Definition - What does Actuarial Consultant mean?
An actuarial consultant is a professional who is skilled in making mathematical calculations in order to assess risk and other important information. Actuarial consultants are hired by insurance companies to help analyze statistics in order to help the insurer shape its policies for things Ike premium prices, which plans to offer, and other risk-based decisions.
Insuranceopedia explains Actuarial Consultant
Because actuarial consultants are required to complete very complex mathematical equations which have huge implications for insurers and policyholders alike, they must complete extensive training to reach their professional status. In fact, it can take from 6 - 10 years to complete all of the training and pass all of the examinations associated with being an actuary. Actuarial consultants have the skills to aid insurance companies in the fields of statistics, economics, and predicting the future. All of these are necessary for insurance companies to remain successful.