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Actuaries

Standard job description

Design, review and help administer insurance plans, determining financial soundness and calculating premiums and ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.

Skills

An actuary should have a high degree of aptitude for mathematics and statistics, have the ability of analysis and modeling of problems in finance.

He/she must be good at communicating what results mean in financial terms in a way that can be understood by persons from non-finance background and apply professional rigour combined with a commercial approach to the decision -making process

Tasks

A typical actuary's usual work schedule includes analyzing statistical information to estimate mortality, accident and sickness, disability and retirement rates. He/she collects relevant statistics and collates the data into a coherent project.

An actuary designs and prices insurance products, determines policy contract provisions for each type of insurance and constructs probability tables for events such as fires, natural disasters and unemployment based on analysis of statistical data and other pertinent information.

Educational Qualifications

To be certified as an actuary one needs to be a member of the Institute of Actuaries of India (IAI). However all employers may not require this certification. Many insurance companies hire persons with qualification of CA, ICWA or a bachelor's degree in actuarial science.

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