Actuaries

What Does a Actuaries Do?

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.

Day-to-Day Responsibilities

• 1Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
• 2Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
• 3Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
• 4Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
• 5Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
• 6Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
• 7Provide advice to clients on a contract basis, working as a consultant.
• 8Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.

Required Skills

• Reading Comprehension
• Mathematics
• Critical Thinking
• Active Listening
• Speaking
• Writing
• Appraisal software
• ARMON Technologies XLActuary
• C++
• Cash flow software
• Compliance testing software
• dBASE Plus
• GGY AXIS
• IBM Lotus Notes
• IBM SPSS Statistics
• Insightful S-PLUS

Actuaries Salary