Actuaries

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Job Description

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Key Tasks

• 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 improvements to existing business.
• 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.
• 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.
• Provide advice to clients on a contract basis, working as a consultant.
• Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
• Negotiate terms and conditions of reinsurance with other companies.
• 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.
• Determine policy contract provisions for each type of insurance.
• Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person disabled or killed in an accident.
• Explain changes in contract provisions to customers.
• Manage credit and help price corporate security offerings.

O*NET Information

• SOC Code: 15-2011.00
• Title: Actuaries

Related Occupations

Based on O*NET Standard Occupational Classification.

Career Resources

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  title: 'Actuaries',
  description: 'undefined',
  socCode: '15-2011.00',
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