Will “Actuary” be Automated?

Core Skills & Abilities

• Explain changes in contract provisions to customers.

• Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.

• Negotiate terms and conditions of reinsurance with other companies.

• Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.

• Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.

• Determine policy contract provisions for each type of insurance.

• Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.

• Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.

• Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person disabled or killed in an accident.

• Manage credit and help price corporate security offerings.

• Provide advice to clients on a contract basis, working as a consultant.

• Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.

• Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.

• Testify before public agencies on proposed legislation affecting businesses.

• Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.