Actuaries Job Description

March 15, 20120 Comments

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‚Äôs 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, life spans and unemployment based on statistical data analysis and other relevant information.

Actuaries Skills and Specifications

  • Should have proven multitasking skills and can work under extreme pressure.
  • Should have excellent analytical and computational skills
  • Should have excellent communication and interpersonal skills
  • Good negotiation 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

On an average the annual salary for the actuaries is $65k. Starting salaries of fresh graduates in actuarial science averaged $55k.

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