The actuarys work field
Most actuaries are employed with insurance companies and pension funds, or work as (self-employed) actuarial consultants. They may fulfil a variety of functions and have different fields of interest. A broad review:
Life and non life insurance companies
Life and non life actuaries are responsible for the actuarial records of the insurance company of their employ. Besides, they play a prominent part in developing insurance products, establish the insurance premiums and advise on underwriting policy. These actuaries also make suggestions about the level of the profit share to be allotted to policy and share holders. They are involved in mergers and take-overs to estimate the value of the company concerned.
In this work field, actuaries are closely involved in the preparation, accomplishment and (clerical) elaboration of policy. Besides they are responsible for the annual accounts of pension funds.
The actuarial consultant
Actuarial consultants tend to be associated to an actuarial consultant office. They advise and coach pension funds, insurance companies, business companies. non-profit and public agencies.
Their activities comprise, among other things, the design, adjustment or upgrading of pension schemes and Early-Retirement schemes, and the computation of their costs. Furthermore: the supervision and analysis of the annual account, advice in case of mergers and take-overs, the development and appreciation of insurance products, and advice on automation problems. These work fields have in common the need for the very judging capacity and practical creativeness in which actuaries are trained.
An increasing number of actuaries feel, in view of their specific skills, eminently at home in an automation function, where they develop automated administrative systems for the insured or participants in pension funds, and design actuarially oriented programs. An example are the programs to support the investment policy of pension funds and insurance companies.
The financial world
As experts in the domain of risk and insecurity, actuaries can play a prominent role in banking. There, too, decisions have to be taken with important long-term financial consequences. Especially now that options and such are becoming increasingly important instruments on the money and capital market, actuaries, with their outstanding mathematical-analytic skills, form an indispensable link in the chain.
Actuaries of manager status are notably found with insurance companies. Their actuarial training gives them a good insight into the specific problems of such companies. Of late years, actuaries are increasingly at home in a commercial or marketing management function.