Actuaries typically work with complex and broad data sets such as mortality, accident, sickness, disability and retirement rates to aid insurance companies in assessing risk among different classification of people and behaviour. These professionals are employed in large numbers by the financial services industry.
Gather, analyse and interpret the output of large data sets.
Analyse statistical data with the intention to create probability tables that are used to assess risk and liability for future benefits.
Responsible for mathematically identifying and interpreting the various contingencies and the associated likelihood of occurrence of events under consideration.
Ascertain premium rates and cash reserves that are required to ensure that future benefits are paid and the company’s risk is minimized while the revenue is maximized.
An Actuary typically has an advanced degree in actuarial science, mathematics or economics and belongs to the Fellowship in the Society of Actuaries (FSA,) and is a Member of American Academy of Actuaries (MAAA).