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So your most trusted agent has, after a few calculations arrived at the premium that you will have to fork out on your chosen policy. But have you ever wondered who are the real people behind the pricing of your policy?
These are actuaries - experts who perform actuarial analysis of insurance rates, rating procedures, rating plans, and schedules of insurance companies. These are professionals who are experienced in reviewing and analysing insurance operations, reserves and underwriting procedures and provide technical assistance regarding actuarial matters to policy examiners and other technical staff.
In other words they are the people who ascertain in advance the uncertain events that could take place in future and come to a financial conclusion.
Actuaries are involved in pricing, product design, financial management and corporate planning. They use their professional expertise in solving complicated financial problems by combining their theoretical as well as practical knowledge. Actuaries also hold a legal responsibility for protecting the benefits promised by insurance companies. Their role demands the highest standards of personal integrity and application of professional skills. Actuaries balance their role in business management with responsibility for safeguarding the financial interests of the public.
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