Actuarial Science : Job Prospects & Career Options

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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.