{"id":5162,"date":"2021-12-08T15:08:15","date_gmt":"2021-12-08T20:08:15","guid":{"rendered":"https:\/\/www.axxima.ca\/?p=5162"},"modified":"2023-07-28T14:58:54","modified_gmt":"2023-07-28T19:58:54","slug":"why-do-businesses-need-actuaries","status":"publish","type":"post","link":"https:\/\/www.axxima.ca\/fr\/blog\/why-do-businesses-need-actuaries\/","title":{"rendered":"Pourquoi les entreprises ont besoin d\u2019actuaires"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\n \n\n\t \n
\n\n <\/i><\/span> \n Back<\/span>\n\n <\/div>\n\t <\/a>\n <\/div>\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t
<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Why Do Businesses Need Actuaries?<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

As a business manager, you\u2019ve most certainly encountered several risks in your daily operations.<\/p>

Whether you\u2019ve managed to foresee these risks or you\u2019ve stumbled upon them unexpectedly, they\u2019ve probably affected your business one way or another. In this article, you\u2019ll learn what actuaries are, what roles they cover, and how exactly they can help your business.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

What are actuaries?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Actuaries\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Actuaries are financial experts who use analytical tools to assess risks and probabilities of unknown future events.<\/p>

Actuarial consultants develop models and projections which helps to understand what potential outcomes are and whether businesses need to shelter from damaging outcomes.<\/p>

Given the fact that risk is inherently a part of our lives, actuaries do us the favour of quantifying risk categories so that a business can evaluate if it is able to transfer the risk in order to limit the negative impacts of risks at a fair price.<\/p>

Most actuaries work in the insurance industry, ensuring their clients are aware of potential risks and implementing the proper measures to counterbalance their outcomes.<\/p>

At Axxima, actuaries use stochastic financial modelling software to provide clients with financial forecasting that provides insight into the volatility, risks and the need for capital.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Actuarial consultants: roles and competencies<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Actuarial consultants help leaders manage risk by employing strategic decisions based on statistical models. Actuaries need to have a strong understanding and control of mathematics and statistics, plus a proven business intelligence.<\/p>

Actuaries perform a diverse range of exploratory analyses to gain a deep business understanding to assess risk and propose risk transfer approaches or capital accumulation to manage the risk.\u00a0 At the same time, actuarial consultants make projections and help as liaisons to ensure proposed solutions fit the needs of each client.<\/p>

For example, the appointed actuaries at Axxima develop creative solutions for property and casualty insurance.\u00a0 Translated into specific activities, this involves:<\/p>

  • Financial proformas and multi-year projections<\/li>
  • Annual ratemaking and self-insured retention studies<\/li>
  • Education\u00a0session for Boards and audit committees<\/li>
  • Modelling, simulation and financial forecasting<\/li>
  • Monte\u00a0Carlo pricing analysis or ORSA modelling<\/li>
  • Reinsurance modelling<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
    \n\t\t\t\t\t\t
    \n\t\t\t\t\t
    \n\t\t\t
    \n\t\t\t\t\t\t
    \n\t\t\t\t
    \n\t\t\t\t\t

    Benefits of hiring an actuary<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
    \n\t\t\t\t\t\t
    \n\t\t\t\t\t
    \n\t\t\t
    \n\t\t\t\t\t\t
    \n\t\t\t\t
    \n\t\t\t\t\t\t\t\t\t

    For your organization to be successful, you need to rely on cause and effect rationalization and build on predictive models.\u00a0 An actuarial consultant will give your business the comfort of data-driven advice for decision-making.<\/p>

    Here are some specific benefits to consider:<\/p>

    Financial safety <\/span><\/strong>– with the help of a professional actuary, you can verify the risk associated with your investment and make the best decisions to ensure long-term stability; actuaries will help you grasp the complete picture and budget decisions by also accounting for risks.<\/p>

    Improved control <\/strong><\/span>– actuaries prepare your business to face even the worst outcomes, meaning you\u2019ll have a complete overview of what the future might hold. With plans for various scenarios designed, you\u2019ll be able to act quickly and to tackle any crisis smoothly.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

    \n\t\t\t\t\t\t
    \n\t\t\t\t\t
    \n\t\t\t
    \n\t\t\t\t\t\t
    \n\t\t\t\t
    \n\t\t\t\t\t

    How can actuaries help specific business areas<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
    \n\t\t\t\t\t\t
    \n\t\t\t\t\t
    \n\t\t\t
    \n\t\t\t\t\t\t
    \n\t\t\t\t
    \n\t\t\t\t\t\t\t\t\t

    At Axxima, we have several actuarial teams with decades of expertise in the insurance and self-insurance arena.<\/p>

    Our actuaries have the skills needed to develop complex financial models and predict outcomes and the experience to empower you to understand these tools. Given our specialties, our actuaries can assist you in the following main areas:<\/p>

    1. Ratemaking<\/li>
    2. Reserving<\/li>
    3. Enterprise risk management<\/li><\/ol>

      Our actuaries can assist you in assessing risk and finding optimal solutions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

      \n\t\t\t\t\t\t
      \n\t\t\t\t\t
      \n\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t
      \n\t\t\t\t\t

      1. Ratemaking<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
      \n\t\t\t\t
      \n\t\t\t\t\t\t\t\t\t

      Ratemaking is an important role for the actuaries at Axxima, and we use our expertise to predict and calculate fair, accurate rates.\u00a0 To understand why ratemaking is such a big undertaking, it is important to understand why insurances, in general, are quintessentially different from any other product.<\/p>

      Think about a specific product, be it a perfume, a pair of shoes, or a car \u2014 these are all products you can price with high accuracy. On the other hand, insurances are products that promise to perform a specific task in the future based on unknown events.<\/p>

      By computing large quantities of data and using statistical methods, actuaries are able to project outcomes that follow a specific average, helping insurers price their products.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

      \n\t\t\t\t\t\t
      \n\t\t\t\t\t
      \n\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t
      \n\t\t\t\t\t

      2. Reserving<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t\t
      \n\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t
      \n\t\t\t\t\t\t\t\t\t

      In addition to ratemaking, actuaries help insurance companies financially plan their reserves to be able to pay for claims.\u00a0 In short, reserving refers to analyzing, assessing, and estimating as closely as possible the financial aspect of unpaid insurance, reinsurance, and self-insurance claims.<\/p>

      Actuaries look at past claims and their value to build models to assess how much money needs to be set aside at any given time. It\u2019s essential for insurance businesses to employ skilled actuaries for their reserving.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

      \n\t\t\t\t\t\t
      \n\t\t\t\t\t
      \n\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t
      \n\t\t\t\t\t

      3. Enterprise Risk Management<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t\t
      \n\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t
      \n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"financial\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
      \n\t\t\t\t
      \n\t\t\t\t\t\t\t\t\t

      Enterprise Risk Management (ERM) is a business-specific process that includes identifying risks and setting in place management models.\u00a0 The main objective is to identify critical risks that are a threat to the organization and implement solutions that can limit the negative outcomes.<\/p>

      Actuaries help leaders address these risks based on strategic objectives, guiding their decision-making process towards the most cost-efficient coverage solution.\u00a0 As the business world progresses, risks also evolve, requiring a more thorough approach to enterprise risk management.<\/p>

      The actuaries at Axxima have experience in developing sophisticated models that address a complex network of risks.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

      \n\t\t\t\t\t\t
      \n\t\t\t\t\t
      \n\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t
      \n\t\t\t\t\t

      Want to work with a professional actuary?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t\t
      \n\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t
      \n\t\t\t\t\t\t\t\t\t

      If you\u2019re ready to employ the services of a professional actuarial team, Axxima is here to help you. We\u2019re ready to understand your business inside out and come up with the correct predictive models that will work for your industry.<\/p>

      Reach out to us and let\u2019s discuss how your business can benefit by working with a property and casualty insurance actuary, be it for ratemaking, reserving or enterprise risk management.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

      \n\t\t\t\t\t\t
      \n\t\t\t\t\t
      \n\t\t\t
      \n\t\t\t\t\t\t
      \n\t\t\t\t
      \n\t\t\t\t\t\t\t
      \n\t\t\t
      <\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      Back Why Do Businesses Need Actuaries? As a business manager, you\u2019ve most certainly encountered several risks in your daily operations. Whether you\u2019ve managed to foresee these risks or you\u2019ve stumbled upon them unexpectedly, they\u2019ve probably affected your business one way or another. In this article, you\u2019ll learn what actuaries are, what roles they cover, and […]<\/p>\n","protected":false},"author":1,"featured_media":5216,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/www.axxima.ca\/wp-content\/uploads\/2021\/12\/BlogCover_Final_Small.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.axxima.ca\/fr\/wp-json\/wp\/v2\/posts\/5162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.axxima.ca\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.axxima.ca\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.axxima.ca\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.axxima.ca\/fr\/wp-json\/wp\/v2\/comments?post=5162"}],"version-history":[{"count":0,"href":"https:\/\/www.axxima.ca\/fr\/wp-json\/wp\/v2\/posts\/5162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.axxima.ca\/fr\/wp-json\/wp\/v2\/media\/5216"}],"wp:attachment":[{"href":"https:\/\/www.axxima.ca\/fr\/wp-json\/wp\/v2\/media?parent=5162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.axxima.ca\/fr\/wp-json\/wp\/v2\/categories?post=5162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.axxima.ca\/fr\/wp-json\/wp\/v2\/tags?post=5162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}