What is the primary role of an actuary?

An actuary's primary role is to track lifespan and assess the risk of illness, as this involves applying mathematical and statistical methods to evaluate the financial implications of uncertain future events. Actuaries analyze data concerning mortality, morbidity, and other financial risks to help insurance companies develop policies that ensure they can meet future claims while maintaining profitability. This role is crucial in determining premiums, reserves, and overall financial stability of insurance products.

In contrast, providing legal advice pertains to the expertise of attorneys, while managing insurance claims is the responsibility of claims adjusters, who focus on processing and resolving claims submitted by policyholders. Selling insurance policies is the domain of insurance agents, who work directly with customers to facilitate the purchase of coverage. Thus, the role of an actuary is fundamentally different as it leans heavily on quantitative analysis to inform decision-making within the insurance industry.