Actuarial science involves the use of mathematical prediction, and statistics to determine the price, predict the need for reserve and liquidity for future obligations and make sure that an insurer is protected against various risks he or she is exposed to. In other words, the role of actuarial science is to make an accurate business prediction and balance financial success with an acceptable level of risk. The use of actuarial science and its principles blinds decisions in the business, especially in insurance and provides a reasonable financial outcome for both business and consumers as the decisions are taken on solid evidence-based on sound calculations and probable future scenarios.
The Actuarial Profession is a niche one with many not even knowing a whole lot about it. This makes the circle of Actuaries an exclusive group of curious, highly skilled and greatly respected people. Actuaries “sit in the control room of an insurance company” in some sense. They price policies, predict the need for reserves and liquidity to meet future obligations and ensure that insurers are protected against the various risks that they are exposed to. This means they are very well compensated and highly regarded for their work.
Actuaries tend to be people who get their daily dose of excitement from problem-solving. Whether they are working as consultants to insurance firms or working on the carrier side (with the insurer itself), they always take it upon themselves to study the market, the risks it exposes their client/firm to and try to strategize accordingly. The work is challenging and exciting, with there being loads to learn.
Whether you are a "specialist" who likes to delve deep into topics, or possess the temperament of a “polymath” who likes to know a little about everything, this profession is for you. You can on one hand, use your mathematical and statistical skills to find better ways to price policies to respond to market conditions better, or instead, apply your skills to offering risk management advice to your various clients offering you various challenging problems to solve.
Long story short, Actuaries are unique individuals for a penchant in finding sustainable ways out of problems and making educated guesses and technically backed forecasts of what’s going to happen next. Whether it is to do with forecasting the development of future claims on their firm’s policies or computing the probability of someone winning a game of poker! Numbers and they are the best of pals and with a sprinkling of their sane judgment, an actuary aims to interpret the world around them and make it better for the people who are a part of it.