Actuaries are trained professionals in the field of mathematics, statistics, stochastic modelling, risk modelling, data analysis and finance economies. These professionals are working in life insurance, health insurance, pension fund, Re Insurance, investment companies, banking industries, stock markets ………….
A Qualified actuary will be expertise in understanding the business dynamics, risk management, building models which make best use of available information and strengthen financial institution’s risk and capital management.
In Life Insurance, they are focused on annuities, premiums, mortality, product pricing, stochastic asset liability modelling, solvency calculations and reports, policy underwriting. Actuary analyse the customer life expectancy, construction of mortality tables that have a measurement of predictability.
In Health Insurance, actuaries create a policy that bear minimal risk and getting stable returns. They are directing all efforts for Product development, pricing, premium adjustments, reserving, catastrophic claims, stop-loss insurance, high risk pool analysis, benchmarking and cost trend forecasts, health risk status analysis, disease management, studies of health issues, population disease and behavioural changes.
In Pension Fund, actuary complete the valuation of the pension fund once in three years. This valuation is necessary to revise the contribution rate that funds meets its future liabilities. They asses to make Pension schemes, long term employee benefits, design and cost early retirement schemes and strategic asset management. Actuarial models rely on long term projections that include interest rates, demographic changes and inflation.
The Financial Actuary is an expert for business and investors portfolio. They analyse the company’s cash flow and cash reserves to avoid financial risk. They are acts as the backbone of financial security. Their role to assess Design and pricing of financial products, analysis of investment performance, valuation of asset and liabilities
Finally, actuary have a vital role in each and every industry to understand and avoid the potential loss incurred in uncertain events.