Actuaries are considered to be the analytical backbone of a country’s financial security programmes, and is a growing field. They design and develop insurance products, assess the risk, fix the right product pricing and under take asset and liability valuation.
Based at the insurance company’s headquarters, they calculate the premium by applying mathematical theories of probability, compound interst and statistical techniques to finance with long-term implications, such as life insurance or pension schemes
Course
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Eligibilty
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To become an actuary, an aspirant has to pass an entrance test conducted by the Actuarial Society of India. The recruitment to the Postal Life Insurance takes place according to the recruitment rules of India’s postal department Private insurance firms take in management graduates to work mainly in the areas of marketing and sales. The eligibility criterion for recruitment to both the LIC and GIC is the same. An Assistant Administrative Of ficer (AAO class I officer ) must be a graduate / Postgraduate in any subject form a recognized university. Aspiring AAOs need to clear an all-India recruitment exam. To be recruited as a class II officer, the candidate has to be a graduate in any discipline. Class III and class IV levels are open to graduates and school-pass candidates.
To be eligible for a licence, an insurance surveyor must have one of the following:
• Fellowship of associateship through the exam held by the Institute fo Insurance Surveyors and Adjusters (IISA), Mumbai • Degree or diploma in architecture form a recognized university • Fellowship /associate ship of the Institute of Chartered Accountants of India / Institute of Cost and works Accountants • Degree or diploma form a recognized engineering institute • Degree or diploma in naval architecture
Future Prospectus
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In a fast changing world with new risks and the need for more creative ways of tacking them, the career offers ample opportunity for personal and professional growth and lifelong learning. Currently there are only a handful of actuaries in India but with IRDA mooting the Appointed Actuary System for India for both life as well as non-life insurance companies, the demand for these highly paid specialists is bound to escalate in the years to come. An estimated 12,000 actuaries will be required in the near future.
The demand for actuaries in India is expected to exceed supply for the next five years even as insurance firms face competition from other industries to retain actuarial talent. In fact, the short-age of actuaries is a major problem. India currently has 18 life and non-life insurance firms each and one re-insurance firm. These insurance firms, which need actuaries to help develop products, assess profits, conduct valuation and reinsurance based on histotic statistics, have barely half the number of specialists they need.
There are 225 actuaries in India at present against a requirement of at least 400, and and many of them are close to retirement. Demand for the specialized talent will only grow as more and more Indians for insurance.
