Actuarial profession – The truth beyond numbers
As the world moves into the era of great technology advancement or climate changes, the demand for insurance and protection will increase because society will be exposed to new risks. And this is where actuaries play an important role, as their main responsibility is to manage and mitigate risks.
In the US, the actuarial profession ranks among the most wanted professions in 2019, according to careercast.com, a study based on income, outlook, environmental factors, stress, physical demands considering 200 professions across a wide variety of industries, salary ranges and skill levels. The employment of actuaries is projected to grow 20 percent from 2018 to 2028, much faster than the average for all occupations, based on a study of the U.S. Bureau of Labor Statistics. Actuaries will always be in demand because they are great risk managers and problem solvers.
But what is an Actuary?
As complicated as it might sound, an actuary is a highly regarded professional, with skills of problem solving and strategic thinking and with a deep understanding of financial systems.
Through their knowledge of statistics, finance, business, and data analytics, actuaries assess the risk of events occurring and help create policies for businesses and clients that minimize the cost of that risk. For this reason, actuaries are essential to the insurance industry. They analyze data to estimate the probability and likely cost to the company of an event such as death, sickness, injury, disability, or loss of property.
What does it take to be a successful in this area of expertise?
Working as an actuary is an interesting and challenging career that involves using math on a daily basis. The math that actuaries use isn’t as complex as it may sound. Actuaries primarily use probability, statistics, and financial mathematics. They’ll calculate the probability of events occurring in each month into the future, then apply statistical methods to determine the estimated financial impact. Financial mathematics allows them to apply interest concepts to arrive at the amount of money that they need to set aside in order to pay for future losses.
When you train as an actuary you’ll learn how to analyze data, evaluate financial risks, and communicate this data to non-specialists. More than that, what takes to be successful in this profession is to also have a good attention to details and analytical skills, good communication skills, customer orientation and most importantly to be a team player.
The largest actuarial hub in Romania
The Actuarial Hub within Allianz Services Romania, a division of Allianz Technology, is the perfect place for those who want to embrace the actuarial profession. The actuarial excellence center begun its journey six years ago in Bucharest, with a small team. Today it has reached around 80 colleagues and it has been acknowledged and awarded in 2018 as the Most unique service provider in CEE at the CEE Shared Services and Outsourcing Gala in Poland.
Currently our team of actuaries offers support and expertise in several complex projects to more than 20companies within Allianz Group worldwide. Within our center of excellence, we complement the international Allianz teams with high technical expertise for actuarial modeling and valuation, risk management, reserving, product development, data analytics, actuarial solutions development and reporting.
Working as an Actuary at Allianz Services Romania
At Allianz Services Romania, we always place people at the core of what we do, and we want to make sure that we contribute to the growth of our teams, with learning and development as key priorities. Therefore, we invest in a comprehensive actuarial development program, ensuring consistency with the international actuarial accreditation paths offered by the Institute and Faculty of Actuaries in UK (IFoA).
One of the highlights of our learning and development program is that we also apply the concept “Train myself and train the others” to create consistent knowledge sharing practices within the teams, to faster advance on the learning curve.
We are committed to the personal and professional growth of our employees, offering a complete training curricula available (tailored courses):
• International Certifications (Agile, Prince, ITIL, IFoA, ACCA, IACCM, Life/Health and Property & Casualty Allianz Academies);
• Comprehensive training programs, including technical and soft skills;
We also value the performance of our talents and we know this can only be achieved by ensuring proper work-life balance. On top of that, we also believe in the importance of the wellbeing of the community in which we activate. That is why, every year, our team of actuaries is involved in several CSR initiatives.
Allianz Services is HOME FOR THOSE ACTUARIES WHO DARE!