Will “Pricing Actuary” be Replaced By Robots? 🤔
21% Chance of Automation
“Pricing 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.
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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”
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Provide advice to clients on a contract basis, working as a consultant.
- Manage credit and help price corporate security offerings.
- 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.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Explain changes in contract provisions to customers.
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Testify before public agencies on proposed legislation affecting businesses.
- Determine policy contract provisions for each type of insurance.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- 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.
Related Technology & Tools
- Desktop computers
- Notebook computers
- 10-key calculators
- Personal computers
- Presentation software
- Appraisal software
- Milliman ReservePro
- Compliance testing software
- Oak Mountain Software AnnuityValue
- Insureware ICRFS-ELRF
- Cash flow software
- Milliman Corporate Affinity
- Lewis & Ellis LEAPPS
- SAP BusinessObjects Desktop Intelligence
- Microsoft Excel
- IBM Lotus Notes
- GGY AXIS
- SAS
- PolySystems Asset Delphi
- Structured query language SQL
- Microsoft Word
- SS&C PTS
- Word processing software
- Microsoft Visual FoxPro
- R
- Data entry software
- Insightful S-PLUS
- Microsoft Access
- Pricing software
- dBASE Plus
- C++
- Microsoft Visual Basic
- ARMON Technologies XLActuary
- Microsoft Office
- Wolfram Research Mathematica
- Microsoft PowerPoint
- SPSS
- Statistical software
- Microsoft Visio
- Spreadsheet software