What is one primary role of actuaries in the insurance industry?

The primary role of actuaries in the insurance industry is to evaluate risks and calculate premiums. Actuaries use mathematical and statistical methods to assess the likelihood of uncertain future events, which is fundamental in determining how much a policyholder should pay for insurance coverage. This involves analyzing various factors such as historical data, demographics, and economic conditions to create models that estimate potential risks and losses.

By accurately evaluating risks, actuaries help insurance companies establish premiums that are both competitive and adequate to cover future claims, ensuring the financial stability of the company. This role is critical because if premiums are set too low, the insurer may face significant financial losses; if set too high, it could deter potential customers.

The other options relate to functions that do not align with the essential responsibilities of actuaries. Customer service training pertains to how to interact with clients rather than assessing risk. Resolving disputes involves more of an operational or legal function rather than a quantitative analysis role. Managing marketing strategies is focused on sales and public engagement and does not involve the analytical evaluation that actuaries provide. Thus, evaluating risks and calculating premiums is the central responsibility that defines the work actuaries do in the insurance field.