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