Will “Consulting Actuary” be Replaced By Robots? 🤔
21% Chance of Automation
“Consulting Actuary” will almost certainly not be replaced by robots.
This job is ranked #209 out of #702. A higher ranking (i.e., a lower number) means the job is less likely to be replaced.
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Job Description
Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.
Job Details
- The SOC (Standard Occupational Classification) code is 15-2011.00
- The Mean Annual Wage in the U.S. is $ 114,120.00
- The Mean Hourly Wage is $ 54.00
- Currently, there are 19,940 people on this job
☝️ Information based on the reference occupation “Actuaries”.
Also Known As…
- Actuaries
- Product Development Actuary
- Pricing Analyst
- Pricing Actuary
- Health Actuary
- Consulting Actuary
- Actuary
- Actuarial Consultant
- Actuarial Associate
- Actuarial Assistant
- Actuarial Analyst
- Insurance Actuary
- Actuarial Mathematician
- Actuarial Manager
Tasks for “Consulting Actuary”
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Provide advice to clients on a contract basis, working as a consultant.
- 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.
- Manage credit and help price corporate security offerings.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- 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.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Explain changes in contract provisions to customers.
- Testify before public agencies on proposed legislation affecting businesses.
Related Technology & Tools
- Personal computers
- Notebook computers
- 10-key calculators
- Desktop computers
- Appraisal software
- Milliman ReservePro
- Word processing software
- GGY AXIS
- SAP BusinessObjects Desktop Intelligence
- SPSS
- ARMON Technologies XLActuary
- PolySystems Asset Delphi
- Microsoft Visual FoxPro
- Insureware ICRFS-ELRF
- R
- Lewis & Ellis LEAPPS
- SS&C PTS
- Insightful S-PLUS
- Spreadsheet software
- Microsoft Visio
- Structured query language SQL
- Pricing software
- Data entry software
- Statistical software
- Microsoft PowerPoint
- Cash flow software
- Compliance testing software
- IBM Lotus Notes
- C++
- Oak Mountain Software AnnuityValue
- dBASE Plus
- Microsoft Word
- Presentation software
- Milliman Corporate Affinity
- Microsoft Office
- Microsoft Access
- Microsoft Excel
- Wolfram Research Mathematica
- SAS
- Microsoft Visual Basic