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, reinsurance, insurance broking houses
and 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, 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; 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 age-group 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
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.
