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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 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.
- Explain changes in contract provisions to customers.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- 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.
- 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.
- Manage credit and help price corporate security offerings.
- 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.
- Determine policy contract provisions for each type of insurance.
- Testify before public agencies on proposed legislation affecting businesses.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
Related Technology & Tools
- Desktop computers
- Personal computers
- Notebook computers
- 10-key calculators
- Word processing software
- SPSS
- SS&C PTS
- GGY AXIS
- Microsoft Office
- Microsoft Visual FoxPro
- Microsoft Visual Basic
- Spreadsheet software
- Microsoft PowerPoint
- Appraisal software
- SAP BusinessObjects Desktop Intelligence
- Microsoft Visio
- Insightful S-PLUS
- Cash flow software
- SAS
- Lewis & Ellis LEAPPS
- Microsoft Access
- Wolfram Research Mathematica
- Microsoft Word
- IBM Lotus Notes
- Statistical software
- Pricing software
- Oak Mountain Software AnnuityValue
- Data entry software
- C++
- Milliman Corporate Affinity
- Insureware ICRFS-ELRF
- PolySystems Asset Delphi
- Milliman ReservePro
- ARMON Technologies XLActuary
- Microsoft Excel
- Structured query language SQL
- Presentation software
- R
- Compliance testing software
- dBASE Plus