A professional who specializes in calculating risks, using statistics, history, and a rubric of information is referred to as actuary. In order to help analyze policies, look at individual insurance applications, and to help set company policies, the insurance industry hires a large amount of actuaries and an actuary may also find employment at investment firms as well.
There is a variation in the work and it is interesting, and it needs a strong grounding in mathematics, particularly statistics, as well as grip on the subjects of sociology and other humanities fields. In most regions of the world, in order to become an actuary an individual must also sit a board examination.
The Role of an actuary in the Insurance Industry
The role of an actuary in the insurance industry is that he or she helps a company to decide whether or not issuing a policy is a good idea, and how much the company should charge from a client for the policy. For example, in the state of Kansas earthquake insurance is significantly less expensive that it is in California, because in California, there is a greater risk for the insurance company of having to pay out on the policy.
