The term 'Actuarial work' refers to the work to price the insurance products and valuate the insurance liabilities and assess the appropriateness of the capital position of insurance companies using actuarial techniques.
Actuary
Actuary is an expert in solving the problems related to the management of insurance or financial uncertainty.
Competency and role of an Actuary
In order to manage the complex uncertainties faced by our society, an Actuary needs to have an ability to analyze the problems, comprehensive knowledge of business, understanding of human behavior patterns.
Based on the competency, Actuaries perform various tasks, including the following.
Development of insurance and financial products
Product pricing and liability valuation using actuarial techniques
Source of earnings analysis and surplus allocation to policyholders
Insurance cashflow projection and advice on business management, including business planning, strategic planning, risk management, asset liability management and profitability management
Collaboration with international organizations to enhance the actuarial related regulation
Assessment of the soundness of insurance companies using enhanced risk management techniques
Stress test on the financial soundness against fluctuation of financial and economic condition
Setting the standards for handling insurance related works
Providing management indicators through various statistical analysis