Actuarial consultant

“Predicting the unpredictable”. It might sound like an oxymoron – or just plain impossible – but for actuaries, specialists in statistics, probability and risk assessments, it’s just another day at the office.

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The life of an actuary...

Technically designing insurance products

Actuaries are responsible for carrying out statistical, mathematical and financial research in order to define the guarantees and pricing structures that will apply to each risk category, as well as the terms of economic and financial profitability of contracts, and so on. They also create modelling tools, prospective simulation models and actuarial calculation tools, draft actuarial specifications for new products and play an active role in pricing up contracts, all based on expected levels of risk.

Underwriting and managing contracts

Actuaries are there to advise and provide technical support to the underwriters and sales representatives working at insurance companies. They’re also responsible for monitoring the general profitability of insurance products and contract portfolios, keeping a close eye on the news, given certain global events can have a big impact on risk assessments and quantification.

Fun fact

It’s not such a big leap from actuarial services to astronomy, in fact, it’s just one man: Edmund Halley. The mathematician who famously gave his name to the comet also invented the first mortality table back in 1693. This table – combined with a formula for calculating the life expectancy of the population – ultimately forms the basis of an actuarial consultant’s career.

Skills

Hard skills

  • Insurance law
  • Actuarial science
  • Economics
  • Statistics

Soft skills

  • Learning strategies
  • Teaching and mediation
  • Evaluation

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