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.
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”
- Testify before public agencies on proposed legislation affecting businesses.
- Provide advice to clients on a contract basis, working as a consultant.
- 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.
- Explain changes in contract provisions to customers.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- 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.
- 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.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- 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.
- Determine policy contract provisions for each type of insurance.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
Related Technology & Tools
- 10-key calculators
- Notebook computers
- Desktop computers
- Personal computers
- Lewis & Ellis LEAPPS
- IBM Lotus Notes
- Oak Mountain Software AnnuityValue
- Compliance testing software
- Microsoft Word
- Insureware ICRFS-ELRF
- GGY AXIS
- Structured query language SQL
- Cash flow software
- Milliman ReservePro
- SS&C PTS
- Microsoft Visual FoxPro
- Word processing software
- Wolfram Research Mathematica
- Pricing software
- Appraisal software
- Microsoft Visio
- Microsoft Visual Basic
- dBASE Plus
- Milliman Corporate Affinity
- Spreadsheet software
- Microsoft PowerPoint
- Statistical software
- Presentation software
- Microsoft Access
- Insightful S-PLUS
- ARMON Technologies XLActuary
- SAP BusinessObjects Desktop Intelligence
- PolySystems Asset Delphi
- Microsoft Excel
- Data entry software
- Microsoft Office