The Importance Of Actuaries In Securing Your Financial Future

The Importance Of Actuaries In Securing Your Financial Future

Regardless of your age, you should be taking steps to secure your financial future, which is why you should consider using actuarial services to assist you in doing so. By all means, speak to your accountant, a financial advisor, and even your lawyer; however, if you want to minimise the financial risks you take and be fully aware of those risks which apply to your financial decisions, an actuary is who you need.

Actuarial Services Defined

Actuarial services are provided by an actuary, and the simplest definition of their job role is that they are risk assessors. However, they are not risk assessors in the usual sense whereby they will determine risks associated with a large project but, instead, an actuary’s risk assessment applies primarily to financial products and financial decisions.

More specifically, an actuary assesses risks associated with pensions, investments and insurance, and their actuarial services can be used both in the commercial sector, such as by an insurance company, and by individuals who might be considering taking out an insurance policy.

For both of these clients, an actuary will use their knowledge, skills, and experience to assess past data and past events, and then using mathematical models will make a judgement on the risk of any of these occurring again. Whilst a fortune teller might use a crystal ball to predict the future, an actuary will use only facts and data.

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