Being an Actuary isn’t quite like being a doctor or policeman; when asked what I do, I usually feel like, “I’m an Actuary” leaves more questions than answers.
So, what does an actuary do? Essentially, traditional actuaries put a price tag on risk and uncertainty. For insurance companies, risk and uncertainty means not knowing the magnitude of their members’ future insurance claims. Prior to working at Bloom, I worked for a health insurance company and performed the more traditional tasks of valuing this risk and uncertainty. Now, working as an actuary at Bloom, my role is taking me in new creative directions.
What do Bloom actuaries do?
• Demonstrate the Bloom Solution: Analysis performed by Bloom actuaries is vital to communicating how our private exchange solution brings value to employers and their employees. Especially important is our financial analysis that models a client’s shift from the defined benefit world to the defined contribution world. The tool Bloom has built allows us to guide clients through the actuarial analysis, which illustrates the financial implications for the employer, shareholders, and employees. Explaining the analysis and benefits is exciting and rewarding—it’s also something most actuaries don’t have the opportunity to experience.
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