No matter you are an entry level or an actuary, what's the business aspect of your work?
My first job's boss did explain to me the big picture of the department's goal was to reduce loss ratio. One way was to revise premium system by growing overall customers, applying penalty charges in addition to regular premium on customers with high potential to have big claims, and issuing incentive discounts for customers with loyalty and no or low claims following government regulation and rules.
Another way was to ensure adequate monthly reserve and detailed claim/loss experience analysis. Predictive modeling and other advanced actuarial models are helpful but most of these modeling work are handled by actuaries only.
My first job's boss did explain to me the big picture of the department's goal was to reduce loss ratio. One way was to revise premium system by growing overall customers, applying penalty charges in addition to regular premium on customers with high potential to have big claims, and issuing incentive discounts for customers with loyalty and no or low claims following government regulation and rules.
Another way was to ensure adequate monthly reserve and detailed claim/loss experience analysis. Predictive modeling and other advanced actuarial models are helpful but most of these modeling work are handled by actuaries only.
What's the business aspect of your work?