The work of an actuary involves the calculation of insurance risk, premiums and pension programmes. Actuarial science is built on the statistical evaluation of the financial and economic implications of possible future contingencies. Another function of an actuary is that of a problem solver. An actuary calculates a company's long-term liabilities with the help of mathematical skills. A person interested in working in the field of insurance can either work in the capacity of an officer in one of the three areas of insurance or serve as an agent or an insurance surveyor. 

Nature of Work 

IN AN INSURANCE COMPANY: 

Administration:  

The administrative officer deals with the registry of claims within certain permissible financial limits. The officer also deals with policy making, checking of various clauses and details. 

Development:  

The development officer deals with marketing and procurement of business, meeting prospective clients, promoting the policies and getting contracts. 

Accounts:  

An accounts officer deals with the management of funds and their disbursement including staff salaries etc. Investment: The investment department is responsible for the investment of funds of the insurance company in such a manner as the corporation may think fit. 

AGENTS FOR INSURANCE:  

The agent is a person who is affiliated to the nationalized insurance company. The agent's task involves selling insurance policies on behalf of the insurance company. 

INSURANCE SURVEYOR:  

An insurance surveyor makes an assessment of the losses and claims put forward by the client. The surveyor helps insurers by minimizing and avoiding false, exaggerated claims and on the other hand helps the insured that have suffered a genuine loss by indemnification of their losses. The surveyor is the only specialized link between the insurers and the insured.