I work in IT (databasers and visualisation), but recently started a new job at a company that deals with actuaries, underwriting etc. Can someone explain what actuaries do in a way i can understand? Their are so many acronyms that get thrown about that when i ask about they literally just say what the letters mean and nothing further. Colleagues have tried, but tend to be quite short with their explanations and i don’t want to annoy them by asking more and more questions.
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Insurance is a business where the goal is to take a big group of people and collect a small amount of money from each of them to cover some very large expenses that happen to a small number of them. To do this they need to collect small amounts that in total exceed the total amount of the large expenses. So, they need very good estimates of just how often those large expenses will occur. Actuaries are the people who are very good at estimating the actual number of people the large expenses will happen in the group.
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