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Thread: Actuary's Role in Risk Modeling

  1. #1
    Actuary.com - Level II Poster Akki's Avatar
    Join Date
    Dec 2007
    Delhi, India

    Actuary's Role in Risk Modeling

    Is there any one who can help me in understanding the role of an actuary or an actuarial student in developing risk models? I am thinking of starting my first job in catastrophe risk modeling in an IT company, where I will work on these models to analyse the risk. After that I am planning to shift in actually building these models. Are fully qualified actuaries involved in this process or it is done by the modeling softwares. I have cleared only P & FM till now & wants to work in P & C field.
    Last edited by Akki; September 24th 2008 at 01:55 AM.

  2. #2
    Actuary.com - Level VI Poster
    Join Date
    Mar 2005
    Generally speaking, it's the IT/software guys that create the interface and actually do the grunt work of the projection by creating a platform that will do what it's told to do.

    The actuaries are generally the ones shouting the directions to the IT/software guys by coding the model and making decisions as to how the model is built and what risks to reflect in the model.

    Let's say you're doing a simple model where Software X will project out future death claims. The IT/software guy will generally research the formulas to the point where the formulas and relations between inputs and coding will be correct and perform correctly. The actuaries are the ones that control the inputs - determine what values to use for mortality, what distribution should be used, etc.

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