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Career Opportunities in Insurance Sector- Actuary

With the opening of the Indian economy and insurance sector as well, there is a tremendous potential for an actuary not only in Indian insurance sector but also worldwide, given that, the regulations now prescribe that every company must have an appointed actuary. The actuary basically is a mathematician or a statistician, who works out the premium rates, the product design, and in a sense also decides on the solvency margin of insurance companies and thus the very growth and future of the company depends upon his accurate assessment. The job profile of an actuary makes him one of the most sought after and revered insurance professional and also commands excellent pay and perks of office.

In India, the profession of actuary is managed and regulated by the Actuarial Society of India in located in Mumbai which conducts these professional examinations and currently, more than 1200 members are pursuing this education.”

Job Profile

Evaluates the risk for companies to be used for strategic management decisions and choosing the right alternative.
Actuaries use their analytical and mathematical skills to predict the risk of writing insurance policies through the use of mathematical, statistical and economic models.
An actuary not only fixes the premium rates for new products, but also revises both products and prices. They calculate costs to assume risk, for example how much to charge policyholders for life or health insurance premiums?

Examination Hurdle
The actuarial course involves basic techniques, communication, advanced techniques in actuarial science, finance, life and general insurance. The candidates opting for a career as an actuary must have a strong mathematical and/or statistical background and it can take minimum two to nine years depending upon the kind of studies conducted by the candidate. Usually, it is found that, people who join the insurance industry pursue these careers.

Who can qualify

Mathematics and Statistics graduates can try the actuarial course.
The eligibility requirement is higher secondary education.

Job Prospects
The Actuary belongs to the top management team thus the compensations are very attractive for example in U.S., the salary will be more that 80000 US dollars per annum. The field is not only relevant to insurance industry but to the whole financial sector. Without an actuary, an insurance company cannot function. In India also with opening of the insurance sector and a large number of insurance companies entering the fray, the times were never so good for insurance professionals. There is a huge demand and supply gap especially in the top end segment of the market and actuary stands out as one such sector. A qualified and experienced actuary can easily command a starting salary of upto Rs. One lakh per month or more and being part of top management, is privy of decision making and authority.