“Actuarial services , predominantly in insurance and pensions but increasingly in a much wider range of activities, are critically important, to the performance of clients, to the long term well-being of consumers, and to the stability of the financial system” (Morris Review of the Actuarial Profession: Final Report,2005)
The Actuary and his Role :
An actuary is always linked, by general impressions, with insurance and his role to the job of asset-liability valuation of insurers.
As opined by the Morris committee of the H.M. Treasury, London, and quoted above, an actuary’s role, in fact, extends to the whole gamut of the financial systems of any country, including the effects that the global communities make on them. His job is managing risk for profit of any firm, of any size. Product Designing, Product Pricing, Customer Value Management, Risk Management and Capital Management are the five key elements in the alchemy of an actuary – be it insurance, banking, fund management, any financial or risk-based organization of private or government entities.
While most of the developed countries are engaging the so-important actuarial services to their economic benefits, countries like India are yet to gear up their ‘economic benefits’ to the actuarial advices. The reasons are many and the most important one being the dearth of such services. There are not many amongst the bright and capable graduates and post-graduates from the universities to take up the qualifying examinations to become actuaries, for the plausible reason that there are no regular and standard institutions offering the class-room courses for these examinations.