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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”
- Determine policy contract provisions for each type of insurance.
- 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.
- 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.
- Manage credit and help price corporate security offerings.
- Provide advice to clients on a contract basis, working as a consultant.
- Testify before public agencies on proposed legislation affecting businesses.
- Explain changes in contract provisions to customers.
- 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.
- 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.
Related Technology & Tools
- Desktop computers
- Personal computers
- 10-key calculators
- Notebook computers
- Data entry software
- Lewis & Ellis LEAPPS
- Microsoft Visio
- GGY AXIS
- Pricing software
- Milliman Corporate Affinity
- Microsoft Office
- Insightful S-PLUS
- C++
- Microsoft Excel
- dBASE Plus
- ARMON Technologies XLActuary
- Insureware ICRFS-ELRF
- Microsoft Access
- SAS
- Statistical software
- Oak Mountain Software AnnuityValue
- Milliman ReservePro
- SPSS
- Spreadsheet software
- Structured query language SQL
- Microsoft Visual FoxPro
- R
- IBM Lotus Notes
- Presentation software
- Appraisal software
- Word processing software
- Wolfram Research Mathematica
- Microsoft PowerPoint
- Microsoft Word
- Cash flow software
- Microsoft Visual Basic
- Compliance testing software
- SS&C PTS
- SAP BusinessObjects Desktop Intelligence
- PolySystems Asset Delphi