Actuary refers to the name of a person who is an expert in the science of insurance. They are problem solvers and strategic thinkers with a deep understanding of financial systems. They calculate annuities and other life insurance matters. They determine by actuarial valuation the profits of a Life Assurance Company and other kinds of companies. They use their mathematical skills to measure the probability and risk of future events and to predict their financial impact on a business and their clients. With this, they help businesses grow and provide value to their customers.
Working as an actuary is an interesting and challenging career that involves using math on a daily basis. Most actuaries work for insurance companies. Although most work full time in an office setting, some actuaries who work as consultants may travel to meet with clients. There are two primary types of actuaries – pricing actuaries and valuation actuaries.
Duties of Actuaries-
- Compile statistical data and other information for further analysis
- Estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster
- Produce charts, tables, and reports that explain calculations and proposals
- Explain their findings and proposals to company executives, government officials, shareholders, and clients
Actuaries come from different academic backgrounds but share a love of maths even if they haven’t done a maths degree. They help leaders make strategic decisions and consumers prepare for their future. When you train as an actuary you’ll learn how to analyze data, evaluate financial risks, and communicate this data to non-specialists. They work for and with businesses with a financial focus. Actuaries are essential to the insurance industry, and they’re increasingly finding niches in other businesses. Businesses including insurance – life, health, property-casualty, even pet insurance. Insurance policies help to protect people against large financial losses that may occur in the future due to a random event, so this is the perfect industry for actuaries to apply their skills.