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What is an Actuary in Insurance and their Roles & Responsibilities?

What is an Actuary in Insurance?

How Do Insurance Actuaries Work?

Types of Insurance Actuaries

Insurance actuaries specialise in different areas of the insurance industry and they are:

Category  Description 
Pensions Helps to formulate and evaluate a company's pension plans to satisfy the needs of the company, trustee and the scheme member.
Enterprise Risk Management  ERM actuaries recognise and evaluate the other risks that are not directly related to the insurance.
Health Insurance Assess the policy buyers’ health and lifestyle to anticipate the potential risks.
Disability Insurance Evaluate the causes and risks that may lead to temporary or permanent disability of the policy seeker.
Life Insurance Deals with the potential financial risks that are generally associated with life insurance policy and its associated products.
General Insurance  These are known as general actuaries who work with physical and legal risks that come with the individuals and their properties.

Role of the Actuary in Insurance

Who Can be Appointed as Actuaries for Insurance Companies?

Is There an Association of Actuaries in India?

How Can One Become a Member of the Institute of Actuaries in India?

To become a member of the Institute of Actuaries in India (IAI), an individual has to belong to any of the categories mentioned below:

Student

A person has to enrol himself or herself for the prescribed exam of the institute and possess all the other qualifications as stated by the institute to become a student of IAI. However, he or she is not entitled to vote in any matter or meeting.

Associate

A student member of IAI who has efficiently passed the Core Principle series along with the Core Application series is eligible to become an Associate Member of IAI. They can use the letters ‘AIAI’ after their full name to denote their designation.

Fellow

A person can be considered as a Fellow member of IAI only if:

He or she is a current student member of the IAI.

1. The student member passed all the prescribed examinations of the IAI.

2. He or she has a minimum of 3 years of work experience.

3. He or she has attended India Fellowship Seminar.

 

This is through the Affiliate to Fellow Route. Apart from this, a person can also become a fellow member through the MRA and Fellowship Application route.

Affiliate Member

For a person to become an Affiliate member, he should either be a Fellow member or hold a membership that is equivalent to the Fellow membership of IAI or any other recognised institution, situated inside or outside India. Currently, a Mutual Recognition Agreement with IAI is required to validate the Fellow Membership in other institutes.

Honorary Fellow Member

The honorary fellow member is chosen by the Council through a process of voting where the in-favour votes should not be less than four-fifths of all its members. Apart from this, he should fulfil all the other criteria laid down by the Council. 

Are Actuaries Required for both Life and General Insurance Companies?

FAQs about Actuaries in Insurance