7 Great names of the Actuarial World.
Actuaries act like heroes for the financial world and have acted as the main source of aid in solving many problems that loomed as a danger to society with their given sets of skills.
The profession of Actuarial Science started building its foundation in the late 17th Century when the need to gain a better understanding of setting funds aside for a secure future came to light.
The study of using past events and experiences to build a model for a predictable future is truly remarkable and has grown a lot from the late 17th Century to the current 21st Century and has made a major impact in our society till the current date.
In this article, we will be looking forward to knowing a little bit more about some famous personalities from the field of Actuarial Science and about their contributions.
SOME GREAT PERSONALITIES-
Actuaries are mostly known for their analytical abilities in the field of Insurance, pensions and have slowly been growing in risk management and banking, but have you ever heard about an Actuary winning MMA ( Mixed Martial Arts ) title?
Meet Actuary Assassin Jon Forster!! Just like Jon Forster, there are many other famous individuals connected to this field let’s dig in further to look for some more personalities
1) Sir Edmond Halley- He is mainly known for his contribution in the field of astronomy and calculating the orbit of a comet which was lately named after him (Halley’s comet). It’s easy to forget sometimes that Sir Edmond Halley was a really famous Mathematician and developed one of the first tablets in 1693 which helped in the creation of Actuarial Science.
2) Elizur Wright- Also known as Father of Life insurance, his interest in the field dof life insurance came out from the injustice in business practice back in his time he created net valuation reserve tables, and these tables helped in simplifying the process of solvency in life insurance companies which in fact significantly decreased the amount of labor involved and paved a new path for the development of the insurance sector.
3) Oswald Jacoby- Oswald Jacoby was a multitalented person, he was a war veteran, writer, and Actuary not only that he was credited behind the famous Jacoby transfer. His contributions in World war 2 as counterintelligence are remarkable on their own, and after the war, he went on towrite numerous books on mathematics, Jacoby became one of the youngest members of the Society of Actuaries at the age of 21, he was truly the jack of all trades
5) GS Diwan- Who can forget about the selfless service of Actuarial education in India. In the year 2008, he was included in the insurance hall of fame by International Insurance Society Inc, the USA for his work as Actuary and teaching Actuarial Science in Sydenham College, Mumbai.
4) James Andreson – In the 20th Century, James Andreson became one of the most prominent figures in the Insurance Industry. He made major reforms in the value of insurance services and drastically improved the efficiency of insurance companies. Being an author and speaker he challenged the insurance industry to consider many changes.
7) Franz Kafka- I am sure no one expected this name here, one of the most influential writers of the 20th Century worked in the insurance sector handling claims and working on business policies, in fact, Franz Kafka has talked about his work in the insurance sector in a number of his books like The Metamorphosis and The Trial.
6) Bill James – Bill James is known as the father of Sabermetrics, he challenged the way conventional baseball was working and collecting data, in 1977 Bill James started including statistical analysis in baseball, later he was named in Time magazine’s 100 most influential person.
It has been quite a journey for Actuarial Science and now it has become a really important part of our society, as we are growing day by day people are actually getting clear on the importance of Actuarial Science and the fact that Actuarial Scientist can implement their skills in any field they want and is not just bound to one.
In today’s time, the role of Actuaries has expanded and it won’t be much time, when we’d witness another sudden change or revolution made by an Actuary .
A whole new generation of Actuaries are working and trying to reach excellence, what can be more better and exciting than this!!