Continued growth in the Indian insurance industry promises great employment opportunities for the students of actuarial science in the industry. Actuarial Science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. It involves a number of interrelated subjects, including finance, probability and statistics, and economics. Qualified actuaries provide commercial, financial, and prudential advice particularly when long-term management and planning are critical factors for the concerned organization.
Considerably, there is more demand for qualified actuaries in general insurance than in health insurance segment. Actuarial techniques are powerful tools required to manage and regulate the functioning of any general insurance company. IRDA (Insurance Regulatory and Development Authority) has acknowledged the role of an ‘appointed actuary’ in general insurance companies with his services being utilized in Pricing, Claim Reserving, Reinsurance, and Investment.
Though shortage of actuaries has been felt in the health insurance also as there is an increase in demand from the private players in the sector. Moreover, the low rate of success in the final stages of the exam conducted by IAI (Institute of Actuaries of India) has further decreased the chances of these aspirants to join the league. Besides this exam, you need to be a fellow of IAI and possess a certificate of practice issued by this institute.
Aspirants of IAI can be considered as a student member if they score at least 85 percent marks in mathematics / statistics and are recommended by two fellow members of the society. With the medium of instruction in English at 10+2 level, graduation or post graduation in relevant subjects such as mathematics, economics, and statistics as well as students with a degree in engineering or MBA (finance) can also apply. BPOs and management consultancy firms also hire the services of actuaries. Typically, actuaries work in the fields of finance, general insurance, life insurance, investment and risk management, and pension and social security.