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