What do Actuaries do?

Is a career as an Actuary the right career for you?

What is an Actuary?

An Actuary is defined by the Oxford dictionary as “a person who compiles and analyses statistics and uses them to calculate insurance risks and premiums”.  Whilst this is all true , we would also define an Actuary as an individual who applies their mathematical talent to solve problems in a commercial environment.  In the Insurance and Financial services Industry, Actuaries are particularly important in the design of solutions to problems that involve financial risk or future uncertainty.  Actuaries are crucial to the insurance sector in predicting and reporting financial results. Actuaries are also crucial to product development and pricing of insurance and reinsurance products and deals.  An actuary’s work is diverse and interesting and suits individuals with a very high mental agility. 

Whilst actuaries are known to be highly technical and numerical, they also must have excellent communication skills.  They need to be able to translate complex information to others at all levels. Through their education and training, actuaries develop strong analytical and technical skills together with a thorough knowledge of financial theory, legislation and regulatory frame works. 

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