REGARDING THE IMPORTANCE OF QUALIFIED ACTUARIES` TRAINING FROM THE PERSPECTIVE OF THEIR JOB DUTIES

Abstract

The paper is dedicated to the investigation of the key actuaries` job duties from the perspective of interaction with underwriters. It has been figured out that judging from definitions available on professional or job seeking websites and in specialized dictionaries, it is extremely difficult to realize what these specialists actually do and whether their functions do differ from one another. Both of them deal with risk management and are aimed at keeping insurance undertaking profitable. However, having analyzed the research by the insurance professionals, we may conclude that actuaries and underwriters` job duties aren`t the same but inextricably connected stages of a single process: actuaries deal with statistics and mathematical models, while underwriters determine the likelihood of the insured event occurrence much more precisely, having the opportunity to analyze a variety of individual rating factors and to use actuarial data in order to formulate the most appropriate price policy. We believe that it is important to stress the distinction between actuaries and underwriters because it will contribute to a better understanding of what to-be actuaries need to know and what skills they should have. This leads us to the necessity of paying attention to the actuarial education in Ukraine which unfortunately has a number of weak points but hopefully the right vector of development.