Advise clients on measuring insurance or investment risks.
What does an Actuarial Consultant do?
Actually, an Actuarial Consultant is a Statistician, Economist, and forecaster of future probabilities all rolled into one clever mind. You advise insurance companies on appropriate healthcare premiums, and recommend strategies to help a business cut costs on health coverage. Clients rely on you to recommend the best options that will increase profits or lower risks.
As an Actuarial Consultant, you spend your day crunching on a plate of raw data with a side of “what if” scenarios that are washed down with a review of the latest financial trends. You know if a company and its employees are contributing enough into their retirement plans to cover future retirees. In this high-demand job, you’ll also be called on to predict the probabilities of on-the-job injuries, accidents, and even natural disasters.
For you, every problem is solvable. Individual bits of raw data, like pieces of a jigsaw puzzle, are put together to create the map you’ll follow. And you take every road, path, and detour until you locate the solution. However, your journey to become an Actuarial Consultant isn’t exactly a walk in the park because you’ll have to pass lots of tests along the way, and need the self-discipline of a monastery Monk.
But if you live to unravel bits of information, and can weave and reweave the data until you’ve constructed a solution, then you’re cut out for a job as an Actuarial Consultant. Leave the humble pie at home, though, because your success depends on the confidence to market your brainpower to your customers.