what is its traditional employment requirements?
Calculation skills, using sophisticated approximations called commutation functions, to facilitate timely, accurate, manual calculations of premiums.
Actuary
In the 18th and 19th centuries, computational complexity was limited to manual calculations. The actual calculations required to compute fair insurance premiums are complex. The actuaries of that time developed methods to construct easily used tables, using sophisticated approximations called commutation functions, to facilitate timely, accurate, manual calculations of premiums. Over time, actuarial organizations were founded to support and further both actuaries and actuarial science, and to protect the public interest by ensuring competency and ethical standards. Since calculations were cumbersome, actuarial shortcuts were commonplace.

Non-life actuaries followed in the footsteps of their life compatriots in the early 20th century. In the United States, the 1920 revision to workers' compensation rates took over two months of around-the-clock work by day and night teams of actuaries. In the 1930s and 1940s, rigorous mathematical foundations for stochastic processes were developed. Ac
what is an 'actuary'? A business professional who deals with the measurement and management of risk and uncertainty.
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Actuary [SEP] Development of the modern profession
In the 18th and 19th centuries, computational complexity was limited to manual calculations. The actual calculations required to compute fair insurance premiums are complex. The actuaries of that time developed methods to construct easily used tables, using sophisticated approximations called commutation functions, to facilitate timely, accurate, manual calculations of premiums. Over time, actuarial organizations were founded to support and further both actuaries and actuarial science, and to protect the public interest by ensuring competency and ethical standards. Since calculations were cumbersome, actuarial shortcuts were commonplace. Non-life actuaries followed in the footsteps of their life compatriots in the early 20th century.