One of the Caribbean’s leading insurance providers, Massy United Insurance Limited (MUIL) recently selected two students who received full scholarships to continue their studies in the Actuarial Science Programme in the Faculty of Science and Technology (FST) at The University of the West Indies, Mona.
Winsome Gibbs, Branch Manager, MUIL for Jamaica and The Cayman Islands, handed over the donation of more than $1.4 million to Pro Vice-Chancellor and Principal of The UWI, Mona Campus, Professor Dale Webber on Tuesday, February 9.
The MUIL Scholarship was available to applicants studying actuarial science following the successful completion of their first year of the programme.
In August 2020, as part of the UWI Global Giving initiative, MUIL committed to donating US$11,000 (US$1,000 to the general Global Giving Programme and US$10,000 in scholarships). Through this commitment, a scholarship fund dedicated to students studying actuarial science was established.
This award will cover tuition and accommodation costs for the awardee for the remainder of the programme. Two awardees – Mark Brown and Antonique Aris – were selected through The Office of Student Financing (OSF) supported by the Department of Mathematics.
Speaking at the Ceremony, Professor Webber thanked MUIL for the generous donation to deserving students. This event, he said, marked the continued partnership of The UWI, The Ministry of Education, Youth and Information and Massy United Insurance Ltd.
“As one regional institution to another, we would like to congratulate MUIL for having made these scholarships available and for continuing to partner with us to find a way for our students to realise their full potential. We are particularly grateful that these scholarships are intended for actuarial sciences, as planning, estimating, and predicting future risk are important to our regional development,” Webber said.
Addressing the handing-over ceremony, Fayval Williams, Minister of Education, Youth and Information (MoEYI) highlighted the fact that the field of actuarial science is highly respected and the practitioners are sought after.
She stated that “More and more actuarial science is being used outside of the traditional areas, it is applied to the social science to solve important problems for government such as in the area of criminal justice as well as other areas. Many studies show that the jobs in actuarial science are ranked in the top 10 of the most highly respected jobs.
“The study of actuarial science makes sense in today’s economy because of the concerns with real-life problems, in today’s rapidly changing world, especially in the area of technology, the demand for your skills become even greater than in previous years,” Minister Williams said to the scholarship recipients.
Gibbs, Branch Manager, MUIL for Jamaica and The Cayman Islands said for Massy United Insurance, the scholarship represents an opportunity to continue their support of young people and the communities which they serve.
“As a regional company, we are pleased to be able to invest in our future leaders with the provision of these scholarships, especially in a field that directly impacts our insurance industry. We recognise that as a socially responsible corporate citizen, the most valuable investment that we can make is in the development of our next generation of leaders.”
Gibbs emphasised that at this juncture, where parents are finding it extremely difficult to fund their children’s education, “the team at Massy United felt that it was important to play our part. We want to ensure that students who have attained the academic standard required, would not have to defer their education based on financial obligations.”
Speaking on behalf of the two scholarship awardees, Mark Brown, thanked MUIL for providing them with this grand opportunity.
He said, “life during the pandemic has been burdensome and thus, we are filled with great joy to be on the receiving end of this benevolent investment. We the recipients promise to be outstanding and upstanding ambassadors and will continue to work assiduously to make our mark in society.”
The scholarship is available, via the OSF, to Caribbean nationals under 30 years of age who have successfully completed Year One of the Actuarial Science programme (as previously used); the applicant must have maintained at least a B average or a GPA of 3.0; the student must also sustain good citizenship and meet all other requirements of the University pertinent to student behaviour, discipline and performance.
Through this scholarship, an internship and job opportunities will be made available following graduation.