Actuarial Science Major

Actuarial science applies mathematical and statistical methods to assess the liabilities and risks a company faces when it offers an insurance product or pension plan.

Actuary: Actuaries are experts in evaluating the likelihood of future events, designing creative ways to reduce the likelihood of undesirable events, and decreasing the impact of undesirable events that do happen. Most actuaries work in the risk management and insurance industry or as consultants related to risk management and insurance.

Actuarial skills and techniques are valuable in non-insurance applications—anywhere business analytics can be used to make informed business decisions. Common areas include:

• Health insurance: Actuaries help develop health insurance policies for individuals and groups by estimating life expectancy using factors such as family history, geographic location, and occupation.
• Life insurance: Actuaries help develop life insurance policies for individuals and groups by estimating life expectancy using factors such as age, gender, and tobacco use.
• Pension and retirement benefits: Actuaries evaluate company pension plans to ensure they are appropriately funded in the future. They also help companies develop retirement benefit plans such as health care and 401(k) plans.
• Enterprise risk management: Actuaries help organizations identify, monitor, and manage risk to achieve their objectives.
• Predictive analytics (big data): Actuaries analyze large data sets using modeling and data analysis techniques to find predictive patterns and relevant business uses.