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Actuarial Science

Actuarial Science. By: Stephanie Becht. What is the study of this science ?. Applies mathematical and statistical methods to assess risk in insurance and finance. What does an actuary do?. Help organizations plan for the future and protect themselves from loss Top ranked jobs

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Actuarial Science

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  1. Actuarial Science By: Stephanie Becht

  2. What is the study of this science ? • Applies mathematical and statistical methods to assess risk in insuranceand finance

  3. What does an actuary do? • Help organizations plan for the future and protect themselves from loss • Top ranked jobs • Problems that they solve provide a safeguard against disaster and this gives companies the confidence to grow • This benefits everyone, economically speaking

  4. Steps to becoming an actuary • Get any degree • Basic knowledge of subjects related to the job • Passing the exams • There are sets of many exams one must pass • Will be taking the exams while working • In order to get a job only one to two exams must be passed • Tests are scored out of 10 and a six is needed

  5. What subjects are needed to do this job? • Profession is perfect for individuals who enjoy challenges and problem solving • Mathematics, risk management, finance, statistics, information science

  6. Kinds of actuaries • Fellow of the Casualty Actuarial Society(FCAS) and Society of Actuaries(FSA) • FCA actuaries deal with automobile, liability, workers' compensation, natural disaster, and insurance coverage • The FSA actuary spends a career in life and health insurance, pension, finance and investment funding

  7. Data controllers • The individuals or the legal person who are responsible for the keeping and use of personal information within the company • Work with the clients to make sure that their information stays private

  8. How do they access information? • There are two types of actuaries • Causality and insurance • Receive information from insurance companies and clients • Information pertains to the company itself • Actuaries comply with the DPA to make sure all information is kept private • DPA- Data Protection Act

  9. Why the DPA? • Give clients reassurance that information is kept private • Principles : • Must be fair and lawful • Specified and lawful purpose, adequate, relevant and not excessive. • According to the Institute and Faculty of Actuaries: • “Fairness is achieved by letting individuals know how their data is handled. This is often done through a "fair processing notice". Fairness will often require obtaining the consent of the individual, depending on the circumstances.”

  10. Works Cited • Committee on Senate-Finance. (2010, October 13). search.proquest. Retrieved May 4, 2014, from ProQuest Research Library: http://search.proquest.com/pqrl/docview/757781046/B3583B83C9DF407DPQ/5?accountid=13025 • Institue and Faculty of Actuaries . (2013, May 13). Data Controllers and Responsibilites. Retrieved May 4, 2014, from actuaries.org: actuaries.org.uk • Renaud, P. N. (2002, Dec 3). The case for an actuary. Retrieved May 4, 2014, from ProQuest Research Library: http://search.proquest.com/abitrade/docview/218459729/A150198153B34323PQ/1?accountid=13025 • Society of Actuaries. (2009, December 21). search.proquest.com. Retrieved May 4, 2014, from ProQuest Research Library: http://search.proquest.com/abidateline/docview/447073482/2AD6274C066045EBPQ/5?accountid=13025 • http://www.listendata.com/2013/04/all-about-actuarial-science.html

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