Actuarial Science

Actuaries use mathematics, statistics, and finance to study uncertain future events. They use their skills to minimize potential risk on both sides of the chart; meaning companies and clients. Minimize risk and its financial impact on companies and clients. Actuarial Science uses a plethora of different visual aids throughout the day, to make their job a lot easier. Actuaries use visuals like graphs, numbers, statistics, Excel, chart and PowerPoint.

One of the main purposes of an actuary is to help businesses manage the risk of certain events occurring and create policies that minimize the cost of that risk. To do this they use numerous mathematical equations and charts to show both the client and company the easiest way to lower the risk costs. They use PowerPoint in meetings to present the information and policies they formulate. Actuaries gather and analyze data to estimate the probability and likely cost of an event such as death, sickness, injury, disability, or loss of property; that is why they are a great asset to Insurance Companies. To make this data easily understood they use tables and charts to organize the information. Actuaries help design insurance policies, pension plans, and other financial strategies in an approach which will help ensure that the plans are maintained on a sound financial basis. They produce probability tables or use more sophisticated modeling techniques that determine the likelihood that a potential event will generate a claim. From these tables, they estimate the amount a company can expect to pay in claims.

Actuaries are constantly growing in numbers and becoming more useful for extended reason for companies outside of insurance. While their numbers grow so does technology; therefore the number of visuals will soon be greatly increasing also.