What is an actuary and what do they do?

Actuaries play an important role in insurance companies, as the results of their work are used to determine the cost of an insurance policy

An actuary's main duty is to assess and manage potential risks within a company so that all the necessary information is available in order to make decisions.

These professionals are trained in economics and statistics, so they can analyse the financial risks the company must take into account in order to make certain decisions or invest. 

The role of actuary is of the utmost importance for insurers, as they are responsible for analysing how likely it is that an event might happen, and this information is then used to calculate the cost of an insurance policy. The actuary's calculations with regard to the financial costs arising from the possibility that a certain event may occur will have a direct impact on the final cost of the insurance policy.

What does an actuary do?

An actuary's duties include: 

  • Assessing the parameters of an economic, social and financial nature that can be subjected to statistical analysis.  
  • Advising professionals in both the public and private sectors. For example, with respect to social security, actuaries study the viability of the national pensions system and analyse the potential risks the system may face. In insurance companies, actuaries evaluate the probability that a certain event may occur in order to quantify the economic consequences of such an event. As mentioned previously, all of this is used to calculate the cost of a patient's policy. 
  • They also resolve problems using mathematical expertise, 
  • analyse and manage financial risks
  • and analyse variables in order to devise a specific plan.  

     

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