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21% Chance of Automation
“Pricing 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 “Pricing Actuary”
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- 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.
- 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.
- Explain changes in contract provisions to customers.
- Determine policy contract provisions for each type of insurance.
- 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.
- 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.
- Manage credit and help price corporate security offerings.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
Related Technology & Tools
- Personal computers
- 10-key calculators
- Desktop computers
- Notebook computers
- Microsoft Word
- SAS
- Word processing software
- Statistical software
- Microsoft Access
- Oak Mountain Software AnnuityValue
- SAP BusinessObjects Desktop Intelligence
- Insureware ICRFS-ELRF
- Microsoft Visio
- Insightful S-PLUS
- dBASE Plus
- PolySystems Asset Delphi
- Microsoft Office
- IBM Lotus Notes
- Milliman Corporate Affinity
- GGY AXIS
- Presentation software
- Compliance testing software
- Data entry software
- Wolfram Research Mathematica
- Appraisal software
- Milliman ReservePro
- Microsoft PowerPoint
- Lewis & Ellis LEAPPS
- Spreadsheet software
- Structured query language SQL
- Cash flow software
- SS&C PTS
- C++
- ARMON Technologies XLActuary
- SPSS
- Pricing software
- Microsoft Visual Basic
- R
- Microsoft Excel
- Microsoft Visual FoxPro