Will “Product Development Actuary” be Replaced By Robots? 🤔
21% Chance of Automation
“Product Development 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
- Insurance Actuary
- Actuarial Mathematician
- Actuarial Manager
Tasks for “Product Development Actuary”
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Determine policy contract provisions for each type of insurance.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- 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.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- 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.
- 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.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Manage credit and help price corporate security offerings.
- Explain changes in contract provisions to customers.
- 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 advice to clients on a contract basis, working as a consultant.
Related Technology & Tools
- Desktop computers
- Notebook computers
- 10-key calculators
- Personal computers
- Cash flow software
- Microsoft Visual FoxPro
- Appraisal software
- Lewis & Ellis LEAPPS
- Microsoft Visio
- Microsoft Visual Basic
- Insureware ICRFS-ELRF
- Statistical software
- Word processing software
- PolySystems Asset Delphi
- dBASE Plus
- SAP BusinessObjects Desktop Intelligence
- Milliman Corporate Affinity
- Data entry software
- Oak Mountain Software AnnuityValue
- Wolfram Research Mathematica
- Microsoft PowerPoint
- GGY AXIS
- ARMON Technologies XLActuary
- Spreadsheet software
- Microsoft Office
- Pricing software
- Presentation software
- Microsoft Word
- Insightful S-PLUS
- Structured query language SQL
- IBM Lotus Notes
- Milliman ReservePro
- Microsoft Excel
- Microsoft Access
- Compliance testing software
- SS&C PTS