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2. Introduction to Actuary Careers

3. Introduction - The Life insurance corporation of India (formed by merging of 245 private insurance companies) dominated the insurance market in India. The General Insurance Corporation of India (GIC) was formed in 1972 after merging of 106 private insurance companies. The insurance sector in the past decade was opened to private companies which saw an influx of private companies in the insurance sector. As of today there are more than 22 life insurance companies in India. The insurance sector in India is governed by IRDA (Insurance Regulatory Development Authority). The Actuarial society of India certifies actuary professionals in India.

4. Insurances -

5. Description of the Actuarial Profession: The profession of actuarial was established in the year 1848 when the institute of actuaries was setup in London (England). Insurance companies need to get their pricing and prediction of products at the optimal level to maximize their revenue. A policy is rolled out to millions of individuals hence there has to pin point accuracy in pricing and premium payment. Hence an actuary has to be well versed with Mathematics (for pricing) Economics (for understanding and predicting market trends) and Statistics (to do a lot of number crunching). An actuary is an expert in estimation of financial risks and valuation of financial products.

7. set price points for the product,

8. select the appropriate target group for the product,

11. Eligibility- Conditions required to fulfil the academic criteria for an Actuary (1 from 5) Candidates who have passed 10+2(H.S.C) or equivalent a) with at least 85% in Mathematics/Statistics, b) with recommendations from two Fellow Members of the society c) Having English as the medium of instruction in +2 or equivalent level Graduate or Post Graduate with subjects like Mathematics, Statistics, Economics, Computer Science, Engineering, MBA (Finance) and alike. Besides a person would also be eligible provided: The total marks secured in the subjects coming under the classification of Mathematical Sciences, taken together in all the years of the degree course are not less than 55% The content of Mathematical Sciences subjects in all the years of the course taken together is not less than 50% of the total content. This is measured by the ratio which the maximum marks allotted to Mathematical Science subjects in all the years of the course bears to the total maximum marks allotted to all subjects included in the examination of the entire course excluding languages The medium of instruction at the Graduate/Post Graduate level has been English

12. 3. Fully qualified members of professional bodies such as the Institute of Chartered Accountants of India, The Institute of Cost and Works Accountants of India and Certified Institute of Financial Analysts of India and Fellow of Insurance Institute of India(Passing with subjects 81-Mathematical Basis of Insurance and 82-Statistics) as also other qualified persons like MBA to be considered on case to case basis. 4. All continuing students of IRDA 5. Faculty of Actuaries, UK, Society of Actuaries, USA, Casualty Actuarial Society, USA and Institute of Actuaries of Australia shall be admitted on application being made

13. Subjects of Study:

14. Other Details Related to subjects -

15. Placement Opportunities: Insurance Companies Life Insurance Corporation, General Insurance Corporation Government Bodies – Employee State Insurance Corporation, Government of India through its affiliate bodies Banks – ICICI, HDFC, Kotak Mahindra, Bank of Baroda among others Stock Exchanges – Bombay Stock Exchange (BSE), National Stock Exchange (NSE) Financial Institutions and KPO's Working as an actuary requires self studying on a regular basis. Typically an actuary would spend 5-10 hours every week to updating his knowledge set. An actuary will spend 25% to 50% of time in modelling and simulation of data.

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