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Actuarial Science Career

Life, General, Health Insurance and Reinsurance Companies

Traditionally Actuaries work with Life Insurance Companies, but their importance lies equally in General and Health Insurance Companies also. The areas of their concern include:


» Actuaries help the management of the company Profit Testing and distribution of profits among Shareholders and Policyholders.

» Product design , which includes designing new policies as per the changing requirements of the customers, Pricing the policy , ie. Setting the suitable premiums for the benefits and services offered by the company Profit Testing and distribution of profits among Shareholders and Policyholders.

» The appointed Actuary of a Company to the State Regulatory Authorities at all times.

Pension Funds

» Placing a value on the pension scheme liabilities .

» Deciding on employer contribution rate.

» There is a legal requirement for every pension scheme to perform triennial valuations. This is done by a team of Actuaries and involves:

» Designing new benefits of the scheme.

» Analysis of any surplus of deficit that has emerged.

Risk Management

» Identifying and apprehending different risks faced by an organization along with quantifying the financial impact of these risks.

» Inbuilt a risk management culture in an organization to comprehend risk and opportunities and develop strategies for an organization.

» Actuaries are expert at developing economic measures of value and capital of an organization and they are involved in processes such as risk budgeting which are significant for taking key business decisions.

Investments

» Choosing an investment Strategy which strike an appropriate balance between risk and returns

» Advising on the investment pattern to match the cash inflow and liability outgo for Insurance companies , pensions , funds, banks, mutual. funds, etc

» Analyzing and identifying the Opportunities for increasing the returns

» Designing new benefits of the scheme

» Quantifying the risk and the amount of investment returns available in the market .

» Projecting the market expected investment returns using scientific methods and judgment to project the inflation rates, returns on the various market segments - manufacturing , technology , pharma etc.

Consultants

» Consultants can act as a Appointed Actuaries for General Insurance companies.

» They also provide actuarial advice and their opinion on actuarial matters for Insurance Companies , Pension Funds, Government etc.

» They provide investment advice to individual that best suit their needs and family circumstances.
» Designing new benefits of the scheme

» They calculate the reversionary interests of members of Trust

Government

» Population projections.

» Managing State Pension Schemes.

» Identifying the regional differences based on geographical location , life style, income level , diseases prevalent , common occupation , etc.

» Regulatory role for Insurance Companies , Reinsurance Companies, Pension Funds .

» Their role is increasing in designing Social Security Schemes , allocation of funds for development project.

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