Actuaries are experts in assessing the financial impact of uncertain events of future times. They use data science and data anlytics techniques and build financial models to project future risks and uncertainties based on the assumptions on historical trends and future projections. In short, Actuaries make financial sense of the future.
Traditionally Actuaries work in the area of Insurance where risk and uncertainty is at highest levels. Within the Insurance domain, Actuaries are involved in product design and pricing, valuation of liabilities and reserves, asset liability management, research and analysis. Actuaries also play key role in the valuation of Pensions, Annuities, Employee Benefits, Social Security, Health Benefits, Government Schemes and Investments.
Actuarial skills are becoming relevant for risk management at banks, application of data science and data analytical techniques across the industries, measurement of cyber risks, management and measurement of climate risks and valuation of future assets and liabilities.
Across the Globe, actuaries play statutory roles in insurance industry, employee benefits, social security, health benefits, government schemes and valuation of future liabilities. Actuarial skills are valuable for any business that involves long-term financial projects due to their professional rigor combined with their model-based solution for most complex commercial problems.
Actuaries balance their role in business management with responsibility for safeguarding the financial interests of the public. The duty of Actuaries to consider the public interest is illustrated by their legal responsibility for protecting the benefits promised by insurance companies, pension schemes and employee benefit schemes. The professions code of conduct demands the highest standards of personal integrity from its members.