What is an actuary? Believe me, it is a valid question. When I tell someone I'm an actuary or that I studied actuarial science in college, I often get an interesting answer. Besides the usual spectrum confused facial expressions, questions like "Is this related to biology?" Are not uncommon. Even if Along Came Polly, with Ben Stiller as an actuary working in the industry of life insurance, has made some progress in dispelling the mystery of the actuarial profession, we still have a long way to go .
so what is an actuary? The Society of Actuaries (yes, there is such a thing) tries to clarify by saying: "An actuary is a professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study uncertain future events. "
Now that the riveting sounds, right? Often when I explain what I do, people respond with" I'm happy not to have to do it, I'm bad at math! " but even if the words "mathematics" and "statistics" to sound kind of boring, which is far from the case. Actuaries are integral to many organizations, particularly in the insurance sector.
Actuaries are trying to bridge the gap between the outside world and what goes on inside the walls of businesses we work with. In the insurance sector, information is constantly flowing in society such as information about its products, users of these products, and everything happens when the two interact. An actuary is a bit of an interpreter of this information. We take data oceans, analyze and examine each undulation, and try to separate the noise that matters.
We are doing everything to get a better understanding of the big picture. It is a bit like trying to find the needle in the haystack, and the haystack, the more gratifying that the needle. Our goal is to understand what the proverbial ocean of information tells us not only about the past but also about what we can expect in the future for the people in charge can prepare properly and keep the ship sailing along smoothly.
There is a small caveat that comes into play with predicting the future - we are not always right. Of course, we do our best to get as close as possible, but ultimately, even an assumption may be incorrect.
In other words, actuaries are much like your local meteorologist. They return on the time we have known in the past and on this basis, they take a shot at what will happen tomorrow, the next day, and perhaps a week if they are feeling ambitious. As actuaries, we can do the same thing, except that we are supposed to project what will happen a year or two, or ten from now, rather than a few days on the road. It's pretty cool if you ask me! And even if we are not always spot-on, we still paid to do. Are you in a career that's hard to explain? I'd love to hear about it in the comments below!
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