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Insurance industry has involved and attracted both public and private companies like Life Insurance Corporation of India (LIC) working for so many years, General Insurance Corporation (GIC), Birla Sun-Life, Kotak Mahindra, Tata AIG, HDFC Standard Life-Insurance Co., Max New York Life, Royal Sundaram, Cholamandalam.
Actuarial Science deals with application of mathematical, statistical and economic analysis to a wide range of decision making process in insurance, investment, financial planning and management.
Actuary is one who applies mathematical and statistical methods for assessment of financial and other risks relating to various contingent events and for scientific valuation of financial products in the fields of insurance, retirement and other benefits, investments, etc.
Actuary works in LIC, GIC, ESIC, Banks, Stock Exchanges and other financial institutions and performs various tasks like
- design insurance & pension plans.
- determine insurance premium rates and provisions
- compile data relating to rates of mortality, sickness, accidents and loss of property from theft, fire, etc. and analyse insurance claims
- develop policies.
Students after 10+2 can become Insurance Agents. People with higher qualification and knowledge can work at higher positions e.g. Development Officer, Branch Head, Regional Head.Other career opportunities are:
Surveyors & Loss Assessors
Amity School of Insurance and Actuarial Science, Noida;
Birla Institute of Management & Technology, New Delhi;
Institute of Insurance & Risk Management, Hyderabad;
International Institute for Insurance and Finance, Hyderabad;
National Insurance Academy, Pune;
The ICFAI School of Finance and Management, Hyderabad, etc.