Actuaries work as financial risk managers. The most common places of employment for them are insurance companies, government agencies, financial institutions and business finance departments. The professionals use mathematics, financial theory and statistics to analyze the costs associated with risks and uncertainty for businesses. The demand for this such professionals is expected to grow 18% from 2019 to 2029, according to data released by the US Bureau of Labor Statistics. The best actuaries have the potential to build a sustainable business and help your brand stand the test of time.
While most actuaries work in the insurance sector (health, car, life and liability), to craft long-term strategic plans, they can cater to clients from different industries too. They can deal with management and measurement of risks to turn your business into a more lucrative one. Take a look at the sectors that can benefit from the services of an actuary.
Health Care Industry
An actuary can help determine the potential morbidity rates. In fact, they can also offer advice on the possibility of an individual seeking medical help or whether a person will fall sick. Working with a reliable firm can also get an idea of the cost of health premiums, based on previous health data and specific needs.
Banks require quantitative analysis of risks, including building models, monitoring and updating them regularly. Further, actuaries offer advisory services in risk management fields (Forex and Investment), various techniques to measure malfunctions of financial assets and effective methods of interest.
Employers can gain professional insight to ensure the pension pots are sufficiently funded. Actuarial analysis uses statistical models to manage financial uncertainty by making informed predictions about future events and design optimal pension plans, according to an article by Investopedia. They also make sure that liabilities like future claims and expenses match the pension assets. Make sure to work with a firm that can identify the unique and special needs of their clients to identify and design the right plan, based on your specific objectives and business goals, according to experts at E.H. Thomson & Company.
Actuaries can work in capital management and investment counseling and offer a solid understanding of financial issues. You can gain sound knowledge of how liabilities and assets interact. In fact, you can also get a clear picture of the loan products and the expected degree of loss in an investment portfolio.
Get in touch with the best actuary to maintain the financial health of your company. Their decisions and advice could make the difference between success and failure for your business. What’s more, your competitors will know that you have a strategic mindset concerning your work.