Career scope for an Actuary

Ivy Mar 30, 2014 No Comments

Actuaries work behind the scenes, but are in high demand in almost all businesses and industries that crunch numbers, evaluate or forecast risks.

While actuaries continue to be the backbone of the insurance and pension industries; the role and scope of an actuary has undergone a phenomenal change in recent times. Today, the corporate sector is increasingly involving actuaries in mergers, acquisitions, investments, project management, business deals and employee benefit schemes, to name a few. In fact, the actuarial role has assumed different avatars in almost every domain where “finance, investment, statistics or scientific forecasting” is engaged.

So actuaries are in high demand for the value they bring to an organisation – chiefly cost cutting, risk reduction, catastrophe or loss evaluation and forecasting cost and risk implications.

Scope in Various Sectors

PRIMARY SECTORS (traditional employment)	OTHER SECTORS (non-traditional employment)
Life Insurance	Hospitals / Healthcare sector
Health Insurance	Legal / Underwriting firms
General Insurance	Pension Fund Departments
Employee Retirement Schemes	Education Sector
Vehicle Insurances	BPO
Investment and Financial Services	Rating Agencies
Property Insurance	Investment firms
Casualty Insurance	Risk Management
State Insurance Departments/ Govt. Offices	Consulting
Insurance Brokers	Actuarial KPO (Swiss Re, Deloitte, and 8 more)
Banks	Software developers / vendors
	Risk Management/ Actuarial Service Departments of Companies
	Accounting Firms (offering actuarial services)

 Job Roles for an Actuary (not limited to those mentioned below)

Actuary	Actuarial Analyst	Actuary Director
Asset Liability Manager	BPO administrator	Business Analyst
Claims Analysis Manager	Data Analyst	Economic Analyst
Finance consultants	Financial/Insurance Consultants in IT sector	Healthcare Analysts
Insurance Consultant	Insurance/ Composite Agents	Insurance Risk Manager
Insurance Surveyors	Insurance Underwriter	Investment Professionals
Investment Analyst	Product Development Actuary	Pricing Actuary
Pension Administrator	Pensions Analyst	Pricing Analyst

 

 Career Scope in Government Insurance Companies / Departments

New India Assurance Company	Agriculture Insurance Company of India Ltd
Oriental Insurance Company Limited	Employee’s State Insurance Corporation
United India Insurance Company	Export Credit Guarantee Corporation of India Ltd
National Insurance Company Limited
Life Insurance Corporation of India

 

Career Scope in Private Companies

Apollo Munich Health Insurance	Religare Health Insurance
Birla Sun Life Insurance Co. Ltd.	Max New York Life Insurance
SBI Life Insurance Co. Ltd.	Royal Sundaram Alliance Insurance India
Tata AIG Insurance Co. Ltd	Reliance General Insurance
ICICI Lombard General Insurance	HDFC Ergo General Insurance
ING Vysya Life Insurance	Bajaj Allianz Life Insurance Co.
Apollo Munich	Max Bupa Health Insurance
Metlife India Insurance Co. Ltd.	Prudential Financial
PriceWaterHouse Coopers	Cholamandalam MS General Insurance
Aviva Life Insurance	Peerless Smart Financial Solutions

 

Career Scope Abroad

The scope for actuaries seeking job opportunities outside India is very high, as the necessary infrastructure already exists across various sectors. While high salary packages and good positions are available for experienced actuaries, freshly qualified actuaries too have great scope abroad. Countries like U.S., U.K., Malaysia and Sri Lanka offer challenging roles for a qualified actuary.

Scope of Independent Consultancy

With time and experience, an actuary also has the option to set up his own consultancy firm to advice in matters of gratuity, retirement benefit schemes and investments.