A

PROJECT REPORT

ON

Role of Actuaries In Insurance Sector

In partial fulfilment of requirement for the

Award of Degree of Bachelor of Commerce (BANKING AND INSURANCE)

Submitted By:

DEEPALI SHAH

(THIRD YEAR BBI)

ROLL NO :- 36

Under the Guidance of

Mr.Sandesha Shetty

BUNTS SANGHA’S

S.M. SHETTY COLLEGE OF SCIENCE, COMMERCE AND MANAGEMENT

STUDIES

POWAI - 400076

UNIVERSITY OF MUMBAI
APRIL 2018
 CERTIFICATE

This is to certify that student DEEPALI SHAH has submitted the project work on
ROLE OF ACTUARIES IN INSURANCE SECTOR.

In the partial fulfilment of degree of BACHELOR OF COMMERCE (BANKING

AND INSURANCE) under the guidance of Prof. Sandesha Shetty

_______________________ ________________________ ___________________

Prof. Sandesha Shetty External Examiner Dr. Sridhara Shetty
(PROJECT GUIDE) (PRINCIPAL)
 DECLARATION

Address: Next to Hiranandani Gardens, opposite JalvayuVihar Mumbai,-78, Maharashtra.

Website: www.smshettyinstitute .org Tel no: 022-61327352

Email: college@smshettyinstitute.in Fax no: 022-61327304

I, DEEPALI SHAH of S.M.Shetty College, Bachelors of commerce (BANKING AND

INSURANCE) Semester VI, hereby declare that I have completed the project on “ROLE OF

ACTUARIES IN INSURANCE SECTOR”.

The information submitted is true and original to the best of my knowledge.

_________________________

SIGNATURE OF THE STUDENT

DEEPALI SHAH
 ACKNOWLEDGEMENT

Through this acknowledgement I express my sincere gratitude to all those people who have been
associated with this assignment and have help me to make it a worth while experience

I want to express my gratitude towards my college, BUNTS SANGHA’S S.M. SHETTY

COLLEGE OF SCIENCE, COMMERCE AND MANAGEMENT STUDIES, the Principal of
my college Dr.Sridhara Shetty and the Vice Principal Dr.Liji Santosh.

I am grateful to my Prof. SANDESHA SHETTY who guided me throughout the procedure in

preparing this project report.

I would like to thank my classmates, friends and family members who supported me in
collecting information and making my project better.

---------------------
(SIGNATURE OF STUDENT)
DEEPALI SHAH
 EXECUTIVE SUMMARY
Most people will know something about the professions of accountants, doctors and lawyers. But
tell someone you’re an actuary and more than likely they will look at you blankly – never having
heard of an actuary. The reason for taking this topic is to make everyone aware of work of
actuaries, which is most important in Insurance Company. An actuary really plays an important
role in Insurance. He deals with the business of insurance and is responsible for many areas
under the broad category of insurance. He is responsible for collecting the data to forecast future
risks and see how the predictions will affect various aspects of insurance.Actuaries also hold a
legal responsibility for protecting the benefits promised by insurance companies. Traditionally
actuaries have been associated with insurance sector but in present scenario with the economy
opening up actuaries are needed in sectors like non-life insurance, employee benefits, health
insurance, asset-management, reinsurance, insurance broking houses and consulting companies.
 OBJECTIVES

 To understand the concept of actuarial science and the role of actuaries in insurance
sector.
 To analyze the Powers ,Functions and responsibilities and duties of actuaries.
 To study the role of actuaries with reference to life insurance and general insurance.
 To examine the current scenario of actuarial science in India.
 TABLE OF CONTENT
Sr.no. Chapters Page No.

1 Chapter-1 1-2
Introduction
2 Chapter-2 3-5
What is Actuarial Science
3 Chapter-3 6-7
History of Actuarial Profession
4 Chapter-4 8-10
Qualifications to become an Actuary
5 Chapter-5 11-18
Role of Actuaries in Insurance Companies
6 Chapter-6 19-20
Role of Actuaries in Life Insurance
7 Chapter-7 21
Role of Actuary in General Insurance
8 Chapter-8 22-24
The Role of the Actuary with Insurance Brokers
9 Chapter-9 25-30
The Role of Appointed Actuaries
10 Chapter-10 31-35
Actuarial Society of India
11 Chapter-11 36-37
Predicting The Future Role of Actuaries

12 Conclusion 38
13 Biblography 39