The main purpose of insurance is to allow policy holders to plan wisely for their financial future by managing the risks of rare but very expensive events such as car accidents, death, fire, etc. Monetary compensation is given to the policy holder (considering that he/she is alive) or to his’/her’ family in the case of any loss, sickness, injury or death as long as they continuously pay a premium upon the incident. There are several types of insurance. Namely: life, auto, health, property etc. Pension plans are also derived from the field of insurance. While making a choice to be insured is a good idea, it is also useful to know the persons who started it all.

The business of insurance begins with a group of persons known as Actuaries. An actuary is responsible for many areas under which the broad discipline of insurance lies. These people analyse important data relating to mortality, injury, retirement, sickness and disability rates then use these to help those involve with insurance. Actuaries collect these data, predict the future risks that could result in making a specific financial decision and then determine how they’ll affect various aspects of insurance. At a later stage in their practice, some actuaries may decide to go in investments thereby working in banks but most of them concentrate on working with insurance and pensions.

The general role of the actuary is to compile the data which they collect in such a manner that it helps insurance companies deal with payment and coverage issues. They determine company policy and explain such policy and its aspects to those who will benefit from it.

They may also do consulting work and help various companies with their statistical needs and company policy construction. One who is an actuary may work for a specific corporation or many different companies and corporations.

An actuary must also develop mathematical ideas and formulas so that the proper data can be assessed and use his/her mathematical abilities to format equations which will aid in the resolving issues. They should possess excellent communication skills as any questions relating to their job responsibilities asked by the customers of the company, they are the best persons to answer.

For someone who is interested in becoming an actuary, a Bachelors of Science (BSc.) degree in Actuarial Science would be a great asset. After attaining that degree or any other closely related one, you’re expected to do international professional actuarial exams in order to make yourself locally and internationally qualified. For Jamaicans, there are three (3) main actuarial examination bodies we could become a member of: The American Society of Actuaries (SOA), the Canadian Institute of Actuaries (CIA) and Britain’s Institute and Faculty of Actuaries.

Most actuarial trainees may begin work as trainee pension’s consultants or risk analysts while at the same time studying for professional exams. Senior actuaries can be found in consulting firms as partners, in large banks as chief risk officers or in board-level positions in insurance companies and other financial services organisations.

Insurance companies, financial corporations and other firms rely solely on the work and judgement of actuaries. These people are here to not only make the financial future of our lives better but they are here as a guidance towards making financial risks. Without their help, we’d be making decisions that would affect us negatively in the long run. Be appreciative of their presence just as much as you appreciate their work.