Actuaries

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.

Job Task

• Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
• Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
• 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.
• Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
• 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.
• 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 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.

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