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, where higher means 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”
- Testify before public agencies on proposed legislation affecting businesses.
- Manage credit and help price corporate security offerings.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- 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.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Provide advice to clients on a contract basis, working as a consultant.
- 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.
- 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.
- 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.
- Determine policy contract provisions for each type of insurance.
- 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
- Notebook computers
- Desktop computers
- Personal computers
- 10-key calculators
- ARMON Technologies XLActuary
- Data entry software
- Wolfram Research Mathematica
- Presentation software
- PolySystems Asset Delphi
- Microsoft PowerPoint
- Milliman Corporate Affinity
- Pricing software
- Compliance testing software
- Lewis & Ellis LEAPPS
- Spreadsheet software
- SAP BusinessObjects Desktop Intelligence
- Insightful S-PLUS
- Microsoft Visual Basic
- Milliman ReservePro
- Oak Mountain Software AnnuityValue
- Microsoft Excel
- Microsoft Word
- Insureware ICRFS-ELRF
- Microsoft Visual FoxPro
- Word processing software
- Microsoft Office
- SS&C PTS
- Microsoft Access
- Structured query language SQL
- Microsoft Visio
- dBASE Plus
- Appraisal software
- Cash flow software
- GGY AXIS
- Statistical software
- IBM Lotus Notes