned Results READI Actuarial Science Undergraduate Scholarships will be provided to university students and graduates in Indonesia to improve their access to actuarial science and risk management education. READI conducted a survey of existing undergraduate scholarship programs at several partner universities and AAJI and developed recommended package scenarios. The READI project will work with university partners to identify suitably qualified, deserving actuarial science programs or stream students as recipients of the READI Undergraduate Scholarship. The READI project will produce a complete set of terms of reference and operating principles for the Undergrad Scholarship Program, and will confer with university partners to consolidate and finalize the TOR. Selection of scholarship recipients will be undertaken in cooperation with university partners with program roll-out slated for late May/early June 2017.


II Output 1132: TA provided to employers to strengthen actuarial development programs for employees

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1132-1 Number of employers receiving TA for actuarial development programs

0 50 NTE NTE NO 0%

1132-2 Effectiveness of the TA provided in support of strengthening actuarial accreditation programs

N/A 70%* NTE NTE NO no related activities yet


Progress in Achieving Planned Results No work was planned against this indicator in 2016/2017.

Output 1211: TA provided to partners on delivery of high school math outreach programs with an actuarial science focus.

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1211-1 Number universities receiving TA on delivery of HS math outreach

0 9 0 2 NO 22%

1211-2 Effectiveness of the TA provided in support of HS math outreach

N/A 70%* NTE “good” (anecdotal)

NO To be reported in 2017-18

Midyear Report *of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive

Progress in Achieving Planned Results The project collaborates with partner universities to support and enrich their outreach activities, along with education and outreach activities undertaken by interested insurance companies, the Life Insurance Association of Indonesia (AAJI) and the Society of Actuaries Indonesia (PAI). READI collaborated with the University of Indonesia’s annual LOGIKA event, which enabled the project to expose hundreds of students and parents to innovative mathematics teaching techniques and the actuarial science profession.

Mathematics Teacher Training also occurred on the 30th of March with 13 mathematics teachers (7 m & 6 f) at the Universitas Pelita Harapan. The Mathematics teachers were

exposed to new mathematics problem solving techniques taught through fun activities and gained an increased familiarity with the READI mathematics outreach program.

Assessing TA support for high school math outreach provided by the project, four key informants from partners indicated that the READI team was working well together, and with sensitivity to gender differences (3). They also noted however that progress is slower than expected – this perhaps because activities were not launched until mid-January 2017 after the


II Math Outreach Program Officer had been hired and operationalized. Some respondents suggested that deeper engagement with the university is needed to intensify commitment (working more closely with the universities’ own outreach activities). Use of a virtual communication platform was also suggested to help keep the working group engaged between meetings.

Output 1212: Actuarial science and risk management awareness campaigns designed and implemented

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1212-1 Number and type of marketing campaigns by target group (e.g., university students, parents, AAUI) with attention to gender

0 15* 0 0 NO 0%

1212-2 Effectiveness of the TA provided in support of awareness programming

N/A 70%** NTE NTE NO To be reported in 2017-18

Midyear Report *Up to 3 annual marketing campaigns with a gender lens **of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive

Progress in Achieving Planned Results No activities against this result were planned for the 2016/2017 fiscal year. Given the fact that no formal awareness campaign activities were launched during the reporting period, it is not surprising that four key informant partners surveyed, who self-identified as “peripherally involved”, observed that while it is important to pursue, progress engaging universities is slower than expected. Faculty member’s time constraints was noted as a factor. This perception should change in the coming months as a number of major awareness raising activities are launched by the project.

Output 1213: Public interest in actuarial science and risk management promoted through research, publications and media

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1213-1 Number type of publications/media initiatives launched

0 25 * NTE NTE NO No related activities yet

1213-2 List of themes represented

N/A 50%** NTE NTE NO No related activities yet

* papers or multimedia products **At least 50% of knowledge products incorporate gender, climate change, or social inclusion themes

Progress in Achieving Planned Results During the reporting period, the READI team developed the framework for the applied research program with the intent of launching it in May 2017. It was decided that initially the themes of the program would reflect the cross cutting themes of gender equity and climate change along with research specific to actuarial science. It is expected that when the research


II papers are completed, they will give rise to topics that can be the subject of a wider range of media initiatives or public interest papers.

Output 1221: International professional association and regulator linkages on profession-related topics facilitated for OJK, PPPK and PAI

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1221-1 Number of workshops involving national and/or international bodies addressing professional topics

0 5* 1 1 NO 20%

1221-2 Number of professional meetings involving Indonesian and international regulators and actuarial associations

0 10** 1 1 NO 10%

*workshops with (50% females) **professional meetings (50% females)

Progress in Achieving Planned Results In line with the priorities of the annual work plan, the project reached out to existing and new partners and other stakeholders. READI Collaborated with OJK on September 26th in a workshop “Global Trends in Actuarial Education and Professional Development”, held in Jakarta and which included industry, government, association and university representatives (101 participants with 63 men and 38 women). Participation of representatives from the Society of Actuaries (SOA), Institute and Faculty of Actuaries (IFoA) and the Indonesian Association of Actuaries (PAI) was particularly appreciated. A copy of the press release for the workshop has been posted on the READI website. It was also presented on the UWaterloo’s Bulletin.

Output 1222: Continuing Professional Development (CPD) seminars workshops and mentorships conducted for actuaries and other stakeholders

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1222-1 Number of professional seminars and workshops conducted

0 20* 0 0 NO 0%

1222-2 Number of female and male participants

0 400** 0 0 NO 0%

* seminars, workshops ** participants (at least 200 females)

Progress in Achieving Planned Results Efforts were made towards holding both CPD seminars and workshops through discussions with AAUI and OJK. Progress, however, was limited in this area as neither organization had the time, given other priorities, to undertake the level of planning required to achieve a successful CPD session. Both OJK and AAUI have requested the project’s assistance to help


II prepare and deliver seminars to make the business case for use of actuarial expertise in general (non-life) insurance companies. Other work will be undertaken in the coming year, possibility incorporating webinar or web-based materials that could allow for more flexibility for the participants.

Output 1223: TA provided to regulators and associations to strengthen organizational capacity

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1223-1 Number of organizations supported

0 1 (PAI) 0 0 NO 0

1223-2 Effectiveness of the TA provided in support of capacity building to regulators and associations

0 70%* NTE NTE NO To be reported in Midyear

Report


Progress in Achieving Planned Results The READI Actuarial Capacity Building Expert conducted a participatory assessment of the capacity development needs of the Persatuan Aktuaris Indonesia and produced a draft three-year plan to enhance the PAI’s capacity. Key findings included the need to:

• hire an Executive Director to help drive organizational strengthening and improved members services efforts;

• develop a more robust continuous professional development (CPD) program and to closely monitor member’s CPD efforts;

• increase PAI revenue to enable the organization to offer a better menu of CPD opportunities; and

• enhance communication with members via an improved website populated with more content and resources.

Beginning in May 2017, READI will work with the PAI executive to begin prioritising and operationalizing the various recommendations included in the PAI capacity development plan.

Also during the reporting period, plans were initiated to conduct a workshop which would have OJK meet with OSFI, its Canadian equivalent. It was not possible to ascertain a date and efforts to hold the meeting will be reinitiated during the upcoming fiscal year. Consideration is being given to a webinar format that would be less time-consuming for both parties.

2.2 Management Issues and Adjustments

2.2.1 Adjustments to the Logic Model and PMF During Year One, a considerable number of refinements were made to the LM and the PM. Only a few were substantive. There was no change to the scope of the project and, by and large, targets remained unchanged. Refinements were reviewed by GAC and approved at the Project Steering Committee meeting in March. The types of refinements are summarized below.


II • Syntax adjustments were made to conform to RBM guidelines. • In several instances (e.g. 1114) output claims exceeded what is within READI’s

sphere of control. Output statements were therefore reworded to represent completed packages of work. In several instances, they now describe technical assistance provided to university partners or other stakeholder groups.

• Some indicators (and associated target commitments) originally pegged at the output level are now attached to associated immediate outcomes.

• While, in the interests of streamlining several outputs and associated indicators were removed all together.

• At the same time a new output was created to reflect READI’s sharpening focus on capacity development activities among regulators and associations - most notably PAI. In the early stages of project design it was thought that focusing the international standards of IFoA and SoA would be the best approach. It has become clear though that PAI already mirrors those standards in many respects and that the focus should be on supporting the PAI to apply those standards in the best possible way.

• In the PMF, sources, methods and responsibility columns were updated now that staff in place.

2.2.2 Adjustments to the Risk Register There were no significant changes to risks during the reporting period.

2.2.3 Human Resource Management

Team Members and Consultants for READI Jakarta Team During the reporting period, the following people were recruited for the following positions:

Name Position Date Bill Duggan Field Director August 6, 2016 Ivonne Rawis Field Office Manager September 1, 2016 Lina Widjaja Indonesian Field Finance Officer September 19, 2016 Rosalin Field Administrative & Technical Support Assistant August 23, 2016 Dian Augustini Indonesian Cooperative Education Officer October 10, 2016 Mindawati Azmi Indonesian Math Outreach Officer October 3, 2016 Tita Rakhmita Indonesian Program Institutional Development and Training Officer October 24, 2016 Giovani Gracianti Actuarial Science Training Specialist October 29, 2016 Yves Guerard Actuarial Capacity Building Specialist January 6, 2017 Theresia Erni Communication & Knowledge Management Expert March 21, 2017 Rizal Driver November 24, 2016

READI Team Human Resources at uWaterloo During the reporting period, the following people were recruited for the following positions:

Name Position Date

Jean Lowry Project Director May 24, 2016 Laura Wilson Project Officer February 22, 2016 Bill Jennings Finance Officer May 16, 2016 Scott Davis Canadian Co-operative Education Officer June 23, 2016 Jeff Anderson Canadian Outreach Officer June 7, 2016


II Name Position Date

Ken Seng Tan Chief Actuarial Advisor (READI) and Sun Life Fellow in International Actuarial Science

Continuous from 2015

Colin Rankin Canadian Environment Specialist October 18, 2016 Dana Peebles READI Gender Specialist – Canada October 18, 2016 Philip Cox READI Canadian RBM Specialist October 18, 2016 Readwin Information Services Consulting Inc (John Readwin & Darryl Hein)

Canadian Management Information System Consultants January 9, 2017

2.2.4 Procurement At the beginning of the reporting period the office in Jakarta had not yet been opened nor staffed and the office in Waterloo was fully staffed only in May 2016. Procurement was initially based on an exchange of emails between the READI project officers in Waterloo and the GAC Project Officer.

With the mobilization of the Field Director in August and staffing of the Jakarta office starting in late August, a more formalized process for procurement was initiated, based on a “list of materials for approval”. The first LMFA was produced September 30, 2016 and was submitted to the GAC Project Team Leader for approval. Procurement proceeded after that against the LMFA.

In cases where unforeseen equipment or other project management assets arose, the project engaged in an exchange of letters to obtain GAC approval for procurement.

2.2.5 Banking Arrangements In August 2016, while in Jakarta, the project leaders met with Commonwealth Bank’s Head of Financial Institution Sales to confirm the process and documents required to open a bank account. Detailed information was provided to uWaterloo Finance for completion. In the interim, the contact at Commonwealth Bank (CB) resigned and was replaced with a more junior staff member.

In October, the READI Indonesian Finance Officer met with the new Bank representative and a month later drafts of all the bank account application information was sent to Commonwealth by uWaterloo Finance. In response CB provided comments and requested additional letters and authorizations from uWaterloo that required a uWaterloo Board of Governors resolution. On December 24th, the second draft of the account application documents were sent to CB. In early January 2017, two things occurred which brought the process to a halt, first CB interpreted the resolution which gave Bill Duggan ‘cheque signing’ approval literally, as they assumed his authority was restricted to that act only as opposed to the wider interpretation the Board of Governors had intended. Secondly, in late February, CB advised that their legal people viewed the Board of Governors as ‘the beneficial owner’ of the University and demanded passport and home addresses of senior members of the Board (e.g., Mayors of Kitchener and Waterloo). As a volunteer Board, uWaterloo diligently guards the privacy of the members and thus refused to provide the information to CB. Despite follow up discussions with CB, they held firm to their position on both matters.

During February and March 2017, the READI Jakarta office consulted with other banks, including BNI, CIMB, UOB and Mandiri to see if their account opening requirements were more


II flexible. BNI was not interested in engaging in discussions. CIMB’s information requirements were the same as Commonwealth Bank’s as were UOB’s. Mandiri Bank appeared to be a bit more flexible but, despite repeated requests, never provided a definitive answer.

The Project Steering Committee was advised March 20, 2017 of the problems associated with opening the account. Mr. Edy Setiadi, Deputy Commissioner IKNB II for the Otoritas Jasa Keuangan (OJK), and Co-Chair of the READI Project Steering Committee, instructed one of his senior staff to contact a senior representative of the Mandiri Bank to see if some sort of compromise solution could be reached to facilitate opening of the bank account. During the remainder of the months multiple attempts were made by OJK to set up a meeting with a Bank Mandiri representative without success.

2.2.6 Handling of Cross Cutting Themes The READI project team is strongly in favour of full integration of cross cutting themes into the overall project as opposed to having a set of activities related to the various themes. As such gender equality, reach and climate change have been fully integrated into all project activities. The design of the Applied Research Grant Fund, for example, has specifically referred to the three themes as being of particular interest in terms of supporting proposals on those subjects as they relate to Actuarial Science. The READI website has also been designed to hold information on the various themes and our consultants have prepared background pieces and research pieces which are posted on the website.

2.3 Financial Report Delays were experienced in recruiting and onboarding Canadian (1.1) and Jakarta based staff (1.2) resulting in significant under expenditures (6% and 43%) in the latter category in particular. The Field Director was hired in August 2016 but did not get settled in Jakarta until September.

The budget forecast presented above was based on the Interim Project Director’s initial proposals, before the PIP was completed and current staff hired. The forecasted budget for Canadian subcontractors (1.4) did not consider the level of effort required to make necessary progress on the RBM and database components, as well as in the gender and environment areas. The variance on that line was 278%.

The local subcontractors (1.4) budget line forecast did not anticipate the need and cost for an actuary to undertake the capacity building needs assessment of PAI. As an actuary, his fees were significant but deemed necessary to ensure that PAI would accept the recommendations and follow through with them. This logic seems to be paying off. The forecast was exceeded by 84%.


II

Expenses against 1.6.2 were higher (12%) than expected because of under budgeting of educational allowances in the forecast which was prepared prior to hiring the field director.

The forecast for 1.6.3 combined the activities of 1.6.3 and 1.6.4. Three were no new Master’s students enrolled at uWaterloo in the reporting period so the budget was underspent (97%).

As noted above, the budget for 1.6.4 was initially combined with 1.6.3. There were fewer planned courses and events during the reporting period due to delays in ramping up and staffing the project. None of the forecasted budget was spent (0%).

Saving against line 1.6.7 were significant (94%) as the expected field office rental cost were not needed as OJK volunteered to provide space for free.

Project: READIEnd Date: December 31, 2020UW Account: 3000-500-105-1428-105360-XXXX-0000-000Period: 01-Apr-16 to 31-Mar-17

FOR ANNUAL (Form B)

Category Budget Actuals VarianceVariance %

1.1 Employees based in Canada 624,100 587,607 36,493 6%1.1 Canadian Personnel on long-term assignment overseas 187,200 107,618 79,582 43%1.2 Remuneration - Local Employees 197,560 115,239 82,321 42%1.4 Canadian subcontractors 34,000 128,565 (94,565) -278%1.4 Local subcontractors 40,000 73,526 (33,526) -84%1.6.1 Travel Costs 170,000 178,113 (8,113) -5%1.6.2 Benefits & allowances for overseas assignment 149,000 166,247 (17,247) -12%1.6.3 Students and Trainees Training Costs 534,000 16,220 517,780 97%1.6.4 Other Training Costs - 56,856 (56,856) 0%1.6.5 Recipient Country Government Employees - - - 0%1.6.6 Goods, Assets and Supplies 40,000 42,550 (2,550) -6%1.6.7 Administration Costs Directly Related to the Project 150,000 9,175 140,825 94%1.6.8 Other Direct Costs identified under the Project - - - 0%1.7 Allowance for Indirect/Overhead Costs 255,103 177,806 77,297 30%1.8 Costs not Eligible for Overhead - - - 0%Total Direct Costs 2,125,860$ 1,481,715$ 644,145$ 30%Total Overhead 255,103$ 177,806$ 77,297$ 30%Grand Total 2,380,963$ 1,659,521$ 721,442$ 30%

Per Contribution Agreement 2017 FY: April 2016 - March 2017


III

3.0 Outcomes This section examines progress at the outcomes end of READI’s results chain. For each immediate and intermediate outcome, quantitative and qualitative evidence is provided to show movement from baseline conditions to present state. These are referenced to the indicators outlined in the PMF. There appear to be positive trends afoot in the development of the actuarial profession in Indonesia, but at this early stage in the project, it would be a stretch to make anything more than claims of contribution. Clearly, other factors are in play. Nevertheless, the section provides some commentary on progress toward and prospects for the realization of these outcomes. Included are lessons learned from Year One implementation and a summary of implications of what has been learned on practice in the remainder of the Project.

3.1 Progress toward READI Outcomes Ultimate Outcome: 1000 Indonesia recognized as a centre of excellence in actuarial science and risk management, with attention to gender equality

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1000-1 No. of Indonesian university departments or faculties offering actuarial programs recognized as centres of excellence in actuarial science and risk management with attention to gender equity assessed against criteria established by READI

No programs

recognized

1 by 2019, 2 by project

end

0 None, but some progress evident

No 0

1000-2 Perception of Indonesian and international professional’s active in actuarial science of the quality and gender equity of Indonesia’s actuarial science and risk management education.

Between “Fair” and “Good” *(see below)

Positive shifts over time **

No target

set

Between “Fair” and “Good” on

(see below)

No Range of weighted average scores

between 1.9 and 2.6 across

variables *(2 to 3) on a four- point scale on three sets of variables **majority assess variables in the “Good” to “Excellent” range (3 to 4)

Progress Toward/Achievement of Planned Results: As the READI project was still in the early stages of project set-up, staff recruitment and launching of technical assistance efforts during 2016/2017, there is little influence, if any, on progress toward creating Centre’s of Excellence. At the same time, the data shows positive steps toward the Ultimate Outcome. The READI team believes that these changes have to do with favourable external factors – including growth in the profession world wide, policy change in Indonesia favouring the development of the sector, and the increasing presence of


III externally trained actuaries demonstrating their value added in teaching and in practice settings. What can be said, is that the READI has convened a range of actuarial science stakeholders to develop a vision on AS education creating, perhaps, a sharpened understanding of future prospects.

At project start up, none of the partner universities was recognized as a “centre of excellence in actuarial science and risk management with attention to gender equality”. While ITB has long offered a master’s program in actuarial science, and the University of Indonesia’s Faculty of Economics and Business has offered a concentration on actuarial science within its Master of Management program since the late 1990s, neither university is viewed as a “centre of AS/risk management excellence” as many key centre of excellence criterion (such as research capacity) have yet to be satisfied. IPB just launched its undergraduate AS program, and Surya University has approval for, yet not yet launched their AS program but, as yet, both universities are a long way from AS/risk management centre of excellence status. To date, most actuaries have graduated from Math and Statistics programs and there is a gap between what is taught and real-world situations.

In the baseline data survey three sets of variables were used to assess the perception of professionals, the quality of actuarial science and risk management education and its gender equity. Results of the survey, from 59 respondents are presented below.

In response to the question “Have you observed a change in the quality and gender equity of Indonesia’s actuarial science and risk management education”, nearly 24% of the 55 respondents felt that there has been no change, 40% reported some positive change, and 33% said that they could not provide an opinion.

Changes noted since late 2015 included the following:

• More universities are launching actuarial science study programs or study streams. • The quality of AS teaching is slowly improving. • University lecturers are attending more seminars and training events. • University collaboration with PAI is increasing (at several state universities).

1000-2 Perception of Indonesian and international professionals active in actuarial science of the quality and gender equity of Indonesia’s actuarial science and risk management education

Sub-indicator

Average Score (4-pt scale, n = 59)

Syllabus alignment with PAI accreditation 2.6 (fair to good) Teaching practices

Instructional techniques 2.6 (fair to good) Knowledge of content 2.6 (fair to good)

Engagement of teaching institutions with industry 1.9 (poor to fair) Have you observed any

changes in the status of the actuarial science and risk management profession since 2015? Response %

n = 59 No 23.7 % Yes 40.7 % Cannot say 35.6 %

How well does the profession address the inclusion of both women and men in the profession with regard to... Sub-indicator

Average Score

(4-pt scale, n = 59)

Access to actuarial science education 3.0 (good) Portrayal of gender differences in curriculum 3.1 (good to

excellent) Equitable career development opportunities 3.1 (good to

excellent) Gender-equitable policies & practices in industry 2.9 (fair to

good)


III • More multi-stakeholder discussions and collaboration are evident (e.g. the READI-

supported Industry-University Task Force)

Recommendations offered to help strengthen the quality and gender equity of Indonesia’s actuarial science and risk management education included:

• Hire more committed young lecturers. • Hire more female lecturers as an example to help promote the AS career to women. • Encourage AS lecturers to obtain PAI Associate or Fellow accreditation. • Provide opportunities for AS lecturers to co-teach in countries with a more developed

AS milieu. • Improve the sharing of actuarial science knowledge and lessons learned between

countries. • Provide incentives and benefits to actuarial science lectures to encourage them to

remain as full-time lecturers. • Provide more opportunities for lecturers to attend seminars, and training and

simulation events. • Improve the English language abilities of lectures. • Translate key AS textbooks into Indonesian. • Invite more practicing actuaries to serve as guest lecturers. • Provide scholarships to enable AS lecturers to undertaken PhD studies.

Intermediate Outcome 1100 Increased employment of female and male Indonesian accredited actuarial science and risk management graduates by Indonesian businesses, universities and government agencies

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1100-1 Number of female and male actuarial science graduates in Indonesia who obtained nationally or internationally recognized credentials during the 2016 – 2020 period.

0 150 (50% female)

0 1

No 8 (6m, 2f)

1100-2 Number of female and male actuarial science graduates employed by relevant Indonesian businesses, universities or government agencies within six months of graduating during the 2016 – 2020 period.

N/A 200 0 4** (3m, 1f)

No 4** (3m, 1f)

1100-3 Perception by Indonesian business, universities, government agencies of the availability and quality of actuarial science graduates

Between “Fair” and “Good” (2 to 3)

“Good” to “Excellent” range (3

to 4)

No target set

Between “Fair” and “Good” (see below)

No Range between 1.9

and 2.6

*in several or more of the variables noted in footnote #4 of the PMF on a “poor” to “excellent” scale ** To date, this data available from UPH only. READI is working to regularly obtain this data from all nine university partners.


III

Progress in Achieving Planned Results Graduates have been entering the actuarial profession for a long time with degrees in mathematics and statistics. Since 2015 though, when there was a single AS graduate, there has been a notable increase in the number emanating from partner universities. The numbers for all participating universities are forthcoming; from UPH the increase is eight-fold with at least half of these individuals now working in the private sector.

In the baseline data survey four variables were used to assess the perception by Indonesian business, universities, government agencies of the availability and quality of actuarial science graduates. Results of the survey, from 59 respondents are presented below.

While 35% of the 59 respondents felt that there has been a positive shift in the quality of actuarial science graduates since late 2015, 26% felt that there had been no observable changes and 39% of respondents said that they could not provide an opinion. These scores in relation to the project target, suggest where there is scope for improvement through stream of study, curriculum development and work place (Co-operative Education) learning.

Positive changes observed included the following:

• Graduates are obtaining associate and fellow accreditation at a younger age. • Mathematics and actuarial science graduates are now viewed as having a high level

of competence with many actuaries being groomed to become president director or director within insurance companies.

• AS graduates are benefitting from the practical experience provided by internships.

Ninety-eight percent among 53 respondents felt that there is no discernable difference between the quality of male and female AS graduates, with only 2% (one respondent) feeling that there is a difference. It was however noted that there are proportionately more female actuaries at junior levels within companies, and more men at senior levels. During the AWP 2017-18 period, the READI project will conduct research to study this issue.

Recommendations to improve the quality of AS graduates included the following:

• Mandatory internships. • AS co-operative education programs. • More case studies, practical assignments and projects during AS study programs. • More opportunities to attend national seminars and workshops. • Scholarships to support AS students and AS lecturers. • Better address the needs and priorities of industry in AS curricula and syllabus. • Continue to increase and promote industry-university cooperation. • Provide more continuous professional development opportunities for AS lecturers. • Emphasis on math outreach efforts in order to attract the best and the brightest to AS

studies. • More female leaders as role models in the PAI.

1100-3 Perception by Indonesian business, universities, government agencies of the availability and quality of actuarial science graduates

Sub-indicator


Depth of knowledge of AS graduates 2.5 (fair to good) Balance between theoretical and practical knowledge

2.2 (fair to good)

Evidence of communication skills 2.1 (fair to good) Evidence of business acumen 2.1 (fair to good)


III Immediate Outcome 1110 Strengthened linkages between industry and university for improved, gender equitable actuarial science education in Indonesia

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1110-1 Number of sustainable linkages6 established between industry and universities involving the actuarial profession

a small number of linkages

10 by end of project

2 5 NO 50%

1110-2 Perception of effectiveness of Industry-University Task Force and working groups by stakeholders

0 Majority of respondents rate as “good” to “excellent” five variables*

No target set

Majority of respondents rate as “good” to “excellent”*

Close – but room for improvement in these formative stages, as noted in comments

Range between 3.0 and 3.6 across variables

1110-3 Number of co-op programs that meet criteria established by project (duration, number of placements, nature of work and compensation)

0 3 co-op programs by project end

concepts introduced - all partners

8 NO ~20%

1110-4 Number co-op terms offered by employers and utilized by students (m/f)

0 270 co-op terms (50% by females)

0 0 NO 0%

*i.e. a weighted average score of between 3 and 4 on a 4 point scale

6 READI’s working definition of “Sustainable industry-university linkages” refers to: working groups or committees formed and active; regular/annual events held; or joint initiatives undertaken.


III Progress in Achieving Planned Results

In the baseline data survey two sets of variables were used to assess the perception of the effectiveness of the IUTF. Results of the survey, from 55 respondents and 49 respondents respectively are presented below.

Changes observed since late 2015 include the following:

• Previously lots of initiatives, but fragmented • OJK is now helping to promote actuarial science • Previously there were fewer internship

opportunities

Examples of changes that have occurred, which cannot be attributed to the READI project include:

• UGM working with Allianz, AXA, Manulife and Jasindo

• Prudential support for the UI MM Actuarial Science stream

• PAI outreach • Scholarships from insurance companies • Some universities-insurance company MoUs for collaboration • Student internship opportunities • PAI-university equivalency arrangements and PAI exam centres

READI project has facilitated increased communication and collaboration between industry, universities, OJK, PPPK and PAI. On January 12, 2017, the first formal industry university linkage was achieved in the form of the Industry-University Task Force (IUTF). Thirty-five (16 F and 19M) participants collaborated to begin working to identify strategies and solutions to help overcome challenges hampering actuarial science development in Indonesia. A further four working groups were subsequently established; 1) Applied Actuarial Science Research, 2) Mathematics Outreach and Public Awareness, 3) Co-operative Education, and 4) Recruitment and Development of Actuarial Science Lecturers. As such five of the 10 industry – university linkages expected by end of project have already been achieved. In summary project initiated changes include:

• IUTF and its four working groups; • Industry speakers at university outreach events; and • Industry and university representatives considering co-op education activities

7 READI’s working definition of “Sustainable industry-university linkages” refers to: working groups or committees formed and active; regular/annual events held; or joint initiatives undertaken.


Sub-indicator % (n = 55)

Knowledge of Industry-University cooperation initiatives

16.3%

No knowledge of Industry-University cooperation initiatives

83.6%

Sub-indicator Industry-University initiatives (n = 49)

No change perceived since late 2015 (base line)

14%

Change perceived since late 2015

61%

Unable to say 25%


III IUTF member feedback on the effectiveness of the IUTF and associated working groups is quite positive. The 15 IUTF members surveyed at the end of Year Two rated the Task Force as follows:

• clarity of purpose – 3.6 (“good” to “excellent”) • quality of IUTF planning – 3.3 (“good” to “excellent”) • progress to-date as – 3.0 (“good”) • IUTF secretarial support – 3.5 (“good” to “excellent”) • IUTF routines and culture – 3.1 (“good” to “excellent”)

Finding the time to attend is the biggest challenge. In the working groups, about half said they felt “engaged in activities”, while as many are named on working groups but are not yet sure how to contribute

Recommendations to strengthen the IUTF included the following:

• Further strengthen the socialization of the IUTF to industry and others with interests and supportive networks

• Ensure that IUTF members from universities are well supported by their leadership • Don’t just rely on face to face meetings to get engagement - go virtual • Develop activities that integrate industry needs with student capabilities, keep focused

at a working group level, work in stages and model success - e.g. demonstrating (adaptations of) Co-op programming

Several respondents noted that it is difficult to find the time to participate in the IUTF and IUTF working group meetings. For this reason, READI is endeavouring to hold as many virtual (Skype) meetings as possible for the various working groups since this eliminates the need for travel, which can be extremely time-consuming in the Jakarta area.

With regard to university – industry cooperation (ref. 1110-3 and 1110-4), survey respondents have not perceived much engagement (cooperation between the two was assessed as “poor” to “fair” by survey respondents in May 2017). Between January and March 2017, the READI team held meetings and workshops to explain co-operative education concepts and potential benefits to university, industry and GoI higher education department partners. While internship programs have long-existed at various universities and within the insurance industry, co-operative education as it is practiced at uWaterloo and other Canadian higher education institutes is unknown in Indonesia. A number of insurance sector partners – particularly multinational companies – are keenly interested in hosting co-op students. While many READI partner university partners are intrigued by the various advantages that co-op education offers to students, employers and to the universities themselves, most remain quite cautious on the concept as the longer degree study periods required for co-op programs (5.5 to 6 years as opposed to a standard four-year degree program) conflict with current Badan Akreditasi Nasional Perguruan Tinggi (National University Accreditation Body) key performance indicators which assess universities based on producing graduates within a 4-4.5 year period. While interested in the co-op education concept, the Directorate General of Learning and Student Affairs within Kemenristekdikti also remains cautious and recommends a shortened hybrid version of uWaterloo’s co-op education lifecycle to enable universities to produce graduates in 4-4.5 years. Despite these challenges, two universities, Universitas Prasetiya Mulya and Universitas Pelita Harapan have indicated that they wish to develop and launch co-operative education programs with both universities beginning to take concrete steps to develop workable models. Universitas Sepuluh Nopember – Surabaya has also indicated a strong interest in co-op education, but has yet to take any concrete steps to seriously begin exploring options.


III Immediate Outcome 1120 Strengthened capacity of female and male actuarial science and risk management teaching professionals and institutions, with attention to gender equality, in Indonesia

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target Achieved (Yes/No)


1120-1 Number of (f/m) lecturers at participating Indonesian universities who have: a) attained at least four professional actuarial credits or, b) attained associate status and above of an actuarial organization

a) 1 b) 0

a) 15 b) 2

B) ) 1

C) b) 0*

No target

D) ) 1

a) 1 b) 0

NO 0%

1120-2 Number of (f/m) lecturers who have an advanced degree in a field related to actuarial science and risk management

0 15*** 1 1 NO 7%

1120-3 Number of professional actuarial credits earned by those supported

0 80**** 1 1 NO 1%

*lecturers(f/m)haveattainedatleastfourprofessionalactuarialcredits**lecturers(f/m)haveattainedassociatestatusandaboveofanactuarialorganization***lecturersandpractitionerscompletewithagraduatedegree****professionalactuarialcreditsobtainedbythosesupported

Progress in Achieving Planned Results At the time of project start-up only one lecturer at READI partner universities had attained at least four professional actuarial credits and similarly only two lecturers had PAI associate or fellow status. One part-time lecturer from UPH was supported by the project to complete the uWaterloo one-year MActSci program in 2015-16.

Immediate Outcome 1130 Improved equitable access to actuarial science and risk management education for female and male university students and graduates in Indonesia

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1130-1 Number of (f/m) students enrolled in actuarial science streams in Indonesian universities

< 40 students in 2 Masters streams (UI, ITB).*

600 students**

No target To be reported in Midyear Report

NO ~15%


III

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1130-2 Number of actuarial science and risk management streams of study established and recognized in Indonesian universities

2 masters in actuarial science programs (UI, ITB)

4 undergraduate streams of study (among participating universities)

No target 3 in development - additional 4 with intent to establish

NO 75%

1130-3 Number of companies with a) newly formed, or b) strengthened actuarial development programs

N/A 10 companies

0 0 NO 0%

1130-4 Number of participants (f/m) in employer actuarial science student development programs

N/A 50 people (at least 50% female)

0 0 NO 0%

1130-5 Number actuarial science credits earned by scholarship students, by target student population (gender, home location)

N/A 5,000 actuarial science credits earned (2,500 by females)

0 0 NO 0

* No under-graduate actuarial science streams approved and with enrolled students **(at least 300 female) -includes all students enrolled in identifiable actuarial science streams at identified participating universities

Progress in Achieving Planned Results In 2015, there were two streams of study in the actuarial sciences and risk management. By May 2017 there are an additional three in development and a further four intending to establish programs of study. Data from three participating universities (so far) indicates that since 2015 nearly 70 students (32 males and 35 females) have enrolled in actuarial science degree programs, building on the baseline of less than 40. These numbers will be finalized once all partner universities have reported in.

Very little work has been done to date on the actuarial development program - an initiative to support companies in assisting their staff in preparing for professional upgrading. Less than five firms are known to have such programs in place (baseline number forth coming). By the close of the project, ten firms are projected to have programs in place supporting a combined total of 50 staff. Activities are expected on this component in Year Three.

The same is true for the scholarship program. It will be launched in Year Three.


III Intermediate Outcome 1200 Strengthened actuarial science and risk management pro-fession, with attention to gender equality, in Indonesia

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1200-1 Perception of actuarial profession in Indonesia among industry, actuaries and regulatory bodies, including sensitivity to gender balance/ experiences

Between “Fair” and “Good” (2 to 3)

Positive shifts over time – “Good” to “Excellent” range (3 to 4)

No target set

Between “Fair” and “Good”

No Range between 1.4 and 2.8 across variables

1200-2: Number of ASAI and FSAI accredited actuaries registered with Persatuan Aktuaris Indonesia (PAI).

206 Fellows 193 Associates


No target set


NO 24 Fellows 57 Associates

Progress in Achieving Planned Results An additional 80 actuarial professionals have registered with PAI since January 2016 (gender break down forthcoming). This is seen as a positive trend, though one that is beyond the project to influence much at this early stage.

In the baseline data survey six variables were used to assess the perception of the actuarial profession in Indonesia among industry, actuaries and regulatory bodies, including sensitivity to gender balance / experience. Results of the survey, from 59 respondents are presented to the right.

Nearly half of the respondents noted change since 2015. Comments about the state of the profession point to: the limited (albeit improving) presence of education opportunities in country, an increased profile of late as shown by the number of people sitting for PAI exams, improved on-line access to resources on actuarial practices, a continuing shortage of actuarial expertise being brought to bear on actuarial research, and the external influence on practice of multinationals operating in the country.


Sub-indicator


Existence of practical regulations 2.4 (fair to good) Quality of CPD in AS profession 2.5 (fair to good) Quality of AS professional exams 2.8 (fair to good) Supply of qualified actuarial professionals 1.8 (poor to fair) Research capacity in AS milieu 1.4 (poor to fair)


III Immediate Outcome 1210 Increased awareness of the actuarial profession, including attention to related gender issues, by selected target groups including high school and university students, teachers, and parents in Indonesia

Indicator

Baseline

Targets Established Achievement Project period Year

2016/17 Apr-Mar 2016/17

Project Target

Achieved (Yes/No)


1210-1 Awareness of the actuarial profession in Indonesia among: a) high school (HS) students (f/m) and their families, b) university students, with attention to gender issues

a) ~4% of initial sampling of HS students b) ~32% "good", 49% "fair", 19% "poor" understanding among university Math/Science

a) 50% of students targeted, b) a positive shift

No targets


NO a) ~4% of initial sampling of HS students b) ~32% "good", 49% "fair", 19% "poor" understanding among university Math/Science

1210-2 Number of (f/m) students participating in HS outreach activities (including Initial School Visit, Think About AS session, Problem of the Week distributions), and math competitions

0 50,000 (25,000 each f/m) 5000 math competitions (2500 @f/m)

0 1,574 students (809m, 765f)

NO 1,574 students (809m, 765f)

Progress in Achieving Planned Results At the close of Year Two, baseline research was underway to gauge the level of actuarial science awareness of Math/Statistics students at participating universities. In the research, nearly 300 students and staff were engaged in a conversation as they walked through their Math or Statistics faculty buildings. In the “encounter”, they were asked to describe what an actuary is and then answer a few questions about what they think an actuary does, and about the profession as a career choice. The READI team considers this as valid baseline data given that very little of what READI has accomplished to date would be influencing student perceptions. There is no appreciable difference in survey responses, by gender (slightly more women proportionally, provided robust definitions).

READI intends to repeat the study at the mid-point and again at the end of the project. The projects expects to see a positive perception shift over that time as the High School Math Outreach initiative gains traction along with other outreach/awareness raising activities. Details of the baseline research effort will be available in the baseline data report. Of note here is that just over 30% of Math/Statistics students described what an actuary is in anything more than cursory terms, confirming that much work needs to be done to raise awareness regarding the profession.

Regarding High School Math Outreach, the project Math Outreach officer travelled throughout Indonesia and delivered outreach talks and events about actuarial sciences to increase awareness of the actuarial profession by selected target groups including high school and university students, teachers, and parents. During the “Think about Actuarial Science” events held at various public and private schools in Bandung between Jan and March 2017, READI


III reached out to 1,574 (809 male, 765 female) high school students and 112 (50 male, 62 female) parents to demonstrate that Math is fun, relevant, and leads to exciting careers. The number of the participants is increasing on a daily basis.

In early January, work against this Output began in earnest with a “Think About Actuarial Science” Talk show, January 7, 2017 directed at high school students and their parents. 693 students (438m & 255f) along with 67 parents (30m & 37f) attended the event at the Universitas Indonesia. Students and parents were enthusiastic to know more about: (1) role of an actuary, (2) career opportunities and (3) how to become an actuary.

From January to March 2017 schools in Jakarta, Bogor, Bandung and Malang were visited and a “Think About Mathematics” program was delivered. 727 students (318m & 419f) and 32 teachers (13m & 19f) participated. Strong interest in READI’s math outreach to schools program was exhibited and in response bilingual math outreach materials were developed with more in the pipeline.

On March 30th, READI collaborated with Universitas Pelita Harapan (UPH) in an outreach activity directed at high school students, the “TAAS Talk show: “Actuary Role in General” with 153 students (100m & 53f) participating. READI also trained 13 teachers (7 male & 6 female). The activity enhanced collaboration with UPH and exposed students to the actuarial profession.

In December 2016, READI joined OJK and PAI representatives in a 1,000 Aktuaris event in Makassar. 114 students and university lecturers participated in the event (48 male & 66 female). The project will continue to support OJK 1,000 Actuaries outreach and public education activities whenever possible. In addition, through periodic meetings and workshops, the READI project will continue to raise the project’s profile with other GoI partners including the Directorate General of Higher Education/Ministry of Research, Technology and Higher Education, the Ministry of Finance, and the Ministry of Education and Culture.

Immediate Outcomes 1220 Strengthened capacity8 of the PAI, OJK and PPPK to develop the actuarial profession in Indonesia.

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved

(Yes/No)


1220-1 Perception of the capacity of the PAI, OJK and PPPK to promote and support the development of the actuarial profession in Indonesia, with attention to gender issues.

PAI - ratings between 2.6 and 3.1 “good” to “excellent

PAI-ratings between 2.6 and 3.1 good to excellent

No target 0 NO PAI - ratings between 2.6 and 3.1 “good” to “excellent

8 Among others, variables associated with the capacity of the Indonesian actuarial profession include: public perceptions of the importance of the profession, leadership of the profession in Indonesia in relations with international bodies, domestic policy influence, services to members (e.g., white papers, website, member professional development), capacity to support member compliance with standards, ability to maintain own compliance with IAA standards, attention given to the participation of women and men in the insurance and risk management profession.


III

Indicator

Baseline


Year 2016/17

Apr-Mar 2016/17

Project Target

Achieved

(Yes/No)


1220-2 Progress against capacity building plan (PAI)

Intent to build capacity

Identified capacity building activities implemented by PAI

Capacity assessment completed with action plan

Draft assessment ready for discussion at PAI

NO PAI~10%

*shift in several or more of the variables noted in footnote 9 on a “poor” to “excellent” scale **Identified capacity building activities implemented by PAI

Progress in Achieving Planned Results During this fiscal year an evaluation of capacity building needs of PAI was undertaken and recommendations made to help address gaps. As the senior management of PAI are all volunteers with other full-time jobs, the evaluation strongly recommended the hiring of an Executive Director to lead PAI and take some of the burden off the volunteer directors. READI has agreed to fund the Executive Director position for a limited time, contingent upon PAI developing a sustainable financial plan that will allow PAI to cover all associated costs by the project end-date. Along with the Executive Director position, the evaluation recommended a number of capacity development initiatives all of which have received preliminary (but not yet formal) approval from senior PAI representatives. This includes the following capacity building initiatives:

• Strengthen continuous professional development (CPD) activities and monitoring of PAI member’s CPD activities and status;

• Develop a more robust management information system;

• Improve the PAI website and offer more on-line content and resources;

• Develop and adopt a new strategic plan for the 2018-2020 period;

• Increase membership fees to help strengthen PAI financial resources and operational options;

• Create study groups to support working students and associates;

• Consider providing access to uwaterloo e-courses for PAI members;

• Promote the presence of actuaries in selected public-sector institutions (e.g. BPJS); and

• Support development of actuarial science research in Indonesia.


III In the baseline data survey, nine variables were used to assess the perception of the capacity of the PAI to promote and support the development of the actuarial profession in Indonesia, with attention to gender issues (so far, baseline research has been restricted to PAI as this is where commitments have been made to engage in a concerted capacity building process).

Results of the survey, from 47 respondents are presented below with the baseline focused exclusively on PAI.

About 90% of respondents “agreed” (39.1%) or “strongly agreed” (50%) that women and men are treated equitably by the PAI, with 10% “unable to say”.

A quarter of respondents said that they observed a change between 2015 and now. About a third (31.9%) said the opposite. The remainder said they weren’t able to say. Examples of changes included:

• A new vision, mission. Full time committed secretariat. Younger leadership. • More women acting as PAI administrators/board members. • PAI playing a more

visible role in promoting actuarial science.

Survey respondents recommended the following to reinforce or strengthen the capacity of PAI:

• More informal meetings to provide a venue for PAI members to trade knowledge and experience. This would be particularly useful for young, newly-accredited actuaries.

• More training and seminars.

• A clear PAI work plan supervised by an active board of directors (pengurus).

• Deeper levels of cooperation with universities and industry.

• Promotion of actuarial research by offering incentives and rewards.

• Help to increase the managerial skills of actuaries. • Training to actuarial science lecturers and students. • Strengthening the PAI’s human resources to provide more capacity to accelerate the

PAI’s development and support provision of services to members, • Improving the quality of exams, professional development and standards of practice. • Increasing interactions with general (non-life) insurance companies.

1220-1 Perception of the capacity of the PAI, OJK and PPPK to promote and support the development of the actuarial profession in Indonesia, with attention to gender issues (focus only on PAI)

Sub-indicator Average Score

(4-pt scale, n = 47)

Relevance of PAI to people in the actuarial profession 3.1 (good to excellent)

Leadership provided by PAI to international bodies on behalf of the profession in Indonesia

3.0 (ggod)

PAI responsiveness to requests made to PAI, OJK and PPPK

2.6 (fair to good)

PAI’s level of professionalism 2.8 (fair to good)

PAI visibility to external audiences with whom it communicates

2.8 (fair to good)

PAI’s influence on government policy related to the profession

3.0 (good)

Quality of PAI services provided to members 2.7 (fair to good)

Capacity to support member compliance with standards

2.7 (fair to good)

PAI ability to maintain compliance with IAA standards 2.8 (fair to good)


III 3.2 Lessons Learned and Implications for future Project Activities Several lessons learned have been gathered over the reporting period which have been considered and addressed.

Theme Context Implications for Future Activities

Communications The communication needs of all of the stakeholders (industry, university, uWaterloo, OJK, Global Affairs Canada) are different and require materials for the specific target audiences.

An overall communications strategy, preferably web based, is needed to ensure that all team members in Canada and Jakarta are not duplicating efforts and are all in alignment with respect to target dates.

Complexity of Operations

Large bureaucracies such as uWaterloo and OJK move at a relatively slow pace.

Significant advance planning is required to ensure targets are met.

Master’s Degree Program at uWaterloo

With no new applications occurring in this reporting period, considerable effort was spent in trying to understand why interest was so low and how to address it.

Early promotion of the program with prospective candidates, financial support for English language training, additional scholarship funding, and active recruitment all necessary to increase numbers.

On Line Learning Significant carbon credits can be achieved through delivery of on line courses as opposed to in person course delivery. The mechanics and interest though in the on-line courses is yet to be fully assessed.

Assuming there is a high level of interest among both Indonesian lecturers and students, further support may need to be provided, preferably through industry donors, to put enough courses on line to allow them to be used as training materials for the PAI exams. Additional course support materials, with practical examples and relevant subjects, would also enhance the teaching process.

Co-operative Education Programs in Indonesia

The educational system in Indonesia leaves only a couple of months during the summer during which most Universities can offer co-operative learning opportunities. Discussions with DIKTI and the Deans of all partner universities are needed to urge for structural changes or flexibility in the curriculum. Without such changes only the highly flexible private universities or public universities with sufficient seniority can effectively pilot co-op models – and even their models will likely be of a “hybrid” nature until strong proof of the efficacy of the co-op education can be clearly demonstrated in Indonesia.

The focus has moved away from training all partner universities in comprehensive co-op program delivery to only those that are showing serious interest in becoming early adopters of co-op education. Due to Badan Akreditasi Nasional and DIKTI regulations, most universities are very hesitant to try piloting full-fledged co-op education models (e.g. similar to those used in Canada), as they fear losing the “A” level accreditation. Similarly, many Indonesian parents see completing undergraduate studies within a four-year period as the ideal. For these reasons, it is clear that the project will have to work with interested universities to experiment and pilot various “hybrid co-op education models”, and endeavour to demonstrate the many benefits of the co-op education model to students, parents, university administrators, industry representatives and GoI institutions overseeing higher education. As such, an incremental approach to introducing co-operative education models appears to be both necessary and prudent.


III 3.3 Proposed Adjustments or Implemented Changes In the early stages of project design, it was thought that focusing on SOA and IFoA in terms of international standards would be the best approach. In discussions with the PAI, it was decided that PAI, in and of itself, met international standards and thus the focus has shifted to ensuring that the standard that needs to be met in Indonesia by Indonesian actuaries, is that of PAI. READI’s work with it’s partner Indonesian Universities is therefore now in alignment with PAI standards and accreditation of courses by PAI is the desired outcome.


IV 4.0 Management Activities The following Table presents the key capacity development and project management activities approved for 2016/2017 and the status of implementation of respective activities as of March 31, 2017. This Table will not be repeated in future Annual Reports as all of the activities will have been either fully integrated (i.e., gender equality and climate change) or will have been completed.

Activities Report for Fiscal Year 2016/2017

WBS# Immediate Outcome

Planned Outputs Outputs & Activities Actual % Completion End FY

Remarks

Cross Cutting Themes, Management, Administration and Reporting are effective and efficient

Cross Cutting Themes, Management, Administration and Reporting are effective and efficient

90% See below

10 Offices staffed Staffing action 100% 20 Goods, assets and supplies

procured in Canada and Indonesia

Offices effectively equipped through a robust procurement process, renting when possible

100%

30 READI Project provides secretariat and technical support to the PSC, Technical Committee and Task Forces

Annual PSC & TC meetings, University Industry Task Force Meetings

100%

40 Work plans, budgets and reports prepared and submitted as per CA Appendix D

PIP, AWP, 1st Annual Report, Midyear Report (for each year)

100%

50 Project results and risks monitored and assessed, RBM understood and practised.

RBM Developed and Implemented

95% Baseline data validation pending

60 Apply gender equity principles to achieve gender equality

Gender Equity Strategy Implemented

43% Indonesian specialist to be hired

70 Implement the project in a climate friendly way while engaging actuaries and risk managers in a program focused on climate and development

Environment and Climate Program Developed and Delivered

93% Climate change program launch in May 2017


App.

Appendix A: Map showing location of partner universities

No. Name State or Private

Location

1 Institut Teknologi Sepuluh November (ITS) State Surabaya, East Java 2 Universitats Gadjah Mada (UGM) State Yogyakarta, Central Java 3 Institut Teknologi Bandung (ITB) State Bandung, West Java 4 Institut Pertanian Bogor (IPB) State Bogor, West Java 5 Universitas Indonesia (UI) State Jakarta 6 Universitas Pelita Harapan (UPH) Private Karawaci, Banten 7 Surya University Private Serpong, Banten 8 Universitas Parahyangan Private Bandung, West Java 9 Universitas Prasetiya Mulya private Serpong, Banten


App.

Appendix B : Summary of Progress Against Outcome and Output Targets WBS# Immediate

Outcome Indicators Baseline

Data Planned

2016/2017 Target

Actual 2016/2017

Target

2016/2017 Variance

Comments

Cumulative Against EOP

Target

Expected EOP Target

% Completion

1110 Strengthened linkages between industry and university for improved, gender equitable actuarial science education in Indonesia

1110-1 Number of sustainable linkages established between industry and universities involving the actuarial profession

a small number of linkages

2 5 Exceeded target

5 10 50%

1110-2 Perception of effectiveness of Industry-University Task Force and working groups by stakeholders

0 No target set

Majority of respondents rate as “good” to “excellent”

No target set for Year 1

Range between 3.0 and 3.6 across variables

Majority of respondents rate as good to excellent

~50%


0 concepts introduced - all partners

8 Cooperative Education concepts introduced; dialogue with 2 universities

8 3 ~20%


App.


Indicators Baseline Data

Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion

1110-4 Number co-op terms offered by employers and utilized by students (m/f)

0 0 0 Design options under consideration - 2 universities

0 270 0%



a) 1, b) 0

a, b) no target established (NTE)

a) 1, b) 0

1 additional lecturer has attained between 1 and 3 credits

a) 1, b) 0

a) 15, b) 2

0%


0 1 1 1 15 7%


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion


0 1 1 1 80 1%



<40 NTE To be reported in

Midyear Report

To be reported in Midyear

Report

600 ~15%

1130-2 Number of actuarial science and risk management streams of study established and recognized in Indonesian universities

2 NTE 3 in development additional 4 with intent to

establish

3 4 ~75%

1130-3 Number of companies with a) newly formed, or b) strengthened actuarial development program

N/A 0 0 0 10 0%


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion


N/A 0 0 0 50 0%


N/A 0 0 0 5000 0%

1210 Increased awareness of the actuarial profession, including attention to related gender issues, by selected target groups including high school and

1210-1 Awareness of the actuarial profession in Indonesia among: a) high school (HS) students (f/m) and their families, b) university students, with attention to gender issues


No target a) ~4% of initial sampling of HS students b) ~32% "good", 49% "fair", 19% "poor" understanding among university Math/Science


a) 50% of students targeted, b) a positive shift

n/a


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion

university students, teachers, and parents in Indonesia


0 0 1574 809m 765f

1574 809m 765f

50,000 (25,000 each

f/m) 5000 math

competitions (2500 @f/m)

3%

1220 Strengthened capacity of the PAI, OJK and PPPK to develop the actuarial profession in Indonesia

1220-1 Perception of the capacity of the PAI, OJK and PPPK to promote and support the development of the actuarial profession in Indonesia, with attention to gender issues.

PAI - rating s between 2.6 and 3.1 of 4 good to excellent

No target 20% of respondents said, "no change" since 2015

Capacity building assessment and plan in formation at the end of 2016

PAI - rating s between 2.6 and 3.1 of 4

PAI ratings between 2.6 and 3.1 good to excellent

Incremental at this point



Capacity assessment completed with action plan

Draft assessment ready for discussion at PAI

on target Agreement on activities and targets


PAI ~10%


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion

1111 Technical assistance (TA) provided to partner universities to establish actuarial science and risk management streams of study

1111-1 Number of universities receiving TA to support establishment AS steams of study

0 3 3 3 6 50%

1111-2 Effectiveness of the TA provided in support of establishing AS streams of study

N/A NTE NTE No Targets Established

NTE 70% 0%

1112 Actuarial Science Applied Research Program established and operated


0 0 0 0 40 0%

1112-2 Perception of quality and value [1] of program by stakeholders (applicants/ recipients)

0 NTE NTE 0 70% 0%

1113 Industry – University Task Force and associated

1113-1 Number of industry-university task forces or working groups established

0 1 task force 4 working

groups


groups


groups

1 100%


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion

working groups established and operated

1113-2 Effectiveness of the TA provided in support of creating and operating an industry-university task force and associated working groups

0 NTE NTE NTE 70% To be reported in

Midyear report

1114 TA provided to selected universities to support development of actuarial science and risk management co-op programs


0 9 universities

& 15 companies

9 universities & 5

companies

9 universities & 5 companies

7 Universities 15

companies

64%


N/A NTE NTE To be reported in Midyear

report

70% 0%

1121 TA provided to partner universities for curriculum design – including review of international standards, course

1121-1 Number of universities for which actuarial science and risk management courses are verified as addressing material specified in Indonesian

0 7 7 7 9 78%


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion

mapping and textbook review – that addresses material specified in Indonesian actuarial science professional exams

actuarial science professional exams



report

70% 0%

1122 Lecturers and selected female and male practitioners supported to obtain actuarial credits and/or relevant graduate degrees


0 1 1 1 30 3%

1122-2 Number of (f/m) lecturers and practitioners supported through the project to obtain a Masters degree in actuarial science, statistics or mathematics

0 1 1 1 19 5%


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion

1123 Actuarial science mentoring provided through short courses, e-courses and workshops to selected female and male teaching professionals


0 3 3 3 25 12%


0 2 2 2 12 17%


N/A NTE NTE 0 24 0%

1131 Actuarial sci-ence and risk management scholarship program targeted for female and male undergrad students designed and operated


0 NTE NTE 0 1,900,000 0%

1131-2 Number of undergrad student-years completed by

0 NTE NTE 0 250 0%


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion

scholarship students

1132 TA provided to employers to strengthen actuarial development programs for employees

1132-1 Number of employers receiving TA for actuarial devel-opment programs

0 NTE NTE 0 50 0%


N/A NTE NTE 0 70% 0%

1211 TA provided to partners on delivery of high school math out-reach programs with an actuarial science focus


0 0 2 2 9 22%


N/A NTE 0 To be reported in Midyear

report

70% 0%


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion

1212 Actuarial science and risk management awareness campaigns designed and implemented


0 0 0 0 15 0%

1212-2 Effectiveness of the TA provided in support of awareness programming


report

70% 0%

1213 Public interest in actuarial science and risk management promoted through research, publications and media


0 NTE NTE No related activities yet

25 0%


N/A NTE NTE No related activities yet

50% 0%


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion

1221 International professional association and regulator linkages on profession-related topics facilitated for OJK, PPPK and PAI


0 1 1 1 5 20%


0 1 1 1 10 10%

1222 Continuing Professional Development (CPD) seminars workshops and mentorships conducted for actuaries and other stakeholders


0 0 0 0 20 0%


0 0 0 0 400 0%

1223 TA provided to regulators and


0 0 0 0 1 0%


App.



Planned 2016/2017

Target

Actual 2016/2017

Target

2016/2017 Variance

Comments


Target

Expected EOP Target

% Completion

associations to strengthen organizational capacity


0 NTE NTE To be reported in Midyear

Report

70% 0%


App.

Appendix C: Communications About the Project Actuarial expertise is essential to sustainable management of government supported public

health, social assistance and pension programs. Indonesia presently faces a shortage of

accredited actuaries, threatening the growth of the insurance and pension industry and

presenting a risk to economic stability and growth for Indonesia. The Risk Management,

Economic Sustainability and Actuarial Science in Indonesia (READI) project addresses a

critical and focused development need – filling a key human resources gap and addressing a

significant risk to economic stability and growth for Indonesia. The project will help ensure a

path away from poverty and towards sustainable economic growth by increasing the number

and quality of Indonesia actuarial science graduates available, encompassing and building

linkages among three pillars of the actuarial profession - business, education and government,

and deepening the understanding of actuarial science and risk management as a profession

to the public. The project funding is undertaken with the financial support of Government of

Canada provided through the Department of Global Affairs Canada (GAC). Manulife Financial

Indonesia has generously provided one million CAD in co-funding to support the project.

Similarly, Sun Life Financial has provided one half million CAD to support senior actuarial

technical advice services provided by the University of Waterloo.

As University of Waterloo is recognized as one of the top actuarial schools in the world and

one of Canada’s best and most innovative universities, it is chosen to serve as the Canadian

Executing Agency (CEA) of the project. In 50 short years, the University of Waterloo has

become known for the breadth and quality of our academic programs, the partnerships we

have with industry through co-operative education, the quality and achievements of our

students and graduates, our high rankings in international competitions for students, and the

teaching and research accomplishments of our professors. As home to the world's largest

post-secondary co-operative education program, Waterloo embraces its connections to the

world and encourages enterprising partnerships in learning, research, and commercialization.

The project is housed in the Department of Statistics and Actuarial Science at the University

of Waterloo. The Department of Statistics and Actuarial Science is home to one of the world’s

largest undergraduate and graduate programs in actuarial science and more than 40 research

active full-time faculty working in diverse and exciting areas. The Department offers a vibrant

research environment for a wide range of areas including foundations of statistics, analysis of

longitudinal and life history data, computational inference, finance, risk management, ruin

theory, survey methods, industrial statistics, interdisciplinary collaborative work.

The project’s objective is to establish Indonesia as a regional centre of actuarial excellence.

Project activities are designed to enhance the capacity of educational institutions to meet

clearly identified labour market demands and engage the private sector in providing students

with appropriate, meaningful and structured workplace learning opportunities through to

employment. Project efforts will supplement the Otoritas Jasa Keuangan (OJK)’s 1,000

Actuaries program by providing gender-equitable opportunities and support for innovative,

high-quality actuarial science education, certification and professional development. The

project is working with a range of key stakeholders including high schools and universities, the

insurance and pensions industry, Indonesia’s professional actuarial association, and

government agencies to reach this goal. An Industry-University Task Force has been

established with the support and facilitation of the READI project to identify strategies and

solutions to help overcome the challenges hampering the actuarial science profession in

Indonesia. READI efforts to increase public awareness regarding the READI project, the


App.

important roles that actuaries play in economic development and the compelling career

opportunities that exist for actuaries in Indonesia.

Actuarial science is the application of statistics, probability, and risk theory to real-life financial

problems involving future uncertainty. Actuaries provide an underpinning in risk assessment

and assurance of sound business practice similar to financial auditors. Risk based regulation

of the insurance and pensions industry, adopted by Indonesia following Canada’s lead,

requires the professional understanding and oversight provided by accredited actuaries.

Understanding of and expertise in risk management and actuarial science is also important

for public sector financial and management capacity, particularly at the national and regional

levels. Access to more and better actuarial science graduates by government and business

will improve transparency and security in management of public finances (e.g., pension and

health insurance systems) and improve the trade and investment climate in Indonesia.

The READI project will help ensure a path away from poverty and towards sustainable

economic growth by helping to build the capacity of universities in Indonesia to train actuaries

who can work towards these goals. Project activities will enhance the capacity of educational

institutions to meet clearly identified labor market demands and engage the private sector in

providing students with appropriate, meaningful and structured workplace learning

opportunities through to employment. More Indonesian actuarial science graduates with

strengthened education acquired in Indonesia will support business growth, market expansion

and productivity.

The READI project communicates information to the public through math outreach activities,

education and career fairs, university open houses, workshops, seminars, short courses and

conferences with the support of various media including brochures, web and social media

based content and videos. The project also incorporates the promotion of climate change,

gender and social inclusion among all project activates to contribute to poverty reduction and

sustainable economic growth. A comprehensive website gives the public access to a wealth

of information on the project’s activities and progress. The project also has an extensive

outreach program to ensure that individual high school students, university students, students’

parents, university, industry and organizations understand the project objectives and activities

and ultimately, contribute in the project.

Strategies and Activities to Promote Public Awareness of the READI Project in Indonesia READI efforts to increase public awareness regarding the READI project, the important roles

that actuaries play in economic development and the compelling career opportunities that exist

for actuaries in Indonesia, will focus on a select number of target groups. This will include:

• high school students participating in READI outreach activities;

• parents of high school students attending education and career fairs;

• high school mathematics teachers and guidance counsellors;

• undergraduate students who exhibit the requisite mathematics abilities, discipline and

interest to study actuarial science;

• mathematics and science lecturers at READI partner universities;

• researchers interested in applications of actuarial science including risks associated

with climate change and gender dimensions related to the actuarial science milieu; and

• general insurance companies and members of the General Insurance Association of

Indonesia (AAUI).


App.

To support these efforts, the project will produce a variety of public education materials using

various media. This will include: printed materials such as pamphlets and brochures; web and

social media based content; and a series of short, “catchy” videos. These materials will be

used to support public education efforts through math outreach activities, career fairs,

university open houses, workshops, seminars and conferences.

The project will also collaborate with partner universities to support and enrich their outreach

activities, along with education and outreach activities undertaken by interested insurance

companies, the Life Insurance Association of Indonesia (AAJI) and the Society of Actuaries

Indonesia (PAI). The project will continue to support OJK 1,000 Actuaries outreach and public

education activities whenever possible. In addition, through periodic meetings and

workshops, the READI project will continue to raise the project’s profile with other GoI partners

including the Directorate General of Higher Education/Ministry of Research, Technology and

Higher Education, the Ministry of Finance, and the Ministry of Education and Culture.

Strategies and Activities to Promote Public Awareness of the READI Project in Canada To increase awareness of the READI project and access to the progress of the project, a

mixed method approach has been adopted for public awareness raising efforts in

Canada. The approach harnesses the strength of the internet and the University of Waterloo’s

reach and networks to promote and facilitate participation opportunities. The methods used

include:

• Production and regular updating of the READI website;

• UWaterloo Daily Bulletin;

• Faculty and department pathway pages; and

• Press release with project partners.

READI Website The READI website was launched in September 2016. The project has increased its use of

social media and other online and multimedia communications tools to strengthen its outreach

to the publics. Tracking of website usage is not available for 2016/2017, however, analytics

will be put in place to monitor usage and will be reported in the 2017/2018 midyear and annual

reports.

The website provides access to all of the project’s notices and publications, surveys, applied

research/public interest papers, research fund, backgrounders, and videos. Educational

content about the project covers general interest topics such as the actuarial science

professional, gender equality, climate change and social inclusion. The READI project

collaborates with GAC and industry to promote the news posted on the READI website.

The project continues to improve its website user experience. Web content is modified and

updated as needed to support both ongoing work and special communications activities.

Examples include major updates to website information on the call for Proposals and the

online communications content made available to support the launch of the applied research

program and the outreach events. The project management team provides quarterly,

semiannual and annual updates on the project progress to GAC, which allow the stakeholders

to receive details as to the expected deliverables and provide external perspectives on facing

issues, which assists in updating our stakeholders on project progress, key goals and activities

in a timely manner.


App.

Daily Bulletin Milestones of the project will be suggested to be featured on UWaterloo’s Daily Bulletin, an

electronic news bulletin issued daily. The Daily Bulletin is also available as an e-newsletter,

mailed to subscribers each working day. All UW faculty and staff are automatically subscribed

to the e-newsletter. Students, retirees, and general community readers are invited to subscribe

to the e-newsletter by adding their email address on the e-newsletter subscription page. The

Daily Bulletin’s e-newsletter goes out to 3,815 subscribers. As for web traffic, the Daily

Bulletin’s website receives an average of 2,000 page views on a day to day basis.

Faculty and Department Pathway Pages Milestones of the project will be delivered on the homepages of the Faculty of Mathematics

and the Department of Statistics and Actuarial Science at UWaterloo to increase awareness

of targeted audience in the Mathematics field.

Press Releases and Media Engagement Sun Life Financial Asia (Sun Life Asia) and University of Waterloo have announced Professor

Ken Seng Tan as the recipient of the Sun Life Fellowship in International Actuarial Science.

As the Sun Life Fellow in International Actuarial Science, Professor Tan will serve as the Chief

Actuarial Advisor for the READI project (Risk Management, Economic Sustainability and

Actuarial Science Development in Indonesia) that University of Waterloo is currently

implementing with the Government of Canada, the Financial Services Authority of Indonesia

(‘OJK’) and other partners.

https://uwaterloo.ca/risk-management-economic-sustainability-actuarial-science-

development-indonesia/news/prof-ken-seng-tan-named-sun-life-fellow-international


App.

Appendix D: Result and Risk Management Tools (PMF, RR) Updated Project Measurement Framework

EXPECTED RESULTS

INDICATORS BASELINE DATA

TARGETS (by project end unless other-wise noted)

DATA SOURCES

DATA COLLECTION METHODS

FREQ.

RESP.

1000 Indonesia recognized as a centre of excellence in actuarial science and risk manage-ment with attention to gender equality1

1000-1 No. of Indonesian university departments or faculties offering actuarial programs recognized as centres of excellence in actuarial science and risk management with attention to gender equity assessed against criteria established by READI

No departments or faculties recognized as “center of AS excellence”

1 by 2019, 2 by project end

In-country and international published docu-ments

Institute publications

Review of university AS/Risk Management program against Centre of Excellence Criteria.

Document reviews

Baseline

Mid-term

Five-year

Project Director/Field Director

1 The READI project is still finalizing the criteria that will be used to assess “centres of actuarial science/risk management excellence”. Proposed assessment criteria include the following: 1) The Department/Faculty must offer an Actuarial Science stream; 2) The Department/Faculty must have two full-time lecturers who demonstrate a “substantial commitment to actuarial science.” At least one of these lecturers must be Associate/Fellow of an actuarial association, and at least one must have a PhD in a related field; 3) The Department/Faculty must demonstrate some ongoing scholarship in Actuarial Science; 4) a co-op education/work integrated learning program or professional internship; and 5) an active research program.


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

1000-2 Perception of Indonesian and international professionals active in actuarial science of the quality and gender equity of Indonesia’s actuarial science and risk management education2.

fair – good

(see baseline data study for details)

Positive shifts over time in several or more of the variables noted in footnote 2 on a “poor” to “excellent” scaler. Positive shift on a question that compares the quality of Indonesian actuarial science education to comparative ASEAN countries

Surveys and interviews with stakeholder groups (industry, government, educators, professionals) including leaders and members of PAI and international actuarial associations

On-line survey with follow up key informant interview

Baseline

Mid-term

Five-year

Project Director/Field Director with consultant support

1100 Increased equitable employment of female and male Indonesian accredited actuarial

1100-1 Number of female and male actuarial science graduates in Indonesia who obtained nationally or internationally recognized credentials during

0

150 (50% female) Key contacts in partner universities, government, associations (PAI, AAUI, AAJI) and

Key informant interviews with senior administrator /HR contacts

Baseline

Mid-term


2 Variables associated with the strength of actuarial science and risk management education include: syllabus alignment with accreditation exam, faculty teaching practices to deliver of content, faculty knowledge of AS content, engagement of teaching institutions with industry, management of the teaching institution, understanding /awareness of and attention to gender equity/diversity issues in teaching/learning, attention to climate risk and risk management in teaching/learning


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

science and risk management graduates by Indonesian businesses, universities and government agencies

the 2016 – 2020 period3.

Indonesian companies

Five-year

1100-2 Number of female and male actuarial science graduates employed by relevant Indonesian businesses, universities or government agencies within six months of graduating during the 2016 – 2020 period.

0

(@ 31Dec2016)

200

Key contacts in partner universities, government, associations (PAI, AAUI, AAJI) and Indonesian companies

Key informant interviews with senior administrator /HR contacts using checklist of data needs (hiring data direct for each entity, and hiring data as tracked by universities or associations for alumni/members)

Baseline

Mid-term

Five-year


3 Note that apart from one uWaterloo MActSci scholarship recipient who was granted IFoA credits based on her MActSci program performance, READI’s support for and influence on achievement nationally or internationally recognized credentials did not begin until the 2017/18 academic year at which time the Undergraduate Scholarship Program began reimbursing AS program students for successfully taking PAI exams.


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

1100-3 Perception by Indonesian business, universities, government agencies of the availability and quality of actuarial science graduates4

Fair

(see baseline data report for more details)

majority of respondents provide combined scores in the “good” to “excellent” range for variables

Partner institutions

DIKTI

PAI

AAJI, AAUI

Indonesian companies

On line survey Baseline

Mid-term

Five-year


1200 Strengthened actuarial science and risk man-agement pro-fession, with attention to gender


Between fair and good

Majority of respondents provide combined scores in the “good” to “excellent” range for variables


DIKTI

PAI

AAJI, AAUI

Local industry


Mid-term

Five-year


4 Quality refers to having sufficient, relevant knowledge and skills, and to being gender sensitive.


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

equality, in Indonesia5 1200-2: Number of

ASAI and FSAI accredited actuaries registered with Persatuan Aktuaris Indonesia (PAI).

206 Fellows,

193 Associates

230 Fellow

250 Assocaites

PAI

Key informant interview with senior admin.

Baseline

Mid-term

Five-year

Field Director with consultant support

1110 Strengthened linkages6 between industry and university for improved, gender


A small number of linkages

10 Partner institutions

DIKTI

PAI

AAJI, AAUI

Local industry

On line survey

Baseline

Mid-term


5 Variables to be checked include: a) Presence of regulatory practices, b) Quality of Continuing Professional Development in the Actuarial Sciences, c) Quality of professional actuarial examinations, d) Supply of qualified actuarial professionals, e) Research capacity in the Actuarial Sciences, f) Attention to gender/diversity in career advancement, policies and practices of industry associations 6 A linkage is a formal agreement to co-operate, cemented with the creation of a joint body or a collaborative undertaking. It could be a task force, working group, or a joint research initiative. 8 READI’s working definition of “Sustainable industry-university linkages” refers to: working groups or committees formed and active; regular/annual events held; or joint initiatives undertaken.


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

equitable actuarial science education in Indonesia7

Five-year

1110-2 Perception of effectiveness of Industry-University Task Force and working groups by stakeholders9

0 Majority of survey and interview re-spondents rate the variables as “good” or “excellent”

Participants on the IUTF from industry, universities and government

Online survey with debriefing workshop

Annual

PO – Capacity Development and Training


0 3 co-op programs – by project end

Participating institution reports and key contacts

Tracking status of participating institutions:

a) plan to actual

b) against agreed Co-op Program Criteria

Annual

PO – Co-op Education

1110-4 Number of co-op terms offered

270 co-op terms (50% by females)

Count of Coop terms offered and # of

7 Variables associated with strengthened linkages include: visibility, clarity of purpose, scope of topics, formality of culture, representativeness (f/m), effectiveness, innovativeness, responsiveness, sensitivity to gender equity/diversity in the profession. 9 Effectiveness variables for the IUTF include: level of participation, breadth of representation, sharpness of focus, quality of planning, progress against plan, availability of secretariat support, and coherence of organizational structure.


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

by employers and utilized by students.

students enrolled



a) 1

b) 0

a)15 lecturers (f/m) have attained at least four professional actuarial credits b)2 lecturers (f/m) have attained associate status and above of an actuarial organization


Analysis of project and participating institution reports; interactions with key contacts using checklist of data needs

Annual

Field Director/ Chief Actuarial Advisor with consultant support


0 15 lecturers and practitioners complete with a graduate degree


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.


0 80 professional actuarial credits obtained by those supported



<40 students in 2 Masters streams (UI, ITB).

-600 students (at least 300 female) -includes all students enrolled in identifiable actuarial science streams at identified par-ticipating univer-sities.


Analysis of enrollment data; key informant interviews with partner contacts using checklist of data needs

Annual

Chief Actuarial Advisor with consultant support

1130-2 Number of actuarial science and risk management streams of study established and recognized in partner universities

Two masters in actuarial science pro-grams (UI, ITB), One draft Bachelor’s program in approval process (Surya)

4 undergraduate streams of study (among participating universities)


Analysis of project and participating institution reports; interactions with key contacts using checklist of data needs

Annual

Chief Actuarial Advisor with consultant support


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

1130-3 Number of companies with a) newly formed, or b) strengthened actuarial development program

NA

10 companies Insurance companies

Key informant interviews with key contacts using checklist of data needs

Baseline

Mid-term

Five-year



NA 50 people (at least 50% female)

Insurance companies


N/A 5,000 actuarial science credits earned (2,500 by females)

Scholarship Mgmt. Database

Review reports from data base, follow up with students, as needed

Real time

Scholarship/ Research Officer


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

1210 Increased awareness of the actuarial profession, including attention to related gender issues, by selected target groups including high school and university students, teachers, and parents in Indonesia

1210-1 High school and university students and their families’ awareness and associated perceptions of actuarial profession in Indonesia with attention to gender issues

Initial average recognition rate (HS student) is about 4% equally distributed between genders

Anticipate about 50% recognition rate (f/m) in targeted schools

High School Students & families

Question posed at beginning of each school visit (session), number count of students recognizing what an Actuary is, broken down by gender, grade

Real time (with each school visit)

PO – Math Outreach

University student recognition (f/m) to be determined in baseline study

University student recognition (f/m) to be determined once baseline is known

Students and faculty using the Math and Science buildings

Transect walk through math/science buildings

Baseline

Mid-term

Five-year



App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.


0 50,000

(25,000 each f/m)

Math comp:

5,000 (2,500f/2,500m)

Partners and Team/ Math Outreach data base

Review reports from data base

Real time (with each event)


1220 Strengthened capacity10 of the PAI, OJK and PPPK to develop the actuarial profession in Indonesia.

1220-1 Perception of the capacity of the PAI, OJK and PPPK to promote and support the de-velopment of the actuarial profession in Indonesia, with attention to gender issues.

PAI ratings between 2.5 and 3.1, good to excellent

PAI ratings between 2.6 and 3.1, good to excellent


- DIKTI

- PAI

- AAJI, AAUI

- local industry


Mid-term

Five-year


10 Among others, variables associated with the capacity of the Indonesian actuarial profession include: public perceptions of the importance of the profession, leadership of the profession in Indonesia in relations with international bodies, domestic policy influence, services to members (e.g., white papers, website, member professional development), capacity to support member compliance with standards, ability to maintain own compliance with IAA standards, attention given to the participation of women and men in the insurance and risk management profession.


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.




Executive Director/Chair of the Board

Key informant interview

Annual

1111 Technical assistance (TA) provided to partner universities to establish actuarial science and risk management streams of study

1111-1 Number of universities receiving TA to support establishment AS steams of study

0 6 Team Simple count Annual

Chief Actuarial Advisor

1111-2 Effectiveness of the TA provided in support of establishing AS streams of study

N/A 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective, timely and gender sensitive

TA recipient key contacts

On-line survey Annual

1112 Actuarial Science Applied


0 40 papers/ technical reports

In-country and international published doc-uments


Real time

Scholarship/Research Officer


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

Research Program established and operated

1112-2 Perception of quality and value11 of program by stakeholders (applicants/ recipients)

0 70%

Team

Recipients


Mid-term

Five-year

1113 Industry – University Task Force and associated working groups established and operated

1113-1 Number of industry-university task forces established

0 1 task force/ 4 working groups

Team Simple count Real time

PO –Capacity Building & Training

1113-2 Effectiveness of the TA provided in support of creating and operating an industry-university task force and

0 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective, timely and gender sensitive



11 Perceptions variables associated with “quality” and “value” of the research program include: clarity of purpose, relevance, visibility, clarity of eligibility requirements, ease of making an application, responsiveness of program to inquiries, support provided to recipients, promotion/dissemination of knowledge products, treatment of gender equity and diversity in relation to the actuarial sciences in Indonesia.


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

associated working groups

1114 TA provided to selected universities to support development of actuarial science and risk management co-op programs


0 9 universities

15 companies

Team Simple count Real time







1121 TA provided to partner universities for curriculum design – including review of international standards,

1121-1 Number of universities for which actuarial science and risk management courses are verified as addressing material specified in Indonesian actuarial science professional exams

0 9 university partners Team Review reports from the data base

Real time

Chief Actuarial Advisor


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

course mapping and textbook review – that addresses material specified in Indonesian actuarial science professional exams




On-line survey

Annual

1122 Lecturers and selected female and male practitioners supported to obtain actuarial


0 30 (at least 50% female)


Analysis of participating institution reports, reports from data base, and key informant interviews with partner contacts

Annual

Field Director


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

credits and/or relevant graduate degrees

1122-2 Number of (f/m) lecturers and practitioners supported through the project to obtain a Master’s degree in actuarial science, statistics or mathematics

0 19 lecturers and practitioners supported to completer an actuarial science and risk management graduate degree (at least 10 females)

Project database

Review reports from data base, and key informant interviews with partner contacts

Annual

Field Director/Project Director

1123 Actuarial science mentoring provided through short courses, e-courses and workshops to selected female and male teaching professionals


0 25 courses Team


Real time

PO –Capacity Building & Training


0 12 workshops


NA 24 lecturer-months (with 50% female participation)


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

1131 Actuarial sci-ence and risk management scholarship program targeted for female and male undergrad students designed and operated


0 $1.9 million in scholarships awarded

Team/Scholarship Database


Real time

Scholarship/ Research Officer

1131-2 Number of undergrad student-years completed by scholarship students

0 250 student-years completed by scholarship students (125 female)

1132 TA provided to employers to strengthen actuarial development programs for employees

1132-1 Number of employers receiving TA for actuarial development programs

0 50 employers Team Review reports from data base

Real time

PO – Capacity Development and Training






App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

1211 TA provided to partners on delivery of high school math out-reach programs with an actuarial science focus


0 9 university partners Team Review reports from data base

Real time






1212 Actuarial science and risk management awareness campaigns designed and implemented


0 15 Team Review reports from data base

Real time

Field Director

1212-2 Effectiveness12 of the TA provided in support of

N/A 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective,



12 Effectiveness criteria will include: clarity of messages conveyed; audience engagement achieved (interesting or dull); and targeting of appropriate audiences;


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

awareness programming

timely and gender sensitive

1213 Public interest in actuarial science and risk management promoted through research, publications and media


0 25 papers or multimedia products

Team Review reports from data base

Real time

PO - Knowledge Management (advised by PI)


N/A At least 50% of knowledge products incorporate gender, climate change, or social inclusion themes

1221 International professional association and regulator linkages on


0 5 workshops with (50% females)

Team Review reports from the data base

Real time

PO Capacity Building & Training Officer


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

profession-related topics facilitated for OJK, PPPK and PAI


0 10 professional meetings (50% females)

1222 Continuing Professional Development (CPD) seminars workshops and mentorships conducted for actuaries and other stakeholders


0 20 seminars, workshops


Real time

PO Capacity Building & Training Officer


0 400 participants (at least 200 females)


Real time

1223 TA provided to regulators


0 1 (PAI) Team Simple count Real time

PO Capacity Building &


App.

EXPECTED RESULTS



DATA SOURCES


FREQ.

RESP.

and associations13 to strengthen organizational capacity


0 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective, timely and gender sensitive



Training Officer

13 Associations receiving TA may include: Persatuan Aktuaris Indonesia (PAI), Otoritas Jasa Keuangan (OJK), Pusat Pembinaan Profesi Keuangan (PPPK), Asosiasi Asuransi Jiwa Indonesia (AAJI) and/or Asosiasi Asuransi Umum Indonesia (AAUI).


App.

Updated Risk Register

RISK REGISTER L–likelihood I–impact: 1–very low 2–low 3–high 4–very high

Risk Definition Risk Response Investment LM Result Statement

Jan. 2016 Initial Ass’t

Sept. 2016 Changes,

Comments

Feb. 2017 Changes,

Comments

March 2017 Changes,

Comments

Operational Risks

OP1 Availability of Canadian and Indonesian personnel to participate in project activities is low due to work obligations at home institutions

• Engage multiple university partners

• Alternative partner strategy will broaden pools of expertise and increase availability of appropriate personnel

• Schedule major uWaterloo faculty inputs for times convenient to faculty member and project stakeholders.

1110 Strengthened linkages between industry and education 1120 Strengthened teaching of actuarial science and risk management in Indonesia

L = 1 I = 2

No changes UWaterloo faculty scheduling challenges reduced from low (2) to very low risk (1)

No changes

OP2 Indonesian higher education regulations and operational norms pose significant challenges to

• As initial step, seek active support from Directorate General of Higher Education

• Provide global co-op education outcome information to relevant government agencies (DIKTI), university

1110 Strengthened linkages between industry and education 1120 Strengthened teaching of actuarial science and risk management in Indonesia

L = 2 I = 2

No changes No significant change yet. Risk persists but strong support from Director General of Learning & Student Affairs

No changes


App.




Sept. 2016 Changes,

Comments

Feb. 2017 Changes,

Comments

March 2017 Changes,

Comments introducing study program innovations and change, including co-op

leadership, lecturers, students and parents to increase receptivity and accelerate implementation

• Use multiple partner approach to spread risk. Work with private and state universities.

• Flexible and iterative implementation process. Begin with hybrid models if necessary.

• Exposure visits to Canada for senior DIKTI and partner university representatives to increase confidence in the benefits of co-op model.

bodes well for piloting of co-op program models at 2-3 universities. New university partner Prasetiya Mulya highly committed to piloting co-op education approach.

Financial Risks

FIN1 Interruptions or delays in funding

• Financial management system includes contingency funding mechanism

1100 Increased availability of Indonesian trained actuarial science and risk management graduates to Indonesian

L = 1 I = 2

No changes Impact increased from 1 to 2 until project bank

No changes


App.




Sept. 2016 Changes,

Comments

Feb. 2017 Changes,

Comments

March 2017 Changes,

Comments impact activities

• Pre-project funding commitment to support advanced project action

• Multiple funding sources, for example, industry, government agencies, and international multi-lateral funding agencies.

• Concerted and urgent efforts to ensure project bank account in Jakarta is functioning ASAP.

businesses, universities and government agencies 1200 Strengthened actuarial science and risk management profession in Indonesia

account in Jakarta is opened and functioning. Forecasted that the project will have a bank account functioning in Jakarta by 01 April 2017. Any delays however, could delay implementation of activities and hamper project momentum.

FIN2 Changes in value of Canadian currency reduce ability of project to undertake

• Regular review of budget and costs of planned versus actual activities, assessment of cost effectiveness of each activity stream relative to expected and

1100 Increased availability of Indonesian trained actuarial science and risk management graduates to Indonesian businesses, universities and government agencies

L = 3 I = 2

L=3 I=3

Likelihood reduced from 4 (very high) to 3 (high). Actively engaged in seeking other source of

No changes


App.




Sept. 2016 Changes,

Comments

Feb. 2017 Changes,

Comments

March 2017 Changes,

Comments planned activities

actual results, and adjustment following review and approval through project govern-ance mechanisms

• Seek collaborative arrangements with industry partners and associations to maximize economies of scale.

• Seek supplemental or matching funding from alternative sources, for example, industry, government agencies, international multi-lateral funding agencies

1200 Strengthened actuarial science and risk management profession in Indonesia

matching funding from Industry and Government to support parallel and complimentary activities

Development Risks

DEV1 Indonesian and regional political in-stability con-strains travel to Indonesia

• Use technology to substitute for live presence

• Develop travel risk mitigation and security procedures program

1100 Increased availability of Indonesian trained actuarial science and risk management graduates to Indonesian businesses, universities and government agencies

L = 2 I = 2

No changes No changes No changes


App.




Sept. 2016 Changes,

Comments

Feb. 2017 Changes,

Comments

March 2017 Changes,

Comments for the provision of Canadian technical assistance

• Actively monitor security situation and obtain reliable situation reports

• Substitute with in-country expertise

1200 Strengthened actuarial science and risk management profession in Indonesia

DEV2 Global and/or regional economic instability leads to lower contribution from and engagement with industry project partners.

• National and multi-national partners engaged

• Project budget reallocations to substitute for industry contributions

• Lock-in industry contributions at project outset in a secure trust account

• Implement risk averse fund management systems

1110 Strengthened linkages between industry and education

L = 2 I = 2

No changes No changes No changes.

DEV3 Target universities fail to retain or recruit a sufficient

• Work with DIKTI to obtain some exemptions or flexibility vis-à-vis hiring of new

1120 Strengthened teaching of actuarial science and risk man-agement in Indonesia

L = 2 I = 2

No changes No significant changes. This is a persistent and pivotal risk.

No changes.


App.




Sept. 2016 Changes,

Comments

Feb. 2017 Changes,

Comments

March 2017 Changes,

Comments number of qualified lecturers

lecturers and part-time lecturers.

• Work with university leadership to lobby for allocation of funds to finance hiring contract lecturers.

• Apply existing government post-scholarship retention practices

• Work with industry partners to discourage hiring lecturers qualified through project mechanisms

• Develop retention programs and benefits

Shortage of qualified AS lecturers is perhaps the greatest obstacle to producing large numbers of qualified actuaries quickly. Initial discussions at DIKT give cause for optimism that some flexibility regarding hiring regulations may be possible.

DEV4 Retention and other in-centives are not sufficient to encourage

• Provide strong incentives and rewards on completion, to encourage capable faculty to pursue

1120 Strengthened teaching of actuarial science and risk man-agement in Indonesia

L = 2 I = 2

L=2 I=3

Likelihood reduced from 3 to 2 as many short course participants

No changes.


App.




Sept. 2016 Changes,

Comments

Feb. 2017 Changes,

Comments

March 2017 Changes,

Comments faculty to pursue actuarial accreditations

accreditations during degree programs and/or while they are working

report that they plan to sit for PAI exams.

DEV5 There are inadequate well prepared and capable students interested in actuarial sci-ence study programs

• Early development of outreach programs at each participating university

• Strong promotion of actuarial science as an in-demand professional qualification with excellent employment opportunities among targeted stakeholder groups (parents, teachers, guidance counsellors, university lecturers)

• Scholarship program to compete with other career options perceived to be “more glamorous”

1211 High school math outreach programs established with sensitivity to gender participation/ representation

L = 2 I = 2

No changes No significant change, however this risk is appearing to be less and less significant as awareness of actuarial science rises and more universities gear up to offer actuarial science courses.

No changes.


App.




Sept. 2016 Changes,

Comments

Feb. 2017 Changes,

Comments

March 2017 Changes,

Comments

DEV6 Students achieving internationally recognized accreditations leave Indone-sia for better opportunities abroad and do not contribute to diminishing the actuarial shortage

• Emphasize and support efforts for actuarial graduates to obtain PAI accreditation.

• Encourage employers to emulate international compensation packages, particularly those available in the region

1100 Increased availability of Indonesian trained actuarial science and risk management graduates to Indonesian businesses, universities and government agencies 1200 Strengthened actuarial science and risk management profession in Indonesia

L = 2 I = 2

No changes No changes. No changes.

Overall Risk Level

The overall risk level for the project is low

The overall risk level for the project remains low

The overall risk level for the project remains low with some risk variables diminishing

The overall risk level for the project remains low with some risk variables diminishing

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