Types of Actuaries

 

Predicting the future is not just for carnival acts or magic shows.  Predicting the future is what actuaries do every day.  No hocus pocus is necessary, they use numbers, statistics and piles of data that are fed into a computer.  In the actuary world there are a variety of companies you could work for along with a variety of roles.

For some actuaries, work is in the finance world with analysts or accountants.  They will plan and execute security offerings. In market research you may be called upon to look at the consumer demand for certain products. This is called forecasting.  When you gain experience, actuaries usually rise to supervisor positions.

Another field that utilizes many actuaries is the Insurance business.  In general, actuaries in this field look at all kinds of policies and allocate what fees need to be charged for the company to stay profitable.  With an eye to the consumer they must all keep the insurance company’s’ premiums competitive or they won’t attract any customers.

In the insurance field, specialization of skills is available to actuaries.   For instance, in health insurance an actuary will look at where an individual lives, their occupation, and family history.  They will determine how much health care this individual may need over a lifetime.  Then they factor in health costs.  With this data they can anticipate different plans that a company can offer and what a realistic premium might be.

 

 

 

 

Sources Cited:  Bureau of Labor Statistics

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