Editor's Note: Talk about viral! Avi Wisotsky, ACAS, was generous enough to let us publish the following. This post on social media had a ton of engagement and lots of feedback. We've love to hear what you think.
Many people say actuaries price insurance or calculate how long people will live.
But that's not really what an actuary does.
An actuary gives its key stakeholders the power to make informed decisions by giving certainty to uncertainty.
Actuaries usually deal with things that have a lot of risk and uncertainty, like insurance. Imagine trying to make critical decisions without a clear understanding of the potential costs and risks involved.
In comes an actuary. Actuaries use a mix of quantitative and qualitative techniques, combining actuarial methods, statistics, and predictive modeling, along with incorporating their business acumen, to estimate the true future costs. By estimating the true future costs associated with uncertainty, actuaries equip decision-makers with the knowledge they need to move forward confidently.
Once key stakeholders have the knowledge of the true risks and costs associated with the uncertainty, they can make important business decisions with peace of mind.
Avi Wisotsky, ACAS, is a Property & Casualty actuary at PwC's Risk Modeling Services practice, specializing in P&C insurance, Mergers and Acquisitions, and Digital Transformation. Avi lives in Connecticut with his wife and three kids.
- Log in to post comments