Actuaries Job Description
Actuaries Job Profile and Description
Armed with statistical, financial and business computational and modeling tools, Actuaries determine, assess and quantify the risks of threats becoming real to the business or person and develop policies and programs to cover or minimize the disruptive operational and financial cost to the business or person. This makes Actuaries essential in the Insurance industries for both life and non-life covers. They specialize on either life/health insurances or property insurances to ensure that policy premiums are both affordable to the insured and competitive to the insurer.
Actuaries Duties and Responsibilities
- Determine the premium rates of insurance products against future risks to ensure the company’s financial cash position to meet client claims.
- Administer pension, insurance and annuity plans
- Determine financial soundness of premiums.
- Gather and analyze demographic statistics to estimate population mortality, accident, disability, sickness, and retirement rates.
- Work with underwriters, claims experts, brokers and senior management to develop and promote insurance products.
- Develop probability datasheets for natural calamities, fires, lifespans and unemployment based on statistical data analysis and other relevant information.
Actuaries Skills and Specifications
- Must have proven multitasking skills and can work under extreme pressure.
- Must have excellent analytical and computational skills
- Must have excellent communication and interpersonal skills
Actuaries Education and Qualifications
- A BS in mathematics, statistics with internship in actuarial practice before graduation is basic
- While employment can already be obtained upon graduation, professional licenses are required from either the Society of Actuaries (SOA) for life, health and retirement insurances or from the Casualty Actuarial Society (CAS) for property insurances to become full actuaries.
Actuaries Salary
The median annual salary of Actuaries in 2009 stood at $87, 200 with the middle 50% earning between $65,000 and $120,200. The bottom 10% earned about $52,000 while the topmost 10% earned around $160,000. Starting salaries of fresh graduates in actuarial science averaged $56,300.