Who are they and what do they do? An actuary is a person who calculates and analyses the relationship between insurance premiums collected and benefits paid out especially in relation to life assurance and pensions.
What are the activities of the job? He/she works out the methodologies for the calculation of insurance premiums and reserves. Monitors and evaluates the sufficiency of premiums (so that the insurance company would not pay out more to insurance holders than it collects in premiums). Prepares background materials for the insurance company's financial plans.
Where is it done and under what conditions? In the normal office environment of an insurance company.
What tools/equipment do they use? Computer technology and other office supplies.
What do you need to succeed? You need university education, good judgement, a systematic manner of working, and fairly high levels of numeracy and mathematical understanding.