Actuarial Science deals particularly with the education of financial management and insurance risks of insurance companies and it involves the application of economic, statistical and mathematical analysis to a wide range of decision making process in management, financial planning, investment and insurance. The profession needs intensive training in insurance, accounting, statistical and mathematical probabilities.

Who is an Actuary?

An actuary is an expert who applies statistical and mathematical methods for assessment of financial and other risks pertaining to different contingent events and for scientific evaluation of financial products in the fields of investments, retirement and its benefits, insurance, etc…

What is the role of an actuary?

The Actuary designs pension and insurance plans and he/she also determine contract provisions and insurance premium rates for different types of policies offered and also compiles data pertaining to property loss from fire, theft, accident and other hazards, rates of injury, sickness, mortality, etc… On the basis of the collected data, these professionals analyzes the insurance claims from companies and corporations. These professionals work in stock exchanges, banks, ESICs, GIC, LIC and other financial institutions working under government and private control.

How is the skill of an actuary used in an organization?

Insurance and other financial organizations use the skills of an actuary for the following purposes:

• For certifying the solvency of an insurance company

• For determining the adequacy of resources

• For preparing the list of liabilities of a company

• For maximizing the profit of the company in such a way that the amounts deposited by the customers can be preserved for a number of years

• For minimizing the loss of the company by reinsuring the insurance policy of the company with another insurer

• For selecting the appropriate people for insurance policies

• For designing of an insurance policy and for setting its price

Abilities required to become a successful actuary:

To become a successful actuary a candidate should possess the following skills:

• Deep understanding of commerce and statistics

• A good mathematical aptitude

• Business sense and curiosity with highly developed interpersonal and communication skills

• Practical outlook

• Ability of lateral thinking

• Ability to see a situation from a different vantage point

• Natural problem solving ability

Prominent Institutes offering actuarial science courses in India:

The names of the prominent institutions offers actuarial science courses in India are given below:

• Bishop Heber College, Tiruchirappalli, Tamil Nadu

• CMD School of Insurance & Actuarial Science, Modi Nagar, Uttar Pradesh

• Amity School of Insurance & Actuarial Science, Noida

• Insurance Institute of India, Mumbai

• International Institute of Insurance & Finance, Secunderabad, Andhra Pradesh

• Institute of Integrated Learning in Management, New Delhi

• Birla Institute of Management Technology, New Delhi

Career opportunities in the field of Actuarial Science:

The profession of actuarial science is developing since its scope is spread widely particularly in foreign countries. The Actuarial Society of India is taking every step with a view of achieving international harmonization in actuarial education thereby improving international opportunities for candidates with qualification in actuarial science. Candidates can find job opportunities in a number of insurance companies functioning in India under life insurance and non-life insurance sector and these professionals are also paid well.

Government jobs in the field of Actuarial Science in India:

When it comes to government jobs for actuarial science professionals in India, these professionals can find job placement in government-run insurance companies like Life Insurance Corporation of India, New India Assurance Company, United India Insurance Company, Oriental Insurance Company Limited and National Insurance Company. Even these professionals can find job opportunities in public sector banks and financial companies as well.

Thus, actuarial science is not only a developing profession in India, but is also a field that can offer a wide range of employment opportunities as well.