ACTUARY - JOB OPPORTUNITIES
Job Responsibilities of an Actuary:
Traditional responsibilities of actuaries in life and general insurance business encompass designing and pricing of policies, supervising the sufficiency of funds to offer the promised benefits, suggesting fair rate of bonus, wherever applicable, estimation of insurance business, making sure of solvency margin, and other insurance risks like loss of profit, legal liability, etc.
Actuaries are also experts in offering consultancy services either as individuals or as a group with other actuaries in some disciplines like investment, risk management, employee benefit, taxation, information technology and insurance, etc. There is a broad range of other functions performed by actuaries.
How will be a Day in the Life of an Actuary?
Professional actuaries say that for an actuary each day at work is not the same. Typically, their day begins with making sure that they do not leave behind any emails unread. Also, they should make sure that they immediately reply to emails requesting quick solutions.
This will be followed by a series of meetings with the products team on fresh and existing products, investment, finance, underwriters, and meeting with reinsurers.
What are the Work Areas of Actuaries?
Actuaries can work for different industries in predicting risks. The areas in which they are employed are:
- Enterprise Risk Management
- Pensions & Other employee benefits
- General insurance (Non-life)
- Life insurance
- Health and care insurance
What does an Actuary Do?
Actuaries do the following tasks according to the Institute of Actuaries of India:
- They make financial sense of the future
- They enable more informed decisions
- They balance the interest of all
They are experts in judging the financial effect of uncertain events of the future. They help their employees in arriving at confident financial decisions by:
- Evaluating the past
- Shaping the future
- Measuring the risks involved and
- Explaining what the outcomes denote in monetary terms
Actuaries add value to any business by enabling businesses and individuals to make better-informed decisions. They do this with a clear view of the probable range of monetary results from different future events. The skills of actuaries are used in various areas like investments, pensions, insurance and more recently with wider areas like health care, banking, and project management.
Within these industries, these professionals perform a broad range of roles in designing and pricing a product, corporate planning, and financial management. These professionals are habitually involved in the entire management of insurance company’s gratuity, pension, and other employee benefit fund scheme. They play statutory roles in employee benefit valuations and insurance to a certain extent in social insurance schemes sponsored by the government.
In short, the skills of actuaries are valuable for any business managing long-term financial projects both in public and in the private sectors. These professionals apply professional consistency in combination with a commercial approach to the process of decision making.
Balancing the Interests of All:
Actuaries are also involved in balancing their role in business management with the duty of safeguarding the financial benefit of the public. The duty of these professionals to consider their legal responsibility explains the public interest in protecting the benefits promised by the pension schemes and insurance companies. The code of conduct of these professionals demands the highest standards of personal integrity from them.