Actuaries are crucial to the operation of insurance companies such as MetLife. They are professionals who assess and manage financial risks associated with policyholders. Actuaries also help design insurance policies, determine premiums, and reserve adequate funds to cover potential claims by using their expertise in statistics, mathematics, and financial theory to analyze data, forecast future trends, and develop pricing strategies. Their work ensures the financial stability and long-term success of insurance companies while protecting policyholders by providing them with appropriate coverage.

The Bangladeshi insurance industry faces significant challenges due to a scarcity of actuarial professionals both at senior and junior levels. This shortage impacts various aspects, including in-house responsibilities and obligatory actuarial evaluations. The scarcity of qualified actuary professionals can be attributed to the lack of awareness related to the profession and limited availability of educational opportunities within Bangladesh. Without local institutions providing actuarial science courses, aspiring candidates are often compelled to pursue their studies abroad. This is often not feasible for aspiring actuaries due to logistical and financial reasons, with a lot of aspirants unable to afford the cost required to pursue actuarial studies.

Left unaddressed these problems will persist in the upcoming years. MetLife Bangladesh has taken up the responsibility of quelling this problem right from the root levels through the Professional Actuarial Study Scholarship (PASS) Program promoting and raising awareness about actuarial studies outside the organization. The program first started up in 2015 when MetLife Bangladesh partnered up with one of the public universities and developed the program. Since then, the program has been extended to students of all universities and departments who have the potential and aptitude for the program. Under the PASS program, MetLife Bangladesh bears the financial responsibility for exam fees, study materials and professional membership fees.