Actuaries: Widening Horizons As A Profession

By Arindam Mookherjee (Contractor), India Lead, Society of Actuaries

June 2025

Traditionally, and even today Insurance companies are the widest employers of actuaries. However, for the profession in this technology driven world, it is very important to recognise that today’s actuaries are branching beyond this traditional sector to a much wider section of industry. Basically, risks are everywhere—it is a part of every business decision, and actuaries are uniquely skilled to understand, measure and mitigate them. This ability to analyse data, forecast outcomes and provide actionable insights makes them indispensable in industries as diverse as technology, health care and climate management.

Basically, the major world of actuaries comprises professionals in the insurance sector—life, health and property. However, an increasing number are getting employed in consulting, banking, technology firms and government agencies. Going forward, it’s important to recognize that actuaries can work in several specialized areas such as pension planning, enterprise risk management, predictive analytics, investment strategy and product development. Each area leverages statistical skills to assess and manage financial uncertainty.

From a broader perspective the wider positioning of actuaries in global careers is being driven by certain fundamental factors:

We are in a world of evolving risks—from climate change to cyber threats, businesses are dealing with new, complex risks.
Across economic activities globally there is today a much larger emphasis on data-driven decision making. This is being propelled with the rise of big data and predictive analytics, which is increasingly positioning actuaries as key players in crafting strategies.
The global financial world has become much more integrated, and most businesses operate under complex financial structures with significant financial pressure. In this environment, companies need actuaries to ensure long-term financial stability in uncertain markets.

From broader perspective there are five kinds of industries where actuaries are increasingly getting hired.

In today’s digital world, businesses rely heavily on data-driven decisions. In an increasingly networked world with much faster computing and larger data storage capabilities, companies are increasingly able to collect large amounts of data. But making sense of it requires professionals with expertise in statistics, probability, and predictive modelling—skills that actuaries already have. Data science is all about analysing complex datasets, identifying trends and using machine learning models to make business decisions. Since actuaries already work with data, transitioning into data science and analytics is a natural career path. In this space, the kind of companies where actuaries are getting to work include:

Technology companies like Google, Amazon, Facebook and Uber
Health care and pharmaceuticals, where medical data is analysed to improve treatments
Retail and ecommerce, to optimize customer experience and fraud detection
Manufacturing and supply chain analytics, to improve efficiency and reduce operational risks

Actuaries’ expertise in risk management is now sought after in industries beyond insurance and finance. Businesses in sectors like energy, manufacturing, technology and aviation need risk professionals who can help them quantify, analyse and mitigate uncertainties. There are all kinds of risks that need to be managed including supply chain disruptions, cybersecurity threats or climate change impacts. Actuaries can support these companies as they prepare for uncertainties by applying mathematical models and scenario analysis techniques. In these functions, actuaries are starting to get employment in:

Energy and climate risk (analysing climate change’s financial impact on businesses)
Aviation and transportation (assessing risks in airlines, self-driving cars, and logistics)
Cybersecurity and data protection (quantifying financial impacts of cyberattacks)

AI, blockchain and data automation are transforming the insurance industry. These developments have created the rapid emergence of Insurtech—a rapidly growing sector where technology and insurance merge. Actuaries are at the forefront of this movement, using their expertise to create innovative insurance products and financial solutions.

Beyond employment with established companies, some actuaries are also venturing into entrepreneurship, building startups that leverage data to improve risk management. Actuaries are increasingly getting positioned in:

Startups and fintech companies creating AI-driven risk models
Blockchain and cryptocurrency insurance firms protecting digital assets
Big Tech companies developing real-time insurance pricing models

There is a rapid transition in the way of operations of the healthcare industry with increasing deployment of data analytics, risk assessment and predictive modelling. Actuaries are increasingly being hired by hospitals, pharmaceutical companies and biotech firms to help them analyse risks, predict patient outcomes and optimize healthcare costs. With developments in this field, actuaries are getting job opportunities from:

Pharmaceutical companies analysing the effectiveness of new drugs
Hospitals and health care analytics firms forecasting patient risks
Government health programs optimizing universal healthcare policies

By contributing to economic stability, disaster relief planning and social insurance programs, actuaries are increasingly helping governments and global organizations shape policies that have far reaching social implications. With steady work on this front, there are several new hirings in organisations like:

The United Nations and the World Bank (designing financial policies for developing countries)
Government agencies (pension planning, social security funding)
NGOs and social impact organizations (designing microinsurance programs for low-income communities)

By exploring these non-traditional career paths, actuaries can make a bigger impact and secure their place at the forefront of innovation. It is a changing world, and this widening of horizons in terms of career choices is essential for the actuarial community to maintain and grow is strong positioning in the professional world.

In this pursuit, for individual actuaries who are open to expand their career horizons, it is essential to do the following:

Stay updated on trends in data science, insurtech, climate risk and health care analytics.
Learn new skills like programming, AI and business analytics to stay competitive.
Network beyond the actuarial world to discover new career opportunities.
Be open to junior roles in new industries—your actuarial expertise will help you grow fast.
Consider entrepreneurship—many actuaries are building successful startups in insurtech and risk management.

This article is also available on an SOA blog hosted by CIM GLOBAL INDIA