If we were to ask 100 people to define what ‘actuarial services’ are, we are sure that many of them would not be able to. Possible answers likely to be given are, “They have something to do with accounting”, or “They help sort wills when someone dies”, and we even have those who mishear the question and think the term is related to archery.
Bows and arrows are most certainly not what actuaries use. Instead, actuaries from places such as Barton Consultancy provide a vital service backed up by their skills, knowledge, and experience. It is true to say that many people may not ever directly employ an actuary; however, actuarial services do influence many aspects of both a business’s and an individual’s finances. So, for anyone reading that wants to know more about what an actuary is and what they do, please read on.
What Is An Actuary, And What Do They Do?
Let us start by explaining what an actuary is and what the work is that they do. Actuaries are qualified professionals whose main role is to use statistical and mathematical models to assess and evaluate uncertainty and financial risks. By doing so, actuaries assist individuals and businesses in managing risks that are associated with and can impact financial decisions related to investments, pensions, and insurance policies, for example.