Actuary 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 premium rates required and cash reserves necessary to ensure payment of future benefits.
Tasks Performed
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improving existing business.
- 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.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, and/or the public.
- Determine policy contract provisions for each type of insurance.
- Explain changes in contract provisions to customers.
- Manage credit and help price corporate security offerings.
- 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.
- Testify before public agencies on proposed legislation affecting businesses.
Work Activities
- advise clients on financial matters
- advise clients or customers
- analyze scientific research data or investigative findings
- analyze social or economic data
- collect statistical data
- communicate technical information
- compile numerical or statistical data
- create mathematical or statistical diagrams or charts
- develop mathematical ideas or interpretations
- develop mathematical simulation models
- develop or maintain databases
- develop tables depicting data
- evaluate degree of financial risk
- explain complex mathematical information
- follow contract, property, or insurance laws
- interpret charts or tables for social or economic research
- maintain awareness of social trends
- make presentations
- make presentations on financial matters
- perform statistical modeling
- prepare reports
- prepare technical reports or related documentation
- provide expert testimony on research results
- recognize interrelationships among social statistics or indicators
- use computers to enter, access or retrieve data
- use current social research
- use knowledge of investigation techniques
- use mathematical or statistical methods to identify or analyze problems
- use public speaking techniques
- use quantitative research methods
- use relational database software
- use spreadsheet software
- use word processing or desktop publishing software
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