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21% Chance of Automation
“Pricing Actuary” will almost certainly not be replaced by robots.
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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
- Health Actuary
- Consulting Actuary
- Actuary
- Actuarial Consultant
- Actuarial Associate
- Actuarial Assistant
- Actuarial Analyst
- Pricing Actuary
- Insurance Actuary
- Actuarial Mathematician
- Actuarial Manager
Tasks for “Pricing Actuary”
- Testify before public agencies on proposed legislation affecting businesses.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Manage credit and help price corporate security 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.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Explain changes in contract provisions to customers.
- 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.
- Provide advice to clients on a contract basis, working as a consultant.
- 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.
- 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 or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
Related Technology & Tools
- Notebook computers
- Personal computers
- Desktop computers
- 10-key calculators
- Milliman ReservePro
- Wolfram Research Mathematica
- GGY AXIS
- SS&C PTS
- Microsoft PowerPoint
- Appraisal software
- Insureware ICRFS-ELRF
- Pricing software
- SAS
- R
- Microsoft Excel
- PolySystems Asset Delphi
- Microsoft Visual Basic
- C++
- Oak Mountain Software AnnuityValue
- SAP BusinessObjects Desktop Intelligence
- IBM Lotus Notes
- Microsoft Visio
- Presentation software
- Microsoft Access
- dBASE Plus
- Cash flow software
- Compliance testing software
- Statistical software
- Lewis & Ellis LEAPPS
- Structured query language SQL
- Microsoft Office
- Data entry software
- Word processing software
- Insightful S-PLUS
- SPSS
- Microsoft Visual FoxPro
- Microsoft Word
- Spreadsheet software
- Milliman Corporate Affinity
- ARMON Technologies XLActuary