Sat down with a friend that's basically known me forever. One of those refreshing sessions were Joyce and I talk about her studies at UCT, her career, relationships, social media, traveling, lessons of 2020 and so much more. What Is Actuarial Science? Actuarial science is a discipline that assesses financial risks in the insurance and finance fields, using mathematical and statistical methods. Actuarial science applies the mathematics of probability and statistics to define, analyze, and solve the financial implications of uncertain future events. Actuary (Profession) An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science.