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