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, where higher means less likely to be replaced.
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.
- 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…
- Product Development Actuary
- Pricing Analyst
- Pricing Actuary
- Health Actuary
- Consulting Actuary
- Actuarial Consultant
- Actuarial Associate
- Actuarial Assistant
- Actuarial Analyst
- Actuarial Mathematician
- Actuarial Manager
Tasks for “Insurance Actuary”
- Explain changes in contract provisions to customers.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Manage credit and help price corporate security offerings.
- Determine policy contract provisions for each type of insurance.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- 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.
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- 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.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Testify before public agencies on proposed legislation affecting businesses.
- 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
- Lewis & Ellis LEAPPS
- Microsoft Visio
- Wolfram Research Mathematica
- Oak Mountain Software AnnuityValue
- GGY AXIS
- Microsoft Office
- PolySystems Asset Delphi
- Microsoft Access
- Pricing software
- Milliman ReservePro
- IBM Lotus Notes
- dBASE Plus
- Statistical software
- Cash flow software
- Milliman Corporate Affinity
- ARMON Technologies XLActuary
- Microsoft Visual FoxPro
- Data entry software
- Microsoft Visual Basic
- Insureware ICRFS-ELRF
- Compliance testing software
- Word processing software
- Microsoft PowerPoint
- SAP BusinessObjects Desktop Intelligence
- Microsoft Word
- Appraisal software
- Structured query language SQL
- SS&C PTS
- Insightful S-PLUS
- Microsoft Excel
- Spreadsheet software
- Presentation software