Topic > Actuarial Science: Work for Me - 1273

The world we live in is overflowing with choices and possibilities. Every day, every human being must make thousands of decisions. Some decisions may be quite simple to make or may not present a high probability of an unfavorable outcome. Even though you may decide that the apple from the store is not very sweet, the cost lost on the apple is quite minimal and the consumer will most likely be presented with many more opportunities to choose a delicious apple. However, some choices are much more complicated. Decisions like where to invest your money or what physical challenges to face have very serious consequences. If the wrong decision is made, you could lose your financial security or even your life. To minimize the chances of such disasters, humans engage in risk assessment. We calculate the probability that each choice will have an unfavorable outcome, rank the choices from least likely to most likely to end in disaster, and choose the best outcome. This process is performed countless times throughout life, but rarely consists of an actual mathematical equation. However, there are some who quantify the risk numerically. Actuaries use the ideas of probability and game theory to objectively evaluate risk across a variety of possibilities. They can calculate the risk of their home being flooded or someone getting sick. They can calculate the risk of losing money in an investment or a plane crash. Actuaries implement the ideas of applied mathematics for those who cannot do so themselves and ultimately identify means by which a client can minimize the risks they face. Yes, actuaries calculate insurance rates, but they also do much more. While studying in the field of actuarial science, I decided that actuary should be synonymous with mathematical risk manager, since actuaries are responsible for calculating risk, minimizing risk and minimizing the impacts of disasters that have already occurred. They complete these tasks objectively and with the power of my favorite subject, mathematics. After hours of independent research in the field of actuarial science, I contacted Mr. Michael Miller. Mr. Miller is the director of insurance pricing at Catlin Inc., a private insurance company based in Atlanta, Georgia. With a Masters in Mathematics and ranking as a Fellow of the Casualty Actuarial Society, Mr. Miller has thrived in the field of actuarial science for twenty years. He also rose to the position of president of the Casualty Actuarial Society of the Southeast.