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A person who is dealing with risk ,determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk management and investments and who is a fellow member of the Institute.
An actuary is a business professional who analyses the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. Actuaries may work for insurance companies, consulting firms, government, employee benefits departments of large corporations, hospitals, banks and investment firms, or, more generally, in businesses that need to manage financial risk.
Traditional responsibilities of actuaries in life and general insurance business include designing and pricing of policies, monitoring the adequacy of the funds to provide the promised benefits, recommending fair rate of bonus where applicable, valuation of the insurance business, ensuring solvency margin and other insurance risks like legal liability, loss of profit, etc. An actuary works as consultant either individually or in partnership with other actuaries in multi-disciplines. There are many areas like Analytics, Insurance, Employee benefits, Risk Management, Investment, Information Technology, Taxation, academics where the actuaries are working. Actuaries help stakeholders to identify and analyse the financial risks they face and to manage and mitigate those risks.
Actuaries need to be able to assess, quantify, manage and monitor the risks inherent in financial structures, products, schemes, contracts and transactions that provide benefits on future financial events.
Our M.Sc in Actuarial Science and Analytics program gives students the opportunity to conduct and gain experience of an in-depth open-ended actuarial investigation and on successful completion of the program, students will be able to:
Use economic analyses to form judgments about future inflation and interest rates
This program of study will provide the ideal entry platform for a student into a broad range of employment sectors, such as Insurance, Finance and Risk Management. After the completion of program students would be able to get jobs in Actuarial Firms, Risk management firms, Data Research and various Consultancy firms like Deloitte, Swiss- re, WNS, AON-Hewitt, Mercer, PWC, E&Y,AIG,AIR Worldwide, Genpact, RMS, Xceedance ,XL-Catlin, Re insurance Companies, General Insurance Companies and many more.