Bharti AXA INSURANCE GLOSSARY Actuary Actuary As per IRDAI, an actuary is a Fellow of the Actuarial Society of India. An actuary compiles and analysis statistical data to measure the risk of a future event occurring and predict what the financial impact of such an event could be. In life and general insurance companies, they determine insurance risk and, accordingly, fix premium for an insurance premium. Their primary role in the insurance business includes using the insurer’s projected costs to determine the premiums to be charged to policy holders. They also estimate the damage that could result from big events like earthquakes or floods. They also use medical records, geographical data, demographic data and other data to calculate the expected life of a customer or where the next large earthquake may occur. The key areas actuaries work in include: risk management, life insurance, general insurance, investment, corporate finance, healthcare and pensions. While insurers are the biggest employers of actuaries, the skills are highly valued by investment banks as well. This is because the sector tends to face high volatility and unpredictability. An investment banker with actuarial skills will be able to assess the risk associated with mergers, acquisitions or investments in stocks and hedge funds. An actuary is well-equipped to project future cash flows. This makes them invaluable when evaluating mergers and acquisitions. A banking actuary is usually hired by equity research firms and merchant banks to analyse investments. An investment actuary, on the other hand, specializes in determining the liability risks involved in a given investment strategy. The design produces using models that minimize risks. Request Call Back Category * - Select -CarTwo WheelerHealthTravelPersonal Accident Buy Renew Claim submit Related Posts Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.