Actuary

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.

O*NET reports this occupation under titles such as: Actuarial Analyst; Actuarial Associate; Actuarial Consultant; Actuary; Consulting Actuary; Health Actuary; Life Actuary; Pricing Actuary; Product Development Actuary; Reserving Actuary

Tasks

• Analyze data to determine 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.
• Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
• 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.
• Provide advice to clients on a contract basis, working as a consultant.
• Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
• 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.
• Determine policy contract provisions for each type of insurance.
• Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
• Negotiate terms and conditions of reinsurance with other companies.
• Testify before public agencies on proposed legislation affecting businesses.

Knowledge

• Mathematics
• Economics and Accounting
• Computers and Electronics
• English Language
• Administration and Management

Skills

• Mathematics
• Reading Comprehension
• Active Listening
• Critical Thinking
• Writing
• Speaking
• Active Learning
• Monitoring

Abilities

• Mathematical Reasoning
• Inductive Reasoning
• Number Facility
• Oral Comprehension
• Written Comprehension
• Oral Expression
• Written Expression
• Deductive Reasoning
• Category Flexibility
• Problem Sensitivity
• Information Ordering
• Near Vision
• Speech Clarity
• Selective Attention
• Speech Recognition
• Fluency of Ideas
• Flexibility of Closure
• Originality
• Perceptual Speed