Actuarial science is a science which applies the mathematical and statistical tools or methods to assess the risk related to insurance and financial sector. In other words, this is a science of estimating the risk involved in Insurance or financial domain for introducing any scheme or products by applying mathematical and statistical methods.
Those people who are expert in this science are known as Actuary. The role of actuary is designing of any insurance plans, pension plan , decide the premium rates of any policy, etc.
The job sector available for Actuary are Insurance companies, Banks and other financial sectors which deals with insurance , loan etc. the required characteristics for a good actuary are : He/she must have a problem solving ability, thinking a solution by seeing it in different angles, deep knowledge of mathematics, statistics and finance.
In India , there are several institutes who conduct the training programme like CMD School of Insurance and actuarial science , Modi Nagar, Uttar Pradesh which is accredited to IRDA, Bishop Herber College , Amity school of Insurance
IRDA has implemented a system that every insurance company – life or general insurance, an actuary must be appointed for doing business in India
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