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Here are the types of companies that hire actuary
Insurance and Reinsurance Company
Insurers and Reinsurers are the biggest employers for actuaries. The Insurance Companies offer life insurance, health insurance, travel insurance, house insurance, auto insurance, credit insurance, etc..
Reinsurance Company is the insurance company for Insurance Company. They are usually much bigger and hence able to handle the bigger risk that normal Insurance Company cannot handle.
Consulting Firm
Actuaries in consulting firm help clients in the following aspects:
- Help insurer develop new product and model.
- Auditing financial report of insurance company.
- Value company pension plan and advise contribution to the pension fund.
- Help company shop for group life or group health insurance. Also help company shop for group annuity product.
Government Agency
The healthiness of insurer has great impact on the social welfare. Many people rely on the insurance company for their retirement or count on insurance company when facing life event such as death in the family, house fire, flood, car accident, etc.
Investment Company
There are non-traditional roles for actuary in Investment Company.
Actuarial Software Company
All actuaries need to calculate and actuarial software is there to assist actuary to perform all kinds of calculations that follow actuarial concepts and government regulations. Actuaries in Software Company will develop and maintain the software.
University
When university wants to offer actuarial program, they will need professors who have actuarial background. And an actuary will be the best candidate thanks to their industry experience.