Will “Insurance Actuary” be Replaced By Robots? 🤔
21% Chance of Automation
“Insurance 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
- Actuarial Mathematician
- Actuarial Manager
Tasks for “Insurance Actuary”
- Explain changes in contract provisions to customers.
- 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.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- 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.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- 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 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.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Manage credit and help price corporate security offerings.
- Testify before public agencies on proposed legislation affecting businesses.
Related Technology & Tools
- Personal computers
- Notebook computers
- Desktop computers
- 10-key calculators
- SAP BusinessObjects Desktop Intelligence
- GGY AXIS
- Statistical software
- Lewis & Ellis LEAPPS
- dBASE Plus
- Microsoft Visual FoxPro
- Word processing software
- Milliman Corporate Affinity
- SS&C PTS
- Microsoft Visual Basic
- SAS
- Presentation software
- Insureware ICRFS-ELRF
- Compliance testing software
- Microsoft Excel
- Milliman ReservePro
- SPSS
- Microsoft Office
- Cash flow software
- Oak Mountain Software AnnuityValue
- IBM Lotus Notes
- Structured query language SQL
- Pricing software
- Insightful S-PLUS
- Spreadsheet software
- Microsoft Word
- Microsoft Visio
- Wolfram Research Mathematica
- Appraisal software
- C++
- Microsoft Access
- ARMON Technologies XLActuary
- Data entry software
- R
- Microsoft PowerPoint
- PolySystems Asset Delphi