Actuary refers to a person who has expertise in the field of mathematics, statistics or economics, who helps in risk assessment and estimations of premiums for insurance companies. An actuary helps the insurance company to underwrite the insurance policy.
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What is an Actuary?
Actuary refers to a person who professionally deals with the measurement and management of risk and uncertainty. An actuary specializes in the field of analyzing financial risk by using their mathematical, financial and statistical skills. In terms of insurance, actuaries help in assessing risks which helps the insurance companies to estimate the premiums for their insurance policies.
Role of an Actuary in an Insurance Company
Being an Actuary requires the person to have all-round knowledge of the business, finance and statistics. Mainly an actuary evaluates the risks related to the business. The nature of work an actuary has to do has helped them to carve a way in the insurance industry. Role of an Actuary in an insurance company is to analyze the data to deduce the potential financial consequences that the insurance company may have to face in case an unfortunate event occurs.
With regards to insurance, an Actuary’s knowledge is put to use in helping the insurance company underwrite the insurance policy. For example, an Actuary shall predict the probability of a person being affected by a disease such as diabetes, cancer or any other chronic diseases, which can help in determining the premium of the policy. Actuarial knowledge mostly finds its application in the mortality analysis for a life insurance policy.
Occasionally, determination of premiums for insurance policies done by actuaries can leave a positive impact on the behavior of policyholders. For example, the premium payable for a life insurance policy for a person who does not smoke is often less as compared to a person who is a chain smoker.
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