Main Article Content
Abstract
The insurance sector plays an indispensable role in economic development of a country through mobilization of savings and development of funds to the productive sectors. The sector has been playing a dominant role in the financial system in the country and also has a significant socio-economic function making inroads into the interiors of the economy. It has also been providing economic development with an objective to build an efficient and a stable insurance business in India as well as a strong base to cater to the needs of the both the real economy and socio-economic purposes of the country. At present insurance companies provides various financial policies that include the life and non-life with meaningful investment strategy to compete with policyholders interest in association with banks and other investment companies.
Insurance is a concept of prediction of risk and uncertainties of future at present. Hence, there is a tendency of changes in insurance sector and insurance companies, requires statistical and mathematical models to mitigate these risks/changes. For this purpose, it requires necessary mathematical and statistical calculation based on various risk assessing factors of both insurer and insured. So the Statistical and Probabilistic techniques play an important role in a wide variety of practical situations in Actuarial Science. An actuary by profession is a business expert proficient in financial security systems who deals with a focus on complex financial evaluation and deal effectively in cases of unforeseeable events to curb losses. These professional viewed as creator of insurance business and their importance can be witnessed in many of the people-oriented financial and insurance plans viz. life and non-life insurance, pension plans, retirement benefits, unemployment insurance through their mathematics, statistics, economics, finance and modelling skills in evaluating and projecting the risks involved in futuristic uncertain events. Actuarial profession is more than 300 years old but still relevant in today's real world problems.
This research makes an attempt to find out the perception of actuarial professionals on actuarial science and their profession in India.