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”
- Testify before public agencies on proposed legislation affecting businesses.
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Provide advice to clients on a contract basis, working as a consultant.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- 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.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Explain changes in contract provisions to customers.
- Determine policy contract provisions for each type of insurance.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Manage credit and help price corporate security 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.
Related Technology & Tools
- Personal computers
- Desktop computers
- 10-key calculators
- Notebook computers
- Cash flow software
- Pricing software
- SAP BusinessObjects Desktop Intelligence
- R
- Structured query language SQL
- SAS
- Microsoft Visio
- Spreadsheet software
- SPSS
- Microsoft Word
- ARMON Technologies XLActuary
- dBASE Plus
- Milliman Corporate Affinity
- Compliance testing software
- Presentation software
- Wolfram Research Mathematica
- C++
- Word processing software
- Lewis & Ellis LEAPPS
- SS&C PTS
- Microsoft Office
- Microsoft Access
- PolySystems Asset Delphi
- Statistical software
- Microsoft Visual FoxPro
- Oak Mountain Software AnnuityValue
- GGY AXIS
- IBM Lotus Notes
- Insureware ICRFS-ELRF
- Milliman ReservePro
- Microsoft Visual Basic
- Appraisal software
- Data entry software
- Microsoft Excel
- Microsoft PowerPoint
- Insightful S-PLUS