Insurance actuaries determine the financial risks associated with various exposures. Actuaries have played a role in workers compensation since its inception. As risk determiners, actuaries are tasked with knowing the risks associated with the compensation of certain workers and whether these risks are smart investments for their clients. The involvement of insurance actuaries is extremely vital so as to ensure that the overall rating scheme of a risk is steady, that individual insurer rates are held at satisfactory levels, and that personal risks get a fair rate that reflects both the features of the job classification and the individual risk’s experience to the extent that it is valid enough to be called a risk.
To be able to efficiently carry out their role, actuaries will find workers’ compensation training for insurance actuaries to be very nifty. As new policy provisions are adopted by insurance carriers, actuaries will need to calculate appropriate premiums for the increased coverage. Certainly the RWCS™ workers’ compensation designation will help prepare them to know more about the potential impact of any changes to present policy language. Information that is provided throughout our course will go a long way in helping insurance actuaries to render quality service to their firms.