What Actuaries Do - Career Education

Описание: http://ResumeSanta.com What Actuaries Do - Career Education. Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur and help businesses and clients develop policies that minimize the cost of that risk. Actuaries' work is essential to the insurance industry. Duties: Actuaries typically do the following: Compile statistical data and other pertinent information for further analysis Estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster Design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability Produce charts, tables, and reports that explain their calculations and proposals Explain their findings and proposals to company executives, government officials, shareholders, and clients Most actuarial work is done with computers. Actuaries use database software to compile information. They use advanced statistics and modeling software to forecast the cost and probability of an event. Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance. For example, some actuaries work with accountants and financial analysts to set the price for security offerings or with market research analysts to forecast demand for new products. With experience, actuaries are often given supervisory roles. They are responsible for delegating tasks and providing advice to senior management. They also may be called on to testify before public agencies on proposed laws that affect their business, such as a law placing caps on auto insurance prices by states. Most actuaries work at insurance companies, where they help design policies and determine the premiums that should be charged for each policy. They must ensure that the premiums are profitable, yet competitive with other insurance companies. Actuaries in the insurance industry typically specialize in a specific field of insurance, such as one of the following: Health insurance. Actuaries specializing in this field help develop long-term care and health insurance policies by predicting expected costs of providing care under the terms of an insurance contract. Their predictions are based on numerous factors, including family history, geographic location, and occupation. Life insurance. Actuaries in this field help develop annuity and life insurance policies for individuals and groups by estimating, on the basis of risk factors such as age, gender, and tobacco use, how long someone is expected to live. Property and casualty insurance. Actuaries in this field help develop insurance policies that insure policyholders against property loss and liability resulting from accidents, natural disasters, fires, and other events. They calculate the expected number of claims resulting from automobile accidents, which varies depending on the insured person's age, sex, driving history, type of car, and other factors. Some actuaries apply their expertise to financial matters outside of insurance. For example, they develop investment strategies that manage risks and maximize returns for companies or individuals. Some actuaries help companies develop broad policies and strategies that assess risks across all areas of business, a practice known as enterprise risk management. Pension and retirement benefits actuaries design, test, and evaluate company pension plans to determine if the expected funds available in the future will be enough to ensure payment of future benefits. They must report the results of their evaluations to the federal government. Pension actuaries also help businesses develop other types of retirement plans, such as 401Ks, and healthcare plans for retirees. In addition, they provide retirement planning advice to individuals. Consulting actuaries provide adv...