Hello everyone, I needed some help from all of you here. I need to do a project for college. The topic is "role of actuaries in insurance". What do you guys think I should include? I want it to be as elaborate as possible. Since I have just started with actuarial science and do not have any experience, I need some guidance on what do actuaries do in their day to day work and what is their role in insurance? Awaiting replies. Thanks in advance.
All actuaries in one shape or another are there to ensure that a company is run soundly. has the right amount and kind of financial support, understand and help control risk, stay on the right side of regulation and treat customers fairly. So I'd star with the broad areas you find actuaries in: product development Product pricing Product management Valuation Risk management Investment etc. Don't forget generic skills: computing analysis communication (written/verbal) organisation If you are in an insurance company try to get your hands on job descriptions Enjoy the project
Thanks a lot. That was a nice introduction. Where can I find more about the areas you mentioned above?
Do you know any actuaries? They can tell you about their own areas. You could try looking at job descriptions but they contain lots of jargon that may not help. Have you seen the actuarial website...www.actuaries.org.uk. There are some actuaries who will talk with stidents and may be able to give you something better than I can. And I forgot to mention insurance covers many sectors... life business (like protection for death/illness etc and life offices write pensions buisness too which is a specialised area of savings) general insurance (house/motor is in this category) wealth management (like savings products) Look out for topical issues in the broadsheets. The profession often contributes to articles on things like people living longer/dying quicker eg due to deteriorating lifestyles etc which is an actuaries bread and butter. There is also an actuarial magazine www.the-actuary.org.uk which sometimes have articles aimed at students. Alas I have no definite routes but hope this gives ideas. As you say you are starting out on actuarial science ask at your college as sometimes they have named contacts that can enlighten you
