INTRODUCTION Now a days, most of us must have seen, heard and read about companies which provide insurance

cover to policy holders in case of any eventuality like accidents, hospitalization, household hazards, thefts or death and still others who look after investment schemes, employee benefits, retirement benefits and pension schemes. The policy holders are required to pay a fixed amount as installments at regular intervals and they get this money back in the event of any untoward incident or upon the maturity of the policy. Have you ever wondered who decides as to what amount of money a policy holder should pay as premium or what sum should be given as pension amount or returns by the company?

Well, this exactly is what an actuary does. They calculate insurance risks and premiums. Technically speaking the job of an actuary is to assess the financial impact of an uncertain future event. Roughly speaking they look at the financial aspect of disasters, sarcastically speaking they are financial astrologers.

An actuary has to combine the skills of a statistician, economist and financier and employ techniques of probability, compound interest, law, marketing, management etc to predict the outcome of future

contingencies and design solutions to lessen the financial severity of such events.

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Actuarial profession was formally established in 1848, with the formation of Institute of Actuaries, London. In India, traditionally actuaries were found only in the life-insurance sector but now with the opening up of the economy they are wanted by non-life insurance companies, banks, stock exchanges, private and government agencies and this is one field where demand exceeds supply.

The Actuarial Society of India (ASI), the only professional body of Actuaries in India was formed in 1944 and was admitted as a member of the International Actuarial Association (IAA), an umbrella organization to all actuarial bodies across the world, in 1979. It was registered in 1982 under registration of Literacy, Scientific and Charitable Societies Act XIII of 1960. Its objectives include the advancement of Actuarial profession in India, providing opportunities for interaction among members of the profession, facilitating research, arranging lectures on relevant subjects and providing facilities and Guidance to those studying for the professional Actuarial Examination.

The Institute of Actuaries Of India (IAI or formally ASI) was initially started as a non-examining body when Actuaries used to get qualified from Institute of Actuaries or Faculty of Actuaries of UK. The Institute of Actuaries of India started conducting Entrance Examinations in India for students of Institute of Actuaries, UK, in 1975. In 1989, it started conducting examinations for its Indian qualification up to Associate ship level, and in 1992, it started conducting Fellowship level exams. The IAI

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has been following the UK pattern of examinations since November 2000 with an eye to be a part of global standards set by the International Actuarial Association (IAA).

To become an actuary one must be a Fellow of a recognized professional examining body like the Actuarial Society of India (ASI), Mumbai or the Institute of Actuaries, London. The work of an actuary involves a lot of number crunching and the nature of work is quite tedious, nevertheless it offers rewards in terms of intellectual challenge, status, job satisfaction and earnings. As their judgment is the basis of decision making for many business activities, their career paths often lead to upper management and executive positions.

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WHAT IS AN ACTUARY?

Most people will know something about the professions of accountants, doctors and lawyers. But tell someone youre an actuary and more than likely they will look at you blankly never having heard of an actuary.

If, however, they are aware of the work that actuaries do, they are likely to be impressed; being an actuary carries quite a reputation. This is partly due to the difficult exams, but mostly due to the fact that actuaries are experts in a field that is renowned for its complexity and mathematical prowess. An actuary deals with the business of insurance and is responsible for many areas under the broad category of insurance. The actuary is an individual who will analyze important data such as mortality, sickness, injury and disability rates and use that information to aid those involved with insurance. An actuary is responsible for collecting the data to forecast future risks and see how these predictions will affect various aspects of insurance.

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Any person with minimum 18 years of age and having a high degree of aptitude for mathematics and statistics can take up the course and become an Actuary. A person with a high degree of aptitude for mathematics and statistics can become an actuary. The other necessary skills include good

communication skills, ability to use computers and related technology, business sense, a practical outlook, a curious bent of mind, the ability to work on ones own and also be a team player as the situation demands and to be self motivated.. However an aspirant should have single minded devotion, total dedication and a systematic approach towards problems in order to successfully become an Actuary.

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THE ROLE AND RESPONSIBILITIES OF AN ACTUARY The daily job duties, which an actuary must complete, are quite vast and varied. This individual wears many hats and must be adept with completing various tasks on a daily basis. Although many individuals may be unaware of the responsibilities, which an actuary takes on in their job role, the position of actuary is one of an important nature. One who accepts the role of actuary is responsible for a multitude of items. They will review statistical information relating to rates dealing with mortality, sickness, accidents, disability and retirement. They will take the information that they obtain from reviewing statistical data and relay the information to individuals who need such items to successfully pursue insurance-related interests. The general role of the actuary is to compile the data that they collect in such a manner that it helps companies deal with payment and coverage issues.

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SPECIFIC DUTIES OF AN ACTUARY There are a variety of specific duties, which an actuary must carry out on a daily basis. The first duty that an actuary must undertake in their job role is to review a variety of documents. These documents relate to statistical information, insurance plans, annuity plans, pension plans, contracts and company policies. The overall goal in reviewing these various document is to construct guidelines for which the companies can follow with their customers and employees. Once the actuary has reviewed all of the pertinent documents, the individual must then construct concise tables evidencing the results of the intense document review. The tables will diagram the statistical evidence as well as highlight the recommended route to pursue with regard to disbursements, premiums and retirement funds.

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An additional specific duty of an actuary is to determine company policy and explain such policy and its aspects to those who will benefit from it. The actuary may also work on the policy so that it adequately works to benefit those affected by the policy. An actuary may also do consulting work and help various companies with their statistical needs and company policy construction. One who is an actuary may work for a specific corporation or many different companies and corporations. Actuaries may also be asked to testify as expert witnesses in various forms of litigation. Their testimony most often relates to the lifetime earnings an individual would have seen based on a variety of factors.

One who fulfills the role of an actuary may also have to testify before public agencies with regard to new or revised legislation affecting the companies and corporations, which it works for. This frequently occurs when a new law is about to be passed or the company wishes a particular piece of legislation to become law. The actuary is also the go to individual for any questions relating to their job responsibilities asked by the customers of the company. If the questions are best answered by the actuary, and then he/she will do so in order to present straightforward information to the public. An actuary must also develop mathematical ideas and formulas so that the proper data can be assessed. The actuary must use his/her

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mathematical abilities to format equations, which will aid in the resolution of an issue.

TRAITS WHICH ALL ACTUARIES SHOULD POSSESS There are many beneficial traits, which an actuary should possess. First and foremost, an actuary needs to possess wonderful mathematical skills. Since they will be dealing a great deal with statistical equations and data, having such mathematical skills will help them to excel in their job responsibilities. Good analytical skills are another important trait which an actuary should possess as it will help them in their job role. As they will need to analyze a

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variety of documents, having analytical skills, which are more than adequate, will greatly benefit them in the long run. An actuary is an individual who should possess good public speaking skills as well. In their daily job duties, not only will they need to analyze documents and data but they will also have to report such data results to company officials and members of the public. Therefore, in order to best get their opinions and conclusions across in a straightforward, easy to understand manner, good public speaking skills should be a prerequisite to taking on the role of actuary. Creativity is something, which actuaries should possess. From time to time, they will need to aid company officials in the drafting of company policy and make changes to the policy. With a little bit of creativity, an actuary will be able to take the documentation and put such a spin on it that it is formed into a proper and valid policy. One who is an actuary should also have wonderful research skills. Since many of the documents that they need to analyze will not just pop into their laps, it is important that actuaries can do good research and find out what they need to know with regard to statistics and pertinent documents in an efficient and expedient manner. An actuary should also have good working computer skills. Since much of their work will involve computers, it is important that the actuary not only be familiar with computers but know how to maneuver around with them as well.

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Comprehension skills are also a necessary component for all actuaries to possess. The actuary is an individual who in their job role will need to analyze and interpret often-complex documents and laws as well. If one has excellent comprehension skills they will be able to do their job that much better.

ELIGIBILITY The Actuarial Society of India and Institute of Actuaries, UK are professional examining bodies which conduct certificate, associate ship level and fellowship level examinations and on passing these

examinations candidates become eligible to be admitted as an Associate

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Member of the society and can use AASI against their name as a registered actuary. On passing all the subjects up to and including 400 Series and upon satisfying the other criteria specified for the purpose, candidates become eligible to be admitted as fellow member of the Society and can use FASI against his/her name as a recognized fellow. A number of universities are offering graduate and postgraduate courses in actuarial sciences. Mere completion of such courses does not make one eligible to practice as an actuary, but such courses give students better conceptual clarity and training by experts in a classroom environment which makes them better equipped than if they directly write papers of ASI through self study. To qualify as an Actuary, a candidate has to pass all examinations in the prescribed subjects conducted by the professional examining body such as the Actuarial Society of India and the Institute of Actuaries, UK.

THE ACTUARIAL SOCIETY OF INDIA

The Actuarial Society of India was established in 1944 and registered as a Society in 1982 under Act XXI of 1860 registration of Literary, Scientific

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and Charitable Societies. The Society is a founder member of the International Forum of Actuarial Associations.

Objects

To provide a central Organization for the members of the actuarial profession in India for the purpose of elevating the attainment and status and for promoting the general efficiency of all who are engaged in occupations connected with the pursuits of an actuary;

To extend and improve the data and methods of the Science which has its origin in the application of the doctrine of probabilities to the affairs of life and to consider all monetary questions involving, separately or in combination, the mathematical doctrine of probabilities and the principles of interest;

To plan, promote and provide for interaction amongst the members, to arrange facilities for the reading of papers, the delivery of lectures, the discussion of topics and for the acquisition and dissemination by other means of useful information and knowledge connected with Actuarial Science and other allied subjects with special reference to Indian conditions;

To promote or to conduct work or research of interest to Actuarial Science or to the practice of the Actuary;

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To prescribe syllabus of studies and hold examinations in subjects pertaining to principles and practice of Actuarial Science with particular reference to Indian conditions, by means of which the attainment of adequate standard can be tested and to award certificates, candidates; diplomas and other distinctions to successful

To provide educational services and other facilities to those studying for actuarial examinations;

To disseminate information on Actuarial Science and other allied subjects by undertaking and providing for publication of journals, reports, pamphlets, research papers, books and other literature;

To form and maintain either by itself or in collaboration with some other Organization or organizations a library or libraries for use by members of the Society;

To confer honorary awards and other distinctions; To institute and award scholarships, prizes, medals and

certificates;

To maintain liaison with Universities and other educational and professional bodies in India or abroad for the purpose of promoting the objects of the Society;

To maintain contact and co-operate with other institutions in any part of the world having objects wholly or partly similar to those of

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the Society including by way of payment of subscription, enrollment as a member thereof, and generally in such a manner as may be conducive to the furtherance of the common objects as the Society may deem necessary;

To discuss and comment on the actuarial aspects of public, social and economic and financial questions which from time to time may be the subject of public interest;

To consider the actuarial aspects of legislation, existing and proposed, and to take such action as is considered desirable;

To arrange for the compilation and publication of statistical data and of actuarial tables based thereon;

To raise funds by subscription from the members of the Society and to accept donations and bequests for all or any of the purposes of the Society; and

Generally do all such things as from time to time may be necessary to elevate the status and procure advancement of the interest of the profession.

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ROLE OF ACTUARIES IN INSURANCE Actuaries are 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 analyzing 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 complication 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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APPOINTED ACTUARIES:

Procedure for Appointment of an Appointed Actuary:

1) An insurer registered to carry on insurance business in India shall, subject to sub-regulation, appoint an actuary, who shall be known as the 'Appointed Actuary' for the purposes of the Act.

2) A person shall be eligible to be appointed as an appointed actuary for an insurer, if he or she shall be-----(i) ordinarily resident in India; (ii) a Fellow Member of the Actuarial Society of India; (iii) an employee of the life insurer, in case of life insurance business; (iv) an employee of the insurer or a consulting actuary, in case of general insurance business; (iv) a person who has not committed any breach of professional conduct; (v) a person against whom no disciplinary action by the Actuarial Society of India or any other actuarial professional body is pending;

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(vi) not an appointed actuary of another insurer; (vii) a person who possesses a Certificate of Practice issued by the Actuarial Society of India; and (viii) not over the age of seventy years.

(3) An insurer shall seek the approval of the Authority for the appointment of appointed actuary, submitting the application in Form IRDA-AA-1.

(4) The Authority shall, within thirty days from the date of receipt of application, either accept or reject the same: Provided that before the rejecting the application, the Authority shall give an opportunity of being heard to the insurer.

(5) If an insurer does not receive approval within thirty days of the receipt of such application by the Authority, the insurer shall deem that the approval has been granted by the Authority.

(6) An insurer, who is unable to appoint an appointed actuary in accordance with sub-regulation (2), shall make an application to the Authority in writing for relaxation of one or more conditions mentioned in sub-regulation 2.

(7) The Author all, on receipt of the application referred to in subregulation (6), communicate its decision to the insurer within thirty days of receipt of such application.

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(8) The appointment of an appointed actuary shall take effect from the date of approval by the Authority.

CESSATION OF APPOINTMENT OF APPOINTED ACTUARY.

(1) An appointed actuary shall cease to be so, if he or she has been given notice of withdrawal of approval by the Authority on the following grounds:

(a) that he or she ceases to be eligible in accordance with subregulation (2) of regulation (3), or; (b) that he or she has, in the opinion of the Authority, failed to perform adequately and properly the duties and obligations of an appointed actuary under these regulations.

(2) The Authority shall give an appointed actuary a reasonable opportunity of being heard, if he or she has been given a notice of withdrawal of approval by it.

(3) If a person ceases to be an appointed actuary of an insurer otherwise than on the grounds mentioned in sub-regulation (1), the insurer and the

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appointed actuary shall intimate the Authority the reasons therefore within fifteen days of such a cessation.

POWERS OF APPOINTED ACTUARY:

(1) An appointed actuary shall have access to all information or documents in possession, or under control, of the insurer if such access is necessary for the proper and effective performance of the functions and duties of the appointed actuary.

(2) The appointed actuary may seek any information for the purpose of sub-regulation (1) of this regulation from any officer or employee of the insurer.

(3) The appointed actuary shall be entitled, --

(a) to attend all meetings of the management including the directors of the insurer; (b) to speak and discuss on any matter, at such meeting,--

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(i) that relates to the actuarial advice given to the directors; (ii) that may affect the solvency of the insurer; (iii) that may affect the ability of the insurer to meet the reasonable expectations of policyholders; or (iv) on which actuarial advice is necessary; (c) to attend, -(i) any meeting of the shareholders or the policyholders of the insurer; or (ii) any other meeting of members of the insurer at which the insurer's annual accounts or financial statements are to be considered or at which any matter in connection with the appointed actuary's duties is discussed. DUTIES AND OBLIGATIONS

In particular and without prejudice to the generality of the foregoing matters, and in the interests of the insurance industry and the policyholders, the duties and obligations of an appointed actuary of an insurer shall include:--

(a) rendering actuarial advice to the management of the insurer, in particular in the areas of product design and pricing, insurance contract wording, investments and reinsurance; (b) ensuring the solvency of the insurer at all times;

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(c) complying with the provisions of the section 64V of the Act in regard to certification of the assets and liabilities that have been valued in the manner required under the said section;

(d) complying with the provisions of the section 64 VA of the Act in regard to maintenance of required solvency margin in the manner required under the said section;

(e) drawing the attention of management of the insurer, to any matter on which he or she thinks that action is required to be taken by the insurer to avoid-(i) any contravention of the Act; or (ii) prejudice to the interests of policyholders;

(f) complying with the Authority's directions from time to time;

(g) in the case of the insurer carrying on life insurance business,-(i) to certify the actuarial report and abstract and other returns as required under section 13 of the Act; (ii) to comply with the provisions of section 21 of the Act in regard to further information required by the Authority; (iii) to comply with the provisions of section 40-B of the Act in regard to the bases of premium; (iv) to comply with the provisions of the section 112 of the Act in regard to recommendation of interim bonus or bonuses payable by

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life insurer to policyholders whose policies mature for payment by reason of death or otherwise during the inter-valuation period; (v) to ensure that all the requisite records have been made available to him or her for the purpose of conducting actuarial valuation of liabilities and assets of the insurer; (vi) to ensure that the premium rates of the insurance products are fair; (vii) to certify that the mathematical reserves have been determined taking into account the guidance notes issued by the Actuarial Society of India and any directions given by the Authority; (viii) to ensure that the policyholders' reasonable expectations have been considered in the matter of valuation of liabilities and distribution of surplus to the participating policyholders who are entitled for a share of surplus; (ix) to submit the actuarial advice in the interests of the insurance industry and the policyholders;

(h) in the case of the insurer carrying on general insurance business to ensure, -(i) that the rates are fair in respect of those contracts that are governed by the insurer's in-house tariff; (ii) that the actuarial principles, in the determination of liabilities, have been used in the calculation of reserves for incurred but not reported claims (IBNR) and other reserves where actuarial advice is sought by the Authority;

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(i) informing the Authority in writing of his or her opinion, within a reasonable time, whether,-(i) the insurer has contravened the Act or any other Acts; (ii) the contravention is of such a nature that it may affect significantly the interests of the owners or beneficiaries of policies issued by the insurer; (iii) the directors of the insurer have failed to take such action as is reasonably necessary to enable him to exercise his or her duties and obligations under this regulation; or (iv) an officer or employee of the insurer has engaged in conduct calculated to prevent him or her exercising his or her duties and obligations under this regulation.

ABSOLUTE PRIVILEGE OF APPOINTED ACTUARY.

-(1) An appointed actuary shall enjoy absolute privilege to make any statement, oral or written, for the purpose of the performance of his

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functions as appointed actuary. This is in addition to any other privilege conferred upon an appointed actuary under any other Regulations.

(2) Any provision of the letter of appointment of the appointed actuary, which restricts or prevents his duties, obligations and privileges under these regulations, shall be of no effect.

Applicability to reinsurance business.- These regulations shall apply to reinsurers carrying on reinsurance business in India.

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GROWTH RATE

According to R. Kannan, president, Actuarial Society of India, the opening up of the insurance sector in the country has pushed up the demand for qualified and senior actuarial students. "About 2,000 candidates enroll with the ASI as students every year. But the total number of actuaries available in India is only about 225. Of these there are just 40 people in the 20-60 age group," says Kannan. "On the other hand, each of the 15 life insurance and 15 non-life insurance companies needs at least two to three qualified actuaries." While there is no concrete forecast on what the demand for actuaries will be, E Balaji, COO, Ma Foi Management Consultants, a human resource consulting and recruitment firm that signed up about 40 actuaries for a single BPO client in end-2005, says that there is generally a 20-25 per cent shortfall in supply. R Krishnamurthy, managing director (distribution consulting), Watson Wyatt Insurance Consulting, agrees that insurance liberalisation has exposed a big gap in the demand and supply ratio of actuaries. "When the Life Insurance Corporation of India was the monopoly player and general insurance was subject to a tariff regime, opportunities were limited and there was no incentive to qualify as actuaries," he says. "Now there is a demand for freshly qualified actuaries, especially in the employee benefit

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sector. Till now, this sector was largely handled by chartered accountants, but changes will call for professional actuarial valuation." At the moment, qualified actuaries find the going good. Consider Anil Singh, 37. He started out as an actuarial trainee with LIC in 1991, soon after completing his Master's in Statistics from Lucknow University. While working with LIC, he studied with the ASI and, in 1995, became an ASI associate. After a break, Singh qualified as an actuarial fellow in 1999. Subsequently, he worked with a couple of private sector insurance companies as a senior actuarial analyst and is now the chief actuary with Bajaj Allianz Life Insurance, taking home an annual pay packet of Rs 40 lakh (Rs 4 million).

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NEW AVENUES

Low supply, high demand. There are only 225 actuaries in India. Industry feels there is 20-25% shortfall. Larger profile. Apart from the traditional areas of life and general insurance, pension and reinsurance, actuaries now act as consultants, investment advisers and risk managers as well. Hands on. ASI fellowships can be completed in 5-6 years' time. Actuarial studies can be pursued alongside a full-time job. Money magic. With about 6 years of experience, a fellowship and work at a senior position, you can earn Rs 50 lakh a year.

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DRIVING FORCE

The growth in the Indian financial market is the major reason for the spurt in the demand for actuaries. Apart from the traditional areas of life and general insurance, pension and reinsurance, actuaries are now needed to play the roles of consultants, investment advisers and risk managers as well. A number of banks are planning joint ventures to set up insurance companies in 2007, which is likely to raise the number of life insurance companies from 16 to more than 20. The number of general insurance companies is also expected to increase from 12 to around 15. The health insurance sector is also expected to get a big dose of growth. V Jaganathan, managing director of Star Health Insurance, says there is huge potential for the sector in a populous country like India. Apollo Hospital, for instance, is close to establishing a health insurance company. Reforms in pension funds, whenever they happen, are also expected to add to the demand.

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India has the potential to emerge as a key actuarial back office in the BPO sector as well. A few companies are already in the business of low-level calculations. Once the supply pool expands, India can take up more complex and more lucrative back office work, says Krishnamurthy.

JOB PROSPECTS & CAREER OPTIONS

Traditionally actuaries have been associated with insurance sector but in present scenario with the economy opening up actuaries are needed in sectors like non-life insurance, employee benefits, health insurance, asset-management, consulting companies. The job of an actuary involves formulating policies and calculating the premium to be charged. For this they assemble and analyse data to estimate the probability of such eventualities as death, sickness, injury, disability and property loss and formulate a sum which is advantageous to the customer as well as the company. In areas where employee benefits and retirement/ pension schemes are dealt, the actuaries have to calculate the amount of money to be paid as contribution to pension fund in order to generate a certain income level post-retirement. Actuaries in administrative positions have to explain technical matters to executives, reinsurance, insurance broking houses and

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government officials, shareholders, policyholders. Actuaries working in tandem with government/ government agencies are responsible for designing social security and Medicare plans. Many of these professionals work as independent consultants providing actuarial advice to clients for a fee. Some also provide investment advice. Actuaries have scope for career growth not only in India but also in countries like USA, UK, Canada and Australia where they already have the necessary infrastructure and support system available.

Some of the potential employers are : Life Insurance 1. AMP Sanmar Life Insurance CoLtd; 2. Allianz Bajaj Life Insurance Co Ltd; 3. Birla Sun Life (Distributor Co Ltd); 4. Aviva Life Insurance Co Ltd.; 5. HDFC Standard Life Insurance Co Ltd.; 6. ICICI Prudential Life Insurance Co Ltd.; 7. ING Vysya Life insurance Co Ltd; 8. Om Kotak Mahindra Life Insurance Co Ltd.; 9. Max New York Life Insurance Co Ltd.; 10. Met Life Insurance Co Ltd.; 11. SBI Life Insurance Co LTD; 12. TATA AIG Life Insurance Co Ltd;

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13. Life Insurance Corporation of India Non-Life Insurance 1. Bajaj Allianz; 2. HDFC Chhub GIC ltd; 3. ICICI Lombard General Insurance Co Ltd; 4. IFFCO-TOKIO General Insurance Co Ltd.; 5. Reliance GIF; 6. Royal Sundaram GIC; 7. Cholamandalam GIC; 8. TATA AIG; 9. Oriental Insurance; 10. United India Insurance.; 11. National Insurance Co; 12. General Insurance Corporation; 13. New India Assurance Company Actuarial Apprentices with LIC The Life Insurance Corporation of India takes in candidates who are Graduates/ Postgraduates with Mathematics and Statistics as main subjects with 60% or more marks in aggregate and coming in the agegroup 18-25 years. The selection is based on a written test conducted by LIC which consists of two papers. Paper I includes Essay Writing (Hindi or English) and paper II comprising of Mathematics or Statistics or Actuarial Science. Candidates who have passed one or more examination of the

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ASI or Institute of Actuaries (London) or those having PG Diploma in Actuarial Science with more than 50% marks in aggregate are exempted from appearing for the exams.

REMUNERATION

If you can survive the grilling tests, there is a payoff - the median annual salary for an actuary is handsome. Actuaries are globally in demand and can command hefty pay packets, salaries and perks. No wonder then that this profession has been rated among the best jobs in the US. In India the trend is slowly picking up. Stipend for an actuarial trainee per month in India is around Rs 25,000 per month. Insurance companies and consulting firms give merit to experience and qualifications with salary packets ranging from 8 lacs per annum for beginners to around 40 lacs

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per annum for those in senior positions. In UK a qualified actuary can earn 20 lacs per annum.

CONCLUSION An actuary is an individual who has many duties and responsibilities concomitant to their position. If one in this job role has excellent analytical, comprehension, mathematical and public speaking skills, they will most likely be individuals who excel at their job and produce the highest quality work product possible. If one has all of these aforementioned skills, the position of actuary may be the perfect one to fill.

An actuary is the technical expert on life insurance matters studying the mortality of the insuring public, evaluating the financial condition of the

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insurer, determining the policies to be offered and the premium to be charged, determining the policies to follow in underwriting an investments of its funds, deciding on the bonus that can be declared on the participating policies and so on. A good actuary is a good economist, a good statistician and a good security analyst.

Every well-managed insurance company will have an actuary to continuously study its operations and advice the management on the appropriateness of their policies. The periodical valuation of a life

insurance company, required to be conducted as per the provisions of the Insurance Act, is the responsibility of the actuary. The premium proposed to be charged by the insurer, has to be certified by the actuary before they are submitted for the approval of the IRDA.

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