What is an Actuary?
An actuary is a person concerned with the application of probability and statistical theory to problems of insurance, investments, pension, financial risk management. The majority of actuaries work for life, health, and property/casualty insurance companies, which heavily rely on actuaries' judgment to ensure financial security. Other actuaries work for actuarial consulting firms. They consult on finacial services, risk management, health care fields, pension plans, and asset/liability management.
Actuaries' duties are varied, challenging and so important that they
are frequently called the brains of the insurance business. Actuaries
work with facts, figures and people to solve business problems. They are
the statisticians of the insurance industry, but they also have broader
responsibilities of of financial management. Actuaries frequently evaluate
the past, make use of known changes, interpret expected changes, and set
future directions to determine the price of insurance and the cost of
employee benefits and retirement plans. Actuaries work in many capacities
within businesses, consulting firms, government agencies and universities,
and often fill senior managerial roles in insurance and become senior
officers or heads of companies. Most importantly, all actuaries have an
aptitude for mathematics and apply it to financial situations.
Département de sciences actuarielles, Faculté des HEC, Université de Lausanne, CH-1015 Lausanne, Suisse (Switzerland)