Like the financial adviser, an actuary is an insurance professional who bases his advice mostly on uncertain events in the future. They assess how disasters affect the individual financially. Insurance companies provide the policy holders with insurance cover for financial loss in the event of accidents, illness leading to hospitalization and hazards causing damage to houses and belongings, against theft or any other calamities. The policy holders pay regular premiums so that they get the assured amount in the event of such untoward incident or at the time of maturity. Calculating how much the insurance policy value and how much the premium and other related details is actually done by the actuary. To be able to do this calculation, the actuary has to apply various skills such as compound interest, statistics, law, probability and marketing.
Actuarial Science as a profession took shape in the year 1948 when the Institute of Actuaries, London was established. In India the formation of The Actuarial Society of India in 1944 made a beginning in this subject. The Institute started conducting entrance exams for admission to the Institute of Actuaries, UK in the year 1975. The Institute started conducting the examinations for its Indian qualification for Associate level in the year 1989. The Fellowship level exams started in 1992. The Examinations follow the UK pattern and conform to the international standards set by the International Actuarial Association, in short IAA. Anyone qualifying as a Fellow of the Actuarial Society of India (ASI) or the Institute of Actuaries, London can practice as an actuary.
The Course in Actuarial Science
The Courses can be completed without any restriction on duration. No fixed time is stipulated to complete the course. The15 subjects must be cleared and the student has the choice to attempt any number of subjects for each time.
Actuaries were generally associated with the Life Insurance industry till recent times. With the liberalization of trade and commerce has opened up many opportunities. The areas of non-life insurance, companies’ employee benefits, wealth and asset management, health insurance, insurance broking and other financial consulting companies require the services of qualified actuarial professionals for their successful operation. They work with Government Agencies as well as policy holders or share holders of companies to prepare various Medicare security and plans for them. Independent actuaries also work as consultants and offer consultancy for individuals and companies for advice on investment or savings. Countries like the US, Canada, UK and Australia have the necessary infrastructure and support systems for the Actuaries.
There are a number of companies that offer careers in Actuaries at different levels. Some of the companies that offer job opportunities to the actuarial professionals are:
- AMP Sanmar Life Insurance CoLtd
- Allianz Bajaj Life Insurance Co Ltd
- Birla Sun Life (Distributor Co Ltd)
- Aviva Life Insurance Co Ltd
- HDFC Standard Life Insurance Co Ltd.
- ICICI Prudential Life Insurance Co Ltd.
- ING Vysya Life insurance Co Ltd.
- Om Kotak Mahindra Life Insurance Co Ltd.
- Max New York Life Insurance Co Ltd.
- Met Life Insurance Co Ltd.
- SBI Life Insurance Co LTD.
- TATA AIG Life Insurance Co Ltd.
- Life Insurance Corporation of India.
- Bajaj Allianz
- HDFC Chhub GIC ltd.
- ICICI Lombard General Insurance Co Ltd.
- IFFCO-TOKIO General Insurance Co Ltd.
- Reliance GIF.
- Royal Sundaram GIC.
- Cholamandalam GIC.
- TATA AIG.
- Oriental Insurance.
- United India Insurance.
- National Insurance Co.
- General Insurance Corporation.
- New India Assurance Company
Some of the Institutions offering Courses in Actuarial Science
- Aligarh Muslim University,Aligarh
- AMITY School of Insurance and Actuarial Science,Noida(ASIAS)
- Annamalai University,Tamil Nadu
- Andhra University, Visakhapatnam
- Berhampur University,Orissa
- Birla Institute of Management Technology, New Delhi
- Bishop Herber College, Tiruchirappalli
- CMD School of Insurance and Actuarial Sciences, Uttarpradesh
- Dr. Ram Manohar Lohia Avadh University, Faizabad, U.P.
- Goa University, Goa
- Gurunanak Dev University, Amritsar
- Institute for Integrated Learning in Management (IILM), Noida