What Does an SOA Actuary Really Do?

In an effort to improve the way IT businesses are being handled, Service Oriented Architecture (SOA) also sought the importance of having a strong workforce. Service providers must realize that since its employees are the ones who really take care of the business (most especially the customers), each of which should also be given enough attention in terms of benefits and premiums. The one of the many people who is in charge of this is a SOA actuary.

What does an actuary really do? Basically, an actuary functions as an insurance and premiums calculator, seeing to it that every employee is given what is due to them. An actuary also studies and analyzes the factors or events that may take place such as financial risk consequences concerning insurance and pension programs. He / She then evaluates these issues by designing innovative ways on how to reduce the likelihood of such risk factors from happening, and at the same time, lessen its impact when they occur in actuality.

An actuary does not only focus on life insurance, but also several other employee benefits such as retirement systems, financial management, and health insurance systems to name a few. Most actuaries work for insurance companies, but there are other service providers who hire internal actuaries to manage their own finance system and structure. They are indeed an asset to the company, paying much attention on how to control risk behaviors concerning financial matters. It takes a lot of hardwork with strong analytical and interpersonal skills to take on such role. With a sound business knowledge and a clear understanding of human behaviors, then everything will fall into place.