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