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| CTUARIAL
SCIENCE Careers |
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The
actuaries work in wide
range of areas which include
the following.
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| Life,
General, Health Insurance and
Reinsurance Companies |
•
Traditionally Actuaries work
with Life Insurance Companies,
but their importance
lies equally in General and
Health Insurance Companies also.
• The areas
of their concern include:
• Product
design, which includes designing
new policies as per the changing
requirements of the customers,
Pricing the policy, ie. Setting
the suitable premiums for the
benefits and services offered
by
the company Profit Testing and
distribution of profits among
Shareholders
and Policyholders.
• Actuaries
help the management of the company
in running the business
in sound financial manner and
to take strategic decisions
from
time to time.
• The
Appointed Actuary of a Company
has the responsibility of demonstrating
financial stability of the company
to the State Regulatory
Authorities at all times.
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| Pension
Funds |
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Designing a Scheme of
Benefits to the Members
of the Pension Scheme
•
Calculating the Past
Service Cost and the
Future Service Cost
of Benefits
•
Certifying to the Regulator
that the Fund Assets
are sufficient to meet
the liabilities and
that the Assets are
invested as per the
Investment
Pattern prescribed
•
Calculating and Certifying
the Pension cost on
Acquisitions and Merger
of Companies
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| Investments |
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Quantifying the risk and the
amount of investment returns
available in
the market
• Projecting
the market expected investment
returns using scientific methods
and judgment to project the
inflation rates, returns on
the various
market segments - manufacturing,
technology, pharma, etc.
• Choosing
an Investment Strategy which
strike an appropriate balance
between risk and returns
• Analyzing
and identifying the Opportunities
for increasing the returns
• Advising
on the Investment Pattern to
match the cash inflow and liability
outgo for Insurance companies,
pensions funds, banks, mutual
funds, etc. |
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| Consultants |
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Consultants can act as
Appointed Actuaries for
General Insurance companies
• They
also provide actuarial
advice and their opinion
on actuarial matters
for Insurance Companies,
Pension Funds, Government,
etc.
• They
provide investment advice
to individuals that best
suit their needs
and family circumstances.
• They
calculate the reversionary
interests of members of
Trusts.
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| Government |
•
Population projections
• Managing
State Pension Schemes
• Identifying
the regional differences based
on geographical location, life
style, income level, diseases
prevalent, common occupation,
etc.
• Regulatory
role for Insurance Companies,
Reinsurance Companies, Pension
Funds
• Their
role is increasing in designing
Social Security Schemes, allocation
of funds for development projects |
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| Risk Management |
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Fast Evolving field in
recent days, for any massive
project with lot of uncertainties.
• Identifying
the various stages in
the project while execution
• At
each stage, identifying
all the risk which may
result in not meeting
the expected outcome or
estimated time
• Assigning
a probability parameter
to each of the identified
risks
• Finding
out a suitable measure
to avoid or transfer those
risks
• Processing
the above-identified stages
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