An actuary is a business professional who basically deals with the financial impact of risk and uncertainties. Actuaries provide expert assessments and advice of financial security systems, with a focus on their complexity. Actuaries assess risk with there knowledge of statistics, finance actuary, finanand business and help create policies for businesses and clients that minimize the cost of that risk. This is the reason actuaries are essential in insurance industry. Using their expertise in evaluating various types of risk, actuaries help design insurance policies, pension plans, and other financial strategies in a manner which will help ensure minimum risk.
They mathematically evaluate the likelihood of events and quantify the incidental outcomes in order to minimize losses, both emotional and financial, associated with uncertain undesirable events such as death, sickness, injury, disability or loss of property. Actuaries also address financial matters, such as how a company should invest resources to maximize return on investments, or how an individual should invest in order to attain a certain retirement income or wealth. Actuary also help explain complex technical matters to company executives, government officials, shareholders, policyholders, or the general public. They also may help companies develop plans to enter new lines of business or new geographic markets by forecasting demand in competitive market. They use sophisticated modeling techniques to forecast the likelihood of certain events occurring, and the impact these events.
An Actuary should posses these qualities
- A strong background in mathematics
- Bachelor’s degree and must pass a series of examinations.