Definition of Actuarial Service

Actuarial Service’ is a methodology by which organizations decide, evaluate and map the financial impact of risk. Various statistical & mathematical tools are being used by the Actuaries for risk evaluation for finance & insurance firms.

An actuarial service involves the study of disability rates, morbidity, mortality, retirement, survivorship and other contingencies with a thorough assessment. With the help of various mathematical and statistical modeling techniques, actuaries predict estimates about particular events, like, the life span of a life insurance contender, or the possibility of a disastrous approach, weather-based event about a property and casualty insurance firm.
Actuarial services anticipate risk and ambiguity and help a firm to plan for the upcoming probabilities and opportunities.

The actuarial services are designed for the purpose of providing an economic and financial assessment of the contingent contractual relationships.
Some of the actuarial services designed for companies are:
• Managing insurable risks, selecting & evaluating insurance contracts.
• Accessing health coverage contracts with complete design & evaluation
• Designing Pension Plans along with their cost & commitment analysis
• Projection -based assessment of retirement benefits.
• Assessment and development of financial risk-based management models.

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