What do actuaries do
The profession of actuary
What do actuaries do in detail?
- develop mathematical models to describe the risks
- are responsible for the creation of suitable statistical bases
- calculate premiums
- develop insurance products
- are responsible for determining and creating appropriate technical provisions
- carry out asset-liability management
- watch over the solvency
- calculate the risk capital necessary for a given security
- arrange reinsurance programs
- place insurance risks on the stock exchange (securitization) and more.
Actuaries contribute to their worksignificant social responsibility. The models used have an impact on broad sections of the population. Because of complex relationships, it is often not easy to convey results and reasons in a generally understandable manner. It is therefore of central importance that the profession enjoys trust among the population. The profession must develop and maintain this trust.
IAA Releases Papers on the Role of the Actuary
The International Actuarial Association (IAA) is pleased to announce the publication of two papers. The first is a basic premise - a value proposition for the actuarial profession; the second is an extension of this into what we, as actuaries, do - Role of the Actuary. The papers were prepared by a task force of the IAA Executive Committee.
These papers are intended to help someone who is unfamiliar with the work of actuaries to understand when and why to engage the services of an actuary; to demonstrate the value to users of actuarial services of engaging qualified actuaries; to serve as a basis for equipping spokespeople (for example, IAA officers, chairpersons, leaders of member associations) to convey the value of the qualified actuary in their respective jurisdictions; and to serve as a basis for drafting communications which reference actuaries.
IAA President Kurt Wolfsdorf states “Ultimately, we hope that the Value Proposition and the Role of the Actuary papers will form a foundation to assist in developing a strong global brand for the actuarial profession. Our profession needs to be differentiated from other professions. A first step in this strategy is to build a strong brand within the current and potential users of actuarial services. "
These papers are available on the IAA website under About the IAA - About Actuaries.
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