August 29, 2022

๐ŸŽฌ What is an actuary, and what do they do?

We โค๏ธ actuaries
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What is an actuary, and what do they do? ๐Ÿคทย 


We asked a sampling of people on the street โ†’ check out their amusing answers in the video below:



Akur8's definition of an actuary:

Actuaries are in charge of evaluating, modeling and managing risk for e.g. insurance companies, pension funds and banks. They have a strong mathematics, statistics and actuarial science background. One of their responsibilities is to set the premiums for a given insurance contract.


Why are actuaries so important during the pricing process?

The job of a pricing actuary is to assess the risk, more specifically the claim payout probability, associated with each kind of client. Based on their risk assessment, the insurance company sets the premium for their insurance products. The actuary is hence one of the key stakeholders during the pricing process of an insurance company.


What do actuaries do at Akur8?

At Akur8, our Actuarial Data Science team is here to make sure our clients are well-supported from a technical standpoint throughout the entire engagement cycle. They demo the product for relevant teams, run the pilots and ensure the teams are onboarded and continuously up-to-date on existing and new product features. Because they spend so much time working directly with clients, our actuarial data scientists are also instrumental in helping the Product and Data Science teams understand our clientsโ€™ needs and feedback.


Are you looking for job in actuarial data science?

Check out our career page and learn more about our Actuarial Data Science team.

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