Speaking to The Financial Express, Mr Dam said, "With the entry of new players after the insurance sector was opened to private companies, there is a growing need for actuaries in India and the only way to meet the demand is to source them from abroad." An actuary is a person who designs and prices insurance products. He looks into the product's risk and the liability limit and takes out the asset. Giving a brief overview of the market, Mr Dam said, "It would take a minimum of seven years for any private insurance company to break even, though the exact period would vary from company to company.

There will be about fifteen private players competing against each other and each of them will look at a market-share of around one per cent."