There is a quote attributed to Benjamin Franklyn that states, “The only certainties in life are death and taxes”, but many would argue that, given its influence in all areas of our lives, insurance should be added too, and if so, then it brings into the limelight the role of actuarial services within the insurance industry.
If you are wondering what actuarial services are, they are rendered by professionals known as actuaries, and the role of an actuary is to use statistical and mathematical models to establish what the likelihood is of particular future events such as accidents, natural disasters, specific crimes like burglary, and deaths from specific illnesses, to name but a few.
What an actuary does within the insurance industry covers many tasks, but in the main, they help insurance companies to determine what the risks are relating to the coverage they provide versus the premiums they charge their customers and clients. Read on, and you will learn more about how an actuary influences many aspects of the insurance policies which you hold.