Insurance and Risk Management

It deals with education of insurance risks, premiums and financial management of insurance companies. It involves mathematical, statistical and economic analysis to a wide range of decision making processes in insurance, investment, financial planning and management. The profession requires intensive training in mathematics and statistics, accounting and insurance probabilities.

Role
Actuaries are the backbone of the insurance and pension industries. In short, they are disciplined problem-solvers. It includes forecasting of future contingent events. Actuaries are often called upon to make decisions concerned with the financial soundness of insurance companies and pension funds. Any person with a high degree of aptitude for mathematics and statistics can become an actuary.

Opportunities
The scope of getting job in insurance and risk management is very high. But, to be an actuary one has to successfully complete the examination conducted by ASI.
The primary employer of actuaries in India is insurance companies, stock exchanges, banks and other financial institutions controlled by government or private bodies. An experienced actuary can set up his own consultancy firms to advice on matters like gratuity and other retirement benefit schemes. An actuary has an unlimited scope in countries like Australia, Canada and the US.

Admission
A candidate needs to pass the entrance examination of the ASI or obtain exemption, if eligible. Entrance examination is held twice a year, in May and November. The syllabus for the examination includes a paper on mathematics and English of three years each. A candidate having passed class XII or equivalent examination in 10+2 with mathematics besides other subjects is eligible for admission to the entrance examination. Contact : Actuarial Society of India, 9, Jeevan Udyog, III floor, 278, DN Road, Fort, Mumbai. www.actuariesindia.org.

Institutes

• Bishop Herber College, Tiruchirapalli.
• CMD School of Insurance and Actuarial Sciences, Modi Nagar, Uttar Pradesh.
• Amity School of Insurance and Actuarial Sciences, Noida, Uttar Pradesh
• Insurance Institute of India, Universal, Insurance Building, Mumbai.
• International Institute for Insurance and Finance, Secunderabad, Andhra Pradesh.
• Institute for Integrated Learning in Management (IILM), Delhi.
• Birla institute of Management Technology, Pushpa Vihar, Delhi.
• RNIS College of Insurance, Delhi
• Jaipuria Institute of management, Gomtinagar, Lucknow
• Institute of Risk Management, Hyderabad.