Actuarial services

CPC v2.1 Code: 7163

About actuarial services

cpc code 7163 covers the provision of actuarial services, which play a crucial role in the financial and insurance sectors. Actuaries use statistical and mathematical models to analyze and assess the financial risks associated with various events, such as mortality, longevity, and investment returns. Their expertise is essential for insurance companies, pension funds, and other financial institutions to price their products accurately, manage their risks, and ensure the long-term viability of their operations.

Production process

Actuaries typically follow a structured process to provide their services. This includes collecting and analyzing relevant data, developing mathematical models, and applying their specialized knowledge to assess the probability and potential impact of various scenarios. They may also use advanced software and tools to perform complex calculations and simulations.

Production inputs

The main inputs required for the actuarial services industry include access to comprehensive data sources, such as historical records, industry benchmarks, and demographic information. Actuaries also rely on advanced mathematical and statistical software, as well as their own expertise in areas like probability theory, finance, and risk management.

Production outputs

The primary outputs of the actuarial services industry are the actuarial reports, analyses, and recommendations provided to clients. These outputs are used by insurance companies, pension funds, and other financial institutions to 6411 Direct life insurance carriers, 6512 Direct health and medical insurance carriers, and 6221 Pension funds, among others, to make informed decisions and manage their risks effectively.

Family tree for actuarial services

    graph LR
    A["<a href='/classifications/cpc/v2-1/7'>7: Financial and related services; real estate services; and rental and leasing services</a>"]
A --> B["<a href='/classifications/cpc/v2-1/71'>71: Financial and related services</a>"]
B --> C["<a href='/classifications/cpc/v2-1/716'>716: Services auxiliary to insurance and pensions</a>"]
C --> D["<a href='/classifications/cpc/v2-1/7163'>7163: Actuarial services</a>"]

    C --> E["<a href='/classifications/cpc/v2-1/7161'>7161: Insurance brokerage and agency services</a>"]
C --> F["<a href='/classifications/cpc/v2-1/7162'>7162: Insurance claims adjustment services</a>"]
C --> G["<a href='/classifications/cpc/v2-1/7164'>7164: Pension fund management services</a>"]
C --> H["<a href='/classifications/cpc/v2-1/7169'>7169: Other services auxiliary to insurance and pensions</a>"]

    D --> I["<a href='/classifications/cpc/v2-1/71630'>71630: Actuarial services</a>"]


    %% Color coordination by level

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    classDef level2 color:#000,fill:#e0a458,stroke:#333,stroke-width:1px
    classDef level3 color:#000,fill:#419d78,stroke:#333,stroke-width:1px
    classDef level4 color:#000,fill:#c04abc,stroke:#333,stroke-width:1px
    classDef level5 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
    classDef level6 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px
    classDef highlight color:#000,fill:#fff,stroke:#000,stroke-width:5px



  %% Apply classes
  class A level1
class B level2
class C level3
class D level4
class E level4
class F level4
class G level4
class H level4
class I level5

  class D highlight

  %% class A level1
  %% class B,C level2
  %% class D,E,F,G,H,I level2
  %% class J,K,L,M,N,O,P level3
  %% class D highlight