Will “Actuarial Consultant” be Replaced By Robots? 🤔
21% Chance of Automation
“Actuarial Consultant” 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 Associate
- Actuarial Assistant
- Actuarial Analyst
- Insurance Actuary
- Actuarial Mathematician
- Actuarial Manager
- Actuarial Consultant
Tasks for “Actuarial Consultant”
- Manage credit and help price corporate security offerings.
- 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.
- Provide advice to clients on a contract basis, working as a consultant.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- 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.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- 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.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Testify before public agencies on proposed legislation affecting businesses.
- 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.
Related Technology & Tools
- Personal computers
- Notebook computers
- 10-key calculators
- Desktop computers
- C++
- Milliman ReservePro
- Microsoft Visual FoxPro
- ARMON Technologies XLActuary
- Insureware ICRFS-ELRF
- Insightful S-PLUS
- Cash flow software
- Lewis & Ellis LEAPPS
- SS&C PTS
- SAP BusinessObjects Desktop Intelligence
- IBM Lotus Notes
- Structured query language SQL
- dBASE Plus
- Microsoft Excel
- R
- PolySystems Asset Delphi
- Data entry software
- Milliman Corporate Affinity
- Compliance testing software
- Microsoft Access
- Wolfram Research Mathematica
- Microsoft PowerPoint
- Appraisal software
- Oak Mountain Software AnnuityValue
- SPSS
- Microsoft Office
- SAS
- Presentation software
- Microsoft Visual Basic
- Microsoft Word
- Statistical software
- Microsoft Visio
- Pricing software
- GGY AXIS
- Spreadsheet software
- Word processing software