Question

Very soon, you will be graduating and beginning the search for a job or career. You have learned about a wide range of jobs within the insurance industry. Please describe or explain one job or occupation within the insurance industry that interests you. What do you think your job duties would be?

Answer 1

An Insurance Industry is a fast growing tertiatry growing industry in today business market. The insurance indusrty is largely based on risk factor which it undertakes and he profit they generate from riisk bearing. There are a wide range of jobs within the Insurance industry. An Insurance Industry is with its very name may limit our thinking to only a LIC policy, or Insurance on goods, companies etc. But now a days Insurance Inustry is a must and important aspect in our life. It may very hard to imagine that an Insurance Industry may provide you with a wide scope of job oppurtunities, part time or full time but are very financial and knowedge oriented. When we think of Insurance indusrty we can only picture a job of an Insurance agent who main job is to collect or make more clients or sell his/her polices. But there is much more to it. If you are a people person tht is if you like to interact with people, enjoy talking, have knowledge about the the subject and a fluent vocablury then you can sweep many clients in one meeting. These jobs are done by Sales represntatives. Their job ends there with due respect but all job are equal. There are many job varities and opportunities ranging from data operators to MD.   

The job that interests me and attaracts me to the Insurance Industry is the job of an ACTUARY.  On the bases of the educational qualification it also requires a large amount of work experience to be a professional and a well handled Actuary.

The word Actuary itself signifies actual and so does its work. According to Insurance Industry an Acturay is a post/ or a role held by a person who has knowledge in the statistical data, computing and finance who helps in the assesment of risk coverage and also provides an estimate on the premiums to be paid. In the Insurance industry there is high evaluation of risk management and rate of accpected returns of each proposal or schemes which has to evaluted from time to time to forcast for any future losses. At this point the an Actuary plays a very important and significant role in th insurance business. An actuary helps the industry with is knowledge and capabilities to calculate premiums on various launched schemes, how to rate these schemes and maintain balance . Since insurance indusrty is a risk bearing industry which generates it return on risk bearing the job of an actuary is very crucial. The review or the recommendations made by and Actuary in an Insurance indusrty may not only be beneficial to the the company but somtimes to the soicety and to an individual. For example as per a prior recommendation in setting up the premium rates it may be set as the premium payable for non-smokers to be comparatively less then the premium payable by smokers in a life insurance policies. A smoking -client at this time may think about how he get more insured by paying less so he may be motivated to quit smoking to get the non-smokers benefits. just an example. An actuary job has interested me not only for its pay roll but also for the efforts and wide area of knowledge it has to posses.

An actuary job may vary from time to time but in today high technological world,computers have come to its aid. As an actuary the job responsibilities may be

• to analyise and compile the data statistically to forcast the future possibilties of expansion in the scheme or in terminating the scheme.
• Apply mathematical calculation to round up the premiums
• Assess the claims of the company with the third parties and provide detail report.
• Set up a marginal rate and analysie the rates of insurance on different set up schemes for life, houses, business, belongings, goods
• To provide suggestion to the client regarding the risk area covered, its benefits and long term gains

The job of an Actuary is not only limted to office enviornement but also involves field work where in he /she has to be actually analysing and asscesing the data. Actuary work in groups depending on the project ehy handle. Once a project had been reported the next is i line. As advancement is in all areas project handling may take two to three weeks.

As per my research an Actuary must also be certified by approriate bench as per Insurance Law. Though the pay back figures are mind blowing the job profile also has a mind blowing set up in our career ready to face the challenge in the high risk covering Industry. Last but not the least the job of an Actuary is not only limited to the Insurance Indusrty but in any growing business enterprise, but the real role of an Actuary is analyised in the Insurance Industry.