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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Actuaries are experts in finance and mathematics, and can apply this to quantify risk.
The main area of work is in insurance – where they can be involved in pricing (working out how much to charge to cover claims and profit for future policies), and reserving (how much money to set aside for future payments related to existing policies)
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