A professional who investigates insurance claims to decide how much to pay out. They review the details to make sure the claim is valid and the payout is fair.
What to consider
Understand that analysis is based on statistical models.
Know that premiums may adjust based on updated data.
Review changes in rates over time for trends.
Real world scenarios
An insurer conducted an actuarial analysis to determine the risk and premium rates for new policyholders.
A financial team used actuarial analysis to forecast future claims and set premium levels.
John’s insurer explained that actuarial analysis helped calculate his rates based on demographic data.