Sector
BFSI
Keyword

Actuarial Analyst

Actuary

Minimum ? 12th pass with minimum 85% in Mathematics/Statistics

Preferably minimum 1-3 years of actuarial experience in property casualty insurance

The tasks an Actuary is expected to perform include:

Calculating and fixing premium rates for insurance against different types of risks on the basis of statistical, mathematical and financial calculations involving probability of future payment or contingencies

Collecting and analyzing data from different sources concerning losses to a person from death, disability, sickness, injury, etc. and losses to property from fire, burglary, explosion, hazards, etc.

Considering probable frequency of such risks, calculating their costs, and fixing premium rates for different types of risks taking in to account money market and economic conditions and probable future trends thereon

Well-versed with continually new developments, business trends, legislative, social and other factors affecting insurance business

Adept at preparing contract provisions of insurance and pension plans

Well-versed with determining proper basis and method of evaluating liability of insurance and pension organizations

Knowledge of recommending suitable measures regarding future policy and course of action for raising earnings to management

Proficiency in advising management about extent of bonus out of profits, if valuation discloses strong financial position

Knowledge of various statistical tools and techniques

Knowledge of preparing records on mortality (death), morbidity (sickness), etc. and computing tables of premium rates and policy values

Knowledge of preparing articles, press releases and speeches dealing with insurance business

Strong analytical skills

Good problem-solving skills

Ability to work independently

Good team player

Strong business and collaboration skills

Time management skills

Excellent communication, presentation, and interpersonal skills

It is a desk job

Need not handle a team

Local travelling is not a part of this job role

Part-time work and contractual jobs are available in some cities

Work from home option is not available

Working hours
Working hours are 10/12 hours everyday for 5/6 days a week. This may vary from company to company

Shift system maybe available

Is the job suitable for a candidate with special needs?
Maybe

This job is not considered to be hazardous or dangerous

Occupational hazards include strain on eyes, cervical and lumbar spondylosis, carpal tunnel syndrome, mental stress, etc.

For freshers - INR 25,000 to INR 30,000 per month

For candidates with 2-5 years of experience or more - INR 60,000 to INR 90,000 per month

(These figures are indicative and subject to change)

Overview of Banking, Financial Services and Insurance Industry in India

The BFSI industry is one of the fastest growing sectors in the country. Public Sector Banks (PSB) and Non-Banking Financial Companies (NBFC) have been the leading employers in the Indian banking sector, accounting for more than 73 per cent employees. PSBs are much ahead of Private Sector Banks in expanding overseas presence, accounting for over 90% of 171 overseas branches as of FY13. Banking credit is expected to grow at a CAGR of 17 per cent during 2012-13 to 2016-17. The banking and NBFCs are expected to generate around 1.5 million new jobs between 2013?14 and 2016?17 on account of business expansion, retirement primarily in PSBs and entry of new banks in the private sector.

The sector currently employs over 2.55 million employees and is slated to employ more than 4.2 million employees by 2022. This implies additional creation of 1.6 million jobs in the nine-year period. Keeping in mind the current employment, and the expected growth in the Banking and NBFC, we project that the total employment in the particular segment would increase from about 1.89 million in 2013 to 3.2 million jobs in 2022, which translates to an incremental human resource requirement of about 1.3 million jobs. All these factors mean that there will huge opportunities for Actuary professionals in this sector.

Banking companies across India

Financial institutions across India

Insurance companies across India

Towns and cities across India