The actuary is an insurance technician responsible for analyzing the financial impact of the risk and to carry out economic, financial and statistical studies in order to participate in the development of insurance contracts, in particular by assessing the cost of risks For insured and insurers, and setting the amount of contributions.
We will first be interested here in describing the functions and profile of the actuary, before we focus on his training course. Finally, we will see how much salary it can aspire, before seeing what prospects for career evolution can open to it.
Role and profile of the actuary
Actuary - InsuranceL'actuary, thanks to the use of mathematical instruments (probabilities, statistics ...), has the task of modeling risks, such as, for example, the duration of human life or pecuniary losses associated with accidents.
The actuary is essential in the insurance companies (even if they are not the only establishments that use him, since the actuary can also work in banks, consulting firms or government ministries. ), since it is based on its mathematical studies that are made the decisions to accept or not contracts.
Schematically, the actuary business could be presented as taking place in 3 phases, corresponding to the three main tasks that incumbent. The actuary must indeed: encrypt the risk, adapt or create contracts and finally accompany other professionals within the company, while correcting any financial excesses in the management of the operating account noted within the company D insurance for which he works.
To encrypt the risk, the actuary starts first by drawing up a list as comprehensive as possible, and then evaluate the probability of realization and the cost of each of them. It is especially at this stage that its mastery of mathematical and computer tools, as well as the most specialized software is essential. He then presents the results of his analyzes in the form of tables, scales and formulas, following what he is able to define the pricing.
The second main task of the actuary is to adapt or create insurance contracts. From the data transmitted to it by the marketing department, and information that commercials traveled down, it develops disaster assumptions and scenarios, and, on this basis, is working to look for what could be Define as the "ideal formula": the formula that will allow the insured to be well compensated in case of claims and the insurance company to generate profits by accepting the coverage of these risks. It is then that, based on the data collected, the assumptions elaborated and the results of its research, the actuary created, according to the needs of the market, new insurance contracts, or adapts pre-existing.
Finally, and thirdly, the actuary must assume supervision responsibilities. It is first asked to offer its advice and technical assistance to the professionals of his company responsible for marketing the insurance contracts it proposes. It is also asked to carry out an increased monitoring activity on the results of its company and to closely monitor the evolution of financial reserves. In case management drifts would be discovered, he must identify the causes and provide solutions to try to remedy them.
We see it, to exercise the actual profession, it must be endowed with precision and rigor, to have the sense of observation and anticipation and have relational qualities to team work.
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