The establishment of the Undergraduate Program of Actuarial Science at Institut Teknologi Sepuluh Nopember (ITS) was driven by the growing need for actuarial education in Indonesia and forms an integral part of the University’s strategic development plan. As a dynamic higher education institution, ITS continuously provides opportunities for the establishment of new academic programs that contribute to addressing contemporary national challenges while complying with applicable regulations.

The Undergraduate Program of Actuarial Science is expected to strengthen the academic environment at ITS, both directly and indirectly, while supporting the achievement of the University’s mission.

Contributions of the Program

The establishment of the Undergraduate Program in Actuarial Science provides benefits for various stakeholders:

• For the Institution
  Enhancing ITS’s reputation at both the national and international levels by producing competent and independent researchers, particularly in the areas of catastrophe insurance, marine insurance, and Sharia insurance.
• For the Society
  Promoting public understanding of insurance and actuarial science and their importance in everyday life.
• For the Nation
  Producing competent actuarial professionals with expertise in catastrophe insurance, marine insurance, and Sharia insurance.

Responding to Indonesia’s Need for Actuarial Professionals

Indonesia faces an urgent need for qualified actuarial professionals. Statistical data indicate that annual premium income growth in Indonesia’s life insurance and general insurance industries has ranged between 20% and 30%, which remains relatively modest compared with several ASEAN countries. This situation reflects significant potential for future growth and has attracted increasing interest from international investors in Indonesia’s insurance industry.

As a result, the demand for actuarial professionals is expected to continue growing. At the time the program was established, only a limited number of universities in Indonesia offered undergraduate education in actuarial science, highlighting the importance of expanding educational capacity in this field.

Distinctive Areas of Specialization

At the time of the Program’s establishment, actuarial education in Indonesia was offered by only a few universities. Institut Teknologi Bandung (ITB) offered a Master’s Program in Actuarial Science, while IPB University and Universitas Indonesia (UI) offered undergraduate programs. The ITS program emphasized life and general insurance, whereas the undergraduate programs at IPB University and Universitas Indonesia focused primarily on mathematical and economic foundations of actuarial science.

By comparison, universities in Malaysia offered both undergraduate and postgraduate actuarial programs, many of which were delivered in English and emphasized computation and economics. The Undergraduate Program in Actuarial Science at ITS offers a distinctive curriculum through three specialized areas that reflect Indonesia’s strategic needs.

1. Catastrophe Insurance
   This specialization addresses Indonesia’s high exposure to natural disasters and prepares graduates to develop actuarial solutions for disaster-related risks.
2. Marine Insurance
   As a maritime nation, Indonesia requires expertise in marine insurance to support the sustainable development of its maritime sector and ocean-based economy.
3. Sharia Insurance
   This specialization responds to the growing development of Sharia-compliant financial services and the increasing demand for Sharia insurance in Indonesia.

These three areas of specialization represent the distinctive strengths of the Undergraduate Program in Actuarial Science at ITS and reflect its commitment to developing actuarial expertise that is relevant to Indonesia’s national priorities.