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Actuary Job Description: Top Duties and Qualifications
Last updated: September 27, 2023
An Actuary, or Actuarial Analyst, assesses potential risks of company decisions or situations using statistics, financial theories and mathematics. Their duties include estimating probabilities of the success of certain business decisions, projecting costs of potential natural disasters, deaths or sicknesses of company employees and designing insurance policies or business strategies to reduce a company’s financial risks.
Under general direction from the Chief Life Actuary, works independently on the most complex Long Term Care Insurance (LTCI) actuarial rate filings. Reviews LTCI assumptions, methods, and models related to the rate filings. Provides Actuarial support to other functions in the Department of Insurance when required. Analyzes actuarial reports and valuation data. Acts as project lead as needed. Participates in NAIC committees related to long-term care.
Occasional travel may be required within and/or outside the state of California via private or public transportation (i.e., automobile, airplane, etc.). Travel may include overnight stay.
Teleworking acceptable for most of the time. Initially more time in person in the office may be required.
Desirable Qualifications
In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:
FSA or ASA and MAAA
Strong communication skills
Ability to multi-task
Strong knowledge of long-term care insurance (LTCI)
Strong knowledge and experience of LTCI pricing, rate setting and premium deficiency tests
Working knowledge of health and disability insurance
Knowledge of cash flow projections and testing
Knowledge of actuarial and statistical modelling methods
Computer programming experience
Willing to travel occasionally and stay overnight
View job bulletin for full requirements and apply today! [website]
Final Filing Deadline: 12/14/22
Job Type: Full-time
Pay: $12,275.00 - $15,369.00 per month
Benefits:
Dental insurance
Flexible schedule
Health insurance
Paid time off
Vision insurance Physical setting:
Office Schedule:
8 hour shift
Monday to Friday
Experience:
Actuarial: 4 years Location: Hybrid remote in Los Angeles, CA 90013
Example 2
The New York Department of Financial Services seeks to build an equitable, more transparent and resilient financial system that benefits New Yorkers and supports business. Through engagement, data-driven regulation, and operational excellence, DFS is responsible for empowering consumers and protecting them from financial harm; ensuring the health and stability of the financial entities we regulate; and driving economic growth through responsible innovation.
DFS is seeking candidates of varying experience and skill levels for various actuarial positions in the Life and Health Bureaus. The Life and Health Bureaus are responsible for the supervision and regulation of the entire life and health insurance industries in New York State and does so by establishing standards for financial solvency, market conduct and corporate oversight and produces regulations, while monitoring the compliance of regulated entities with such standards.
As an Actuary in the NYS Department of Financial Services, you will supervise, review, or assist in the review of actuarial issues related to pricing, solvency, and market conduct of life and health insurers conducting business in New York State. Specific duties vary by title and are available through the attached links.
Appointment method:
List Appointment: Candidates must be reachable on the Civil Service eligible list for Associate Actuary Life (#20-115).
The examination requires completion of an application/supplemental questionnaire and is a prerequisite to employment. There will be no written test. The application/supplemental questionnaire is the test. Your completed application/supplemental questionnaire will be the only basis for rating your training, education, and experience.
The examination announcement and application can be found using the links below. Successful candidates will have their names added to the eligible list based on final score and will be eligible for appointment to this position if their score is immediately reachable or for future appointments at the time their score does become reachable. There is an ongoing need for persons qualified for appointment to this title and applications are accepted at any time.
Exam Announcements: [website]
Exam Applications: [website]
Transfer: Candidates must have one year of permanent competitive service in a title eligible for transfer via Section 70.1 or 52.6 of the Civil Service Law. Information regarding transfer eligibility may be available on the Civil Service Career Mobility Office website at [website]
Please Note that under Civil Service Law, an employee cannot have two consecutive upward 70.1 or 52.6 transfers without an intervening eligible list appointment if such transfers would exceed two salary grades.
To Apply: Interested qualified candidates must submit a resume and letter of interest no later than September 30, 2023 to the email address listed below.Please include the Box # (Box ACT23LIFE)in the subject line of your email to ensure receipt of your application. Email submissions are preferred.
Ioni Reyes
Box ACT23LFE
New York State Department of Financial Services
Office of Human Resources Management One Commerce Plaza, Suite 301 Albany, NY 12257
Email: [website]
Fax: (518) 402-5071
All candidates that apply may not be scheduled for an interview
Positions located within the New York City metropolitan area, as well as Suffolk, Nassau, Rockland, and Westchester Counties, are also eligible to receive an additional $3,087 annual downstate adjustment.
Public Service Loan Forgiveness
Employment with New York State qualifies an individual for Public Service Loan Forgiveness (PSLF). This program forgives the remaining balance on any Direct Student Loans after you have made 120 qualifying monthly payments while working full-time for a U.S. federal, state, local, or tribal government or not-for-profit organization. To learn more about the program and whether you would qualify, please visit: [website]
Americans WITH Disabilities ACT: Reasonable Accommodations
Under the Americans with Disabilities Act (ADA), the Department of Financial Services is required to provide reasonable accommodation for known physical or mental limitations of an otherwise qualified applicant with a disability if an accommodation would enable the applicant to perform the essential functions of the job. If the accommodation would constitute an undue hardship on the operations of the agency, the agency is not required to provide it.
Pursuant to Executive Order 161, no State entity, as defined by the Executive Order, is permitted to ask, or mandate, in any form, that an applicant for employment provide his or her current compensation, or any prior compensation history, until such time as the applicant is extended a conditional offer of employment with compensation. If such information has been requested from you before such time, please contact the Office of Employee Relations at (518) 474-6988 or via email at [website]
Job Type: Full-time
Pay: $86,057.00 - $108,638.00 per year
Benefits:
Health insurance Schedule:
8 hour Location: In person
Example 3
The Insurance Compact Commission has an exciting opportunity for an experienced long-term care insurance Actuary. We are looking for a team member who would enjoy working for an organization that supports insurance regulators, consumers, and insurance companies by improving the efficiency and uniformity of insurance product review and approval in the ever-changing insurance marketplace. Are you driven to utilize your analysis skills while delivering excellent service to build long-lasting rapport? If so, this is a perfect opportunity for you! This is a full-time, fully remote position.
Responsibilities Include:
Applies sound actuarial principles, maintains actuarial qualifications, and adheres to the Standards of Practice as promulgated by the Actuarial Standards Board.
Reviews in a timely and thorough manner to determine compliance with the applicable Uniform Standards, Rules and Operating Procedures, and Filing Requirements:
Filings of initial rates, new rates for new business, and new rates for in-force business for long-term care insurance and disability income insurance, in a timely and thorough manner to determine compliance with the applicable Uniform Standards, Rules and Operating Procedures, and Filing Requirements;
Annual long-term care rate certifications and triennial memorandum submissions connected with previously approved product filings; and
Life insurance and annuity product flings.
Completes all necessary objection letters/correspondence and applicable actuarial checklists in filings. Follows through on responses to objection letters and documents telephone and email communications in filings. Works with filers, including company actuaries, to facilitate compliance with the Uniform Standards and actuarial requirements. Appropriately documents all regulatory decisions.
Effectively communicates on a daily basis with other Compact actuaries and team members at all levels on ongoing product filing operations and resolving questions and issues with product filings and Uniform Standards.
Works with member regulators to respond to inquiries and provides information about actuarial and rate reviews completed by the Compact Office.
Responds to pre-filing inquiries from current and potential company filers.
Skills and Abilities:
Strong writing skills.
Strong attention to detail and persistence in resolving compliance issues.
Ability to read, analyze and apply documents such as insurance policies, procedural manuals, instructions, and business correspondence/memoranda.
Ability to explain complex actuarial concepts in terms understandable to non-actuaries.
Ability to operate in a fast-paced regulatory environment to handle and independently prioritize multiple projects.
Proficiency in Microsoft Word, Excel, PowerPoint, and Adobe Acrobat reader.
Excellent customer service skills and attitude while maintaining poise and diplomacy.
Strong organizational skills resulting in high quality, accurate work the first time with limited instructions.
Ability to quickly learn new electronic applications used in the IIPRC product operations.
Must be politically astute, savvy and be able to maintain strict confidentiality.
Minimum Education and/or Experience Required:
Bachelor s Degree in Actuarial Science, Mathematics, Statistics or similar degree from an accredited college or university required.
Ten years actuarial experience required.
Experience reviewing or preparing long-term care insurance rate filings required.
Solid working understanding of actuarial concepts for life insurance, annuities, long-term care insurance, and disability income insurance, including but not limited to pricing, valuation, and nonforfeiture concepts, requirements and actuarial standards.
Preferred Experience:
Experience reviewing or preparing group or individual disability income insurance rate filings preferred.
Experience reviewing or preparing life insurance and/or annuity product filings.
Familiarity with Insurance Compact Uniform Standards as they apply to life insurance, annuities, disability income insurance and long-term care insurance, including rate filing standards.
Familiarity with applicable nonforfeiture requirements for life and annuity products.
Designation of Associate from the Society of Actuaries with membership in the American Academy of Actuaries preferred.
Compensation:
Starting at $139,590, to be commensurate with experience and education.
Application Deadline:
December 21st, 2022
Why Work at the Compact?
Work Remotely
Flexible Work Schedule
37.5 Hour Work Week
Vacation Buy Back
Parental Leave
Employee Recognition Programs
The Compact is proud to be an Equal Opportunity Employer For consideration, please apply online at:
[website]
Applicants for all positions are considered without regard to age, race, creed, color, religion, sex, sexual orientation, gender identity or expression, national origin or ancestry, marital status, pregnancy, genetic information, military or veteran status, disability, or any other basis protected by applicable law.
Job Type: Full-time
Pay: From $139,590.00 per year
Benefits:
Dental insurance
Employee assistance program
Flexible schedule
Flexible spending account
Health insurance
Life insurance
Paid time off
Parental leave
Professional development assistance
Retirement plan
Tuition reimbursement
Vision insurance Schedule:
8 hour shift
Monday to Friday
No Location: Remote
Example 4
Job Details
Description
Come join the Actuarial Services team at Delta Dental of Wisconsin. This hybrid position is located at our new corporate headquarters in Stevens Point or has the ability to be remote. The Actuary position applies - mathematics, probability, statistics, principles of finance and business, and critical thinking and problem-solving skills to support the actuarial function of the organization.
Delta Dental of Wisconsin offers a comprehensive benefit package which includes health and dental insurance, employer match within our 401(k) retirement plan, hybrid work, and a generous Paid Time Off program. You do not want to miss this opportunity, apply today.
In this role, the Actuary will:
Experience Studies
Analyze / review and communicate products and related factors including, but not limited to, claims experience, profit margins, administrative expenses, rate adequacy, sales, retention, provider reimbursement, network value, and competitive positioning.
Review and communicate network reimbursement rates, allowable fees, and the impact of changes or modifications.
Analyze / review and communicate ongoing claims trend including, but not limited to, trends in utilization, fee inflation, and intensity. Review in aggregate as well as within specific blocks of business or subsets of specific blocks of business.
Pricing / Forecasting
Recommend changes / updates to the administrative fee tables used for pricing. The recommendation should 1) analyze the adequacy of administrative income taking into account current sales, retention, underwriting, and corporate profitability objective strategies as well as other relevant factors and 2) quantify the impact of the recommendation on revenue, expenses, sales, retention, profit margin, and other relevant factors based on evolution of book of business.
Analyze various business relationships and partnerships including analysis of key expense drivers. Communicate the results to appropriate stakeholders.
Support budget process and ongoing comparison of budget-to-actual data including, but not limited to, preparing premium and claim budget, reforecasting expected year-end results based on actual experience, explaining root cause of actual-to budget differences, and long-range planning forecasts for all products.
Reserving
Calculate and communicate unpaid claim liabilities for month-end and year-end for all products.
Analyze current reserving methods including, but not limited to, accuracy of reserves and reserve methods over time, efficiency of reserving process, and changes in underlying factors that could impact reserve levels.
Consulting
Collaborate with other teams on data analysis and analytics.
Assist as needed in portal project requests.
Provide advice to other Delta Dental member companies and other business entities on a consulting basis.
Product Development
Collaborate with other areas of the organization to develop plans for new lines of business and/or improving existing business.
Participate on product development teams as requested including satisfying Actuarial Services' signoff requirements for internal or external customers.
External Awareness
Identify and analyze the internal and external factors which affect statistics for use in forecasting, trending, rate models, etc.
Keep informed about market conditions, key competitors, other competitive information, and political factors that may impact the goals and interests of the organization. Communicate key developments to appropriate stakeholders. Use information appropriately when performing analysis or collaborating on internal and external projects.
Qualifications
Education
Preferred Bachelors or better in Mathematics or related field.
Bachelors or better in Statistics or related field.
Experience
Preferred 5 years: Actuarial Experience
Licenses & Certifications
Required ASA
Preferred FSA
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR Type: Full-time
Example 5
Why This Role
As an experienced P&C actuary, you will help Allied Trust maintain a high-quality actuarial function that stays abreast of current actuarial issues and adheres to applicable actuarial standards and best practices. You will deliver pricing methodologies that produce rates that are actuarially sound, attract profitable business, and are competitive in the marketplace. You will drive Allied Trust's reserving philosophy and develop reserve analyses to monitor and establish reasonable reserves in the financial statements. And you will work with our Board and management team to develop the data needed for the management of the Company. You will play a key role in positioning Allied Trust as a stable, long-term player in the catastrophe-exposed personal property insurance market.
Responsibilities
Develop pricing methodologies for new and existing lines of business/states that appropriately utilize internal experience, industry experience, and competitive considerations
Monitor and analyze rate levels for each product, providing indicated rate need for all products quarterly, and partnering with product management to file rate changes at least annually
Monitor overall reserve levels and provide support to management and finance for establishing management's best estimate of reserves for the financial statements
Provide year-end actuarial analysis to support management selected reserves. Communicate findings to management and the Board
Provide actuarial support relative to the Company's reinsurance purchasing decisions and exposure management program
Contribute to the development of data and data structures that meet the actuarial needs of the Company as well as other reporting and functional requirements of the organization
Appropriately plan for the current and future actuarial needs of the Company and hire and develop resources accordingly
Qualifications and Requirements
Extensive knowledge of P&C property products, pricing, rates, and industry trends. ACAS designation required, FCAS preferred
Strong leadership, communication, and problem-solving abilities
Extensive knowledge, and demonstrated experience performing statistical/actuarial analysis, data forecasting, and modeling techniques
Experience with hurricane catastrophe reinsurance is preferred
Excellent quantitative analysis capabilities, and experience working with SQL, data modeling tools, and reporting tools (e.g., Power BI, Looker, etc.)
Bachelor's degree in mathematics, actuarial sciences, statistics, or related quantitative discipline
Experience working in a fast-paced, team-oriented environment with shared resources
About the Company
Allied Trust Insurance is not a standard business as usual' - P&C insurance company. We were named the fastest growing insurance company by Inc. 5000 two years ago and are led by a highly experienced team (400 years of combined experience) committed to industry innovation and bottom-line results. The perfect time to join them is now. You'll be one of the people leading the way in shaping and guiding our growth and success and contributing to our brand and company culture, which was awarded as a Top Insurance Workplace company. We encourage you to bring all your talent to the table, and challenge any established' way of doing business we love innovators and maintain a work hard/play hard philosophy.
Job Type: Full-time
Benefits:
401(k)
401(k) matching
Dental insurance
Health insurance
Health savings account
Paid time off
Relocation assistance
Vision insurance Physical Setting:
Office Schedule:
Monday to Friday
Ability to commute/relocate:
Tampa, FL 33607: Reliably commute or willing to relocate with an employer-provided relocation package (Required)
Application Question(s):
Are you an Associate or Fellow in the Casualty Actuarial Society?
Experience:
SQL: 1 year (Required)
loss reserving: 1 year (Required)
property and casualty insurance pricing: 1 year Location: One location
Example 6
Job Title: Sr Actuary Analyst
Pay Rate: $75K to 110K/Yearly
Remote
Job description We have a great opportunity for a Senior Analyst, Actuary!The ideal candidate is responsible for leading the actuarial analysis of existing and new commercial integrated kidney care programs. Specifically, this teammate will review and model medical claims and membership data received from external partners. Duties also include applying predictive models, researching health care industry trends, and developing executive-level presentations.
Essential Function:
Complete program financial and membership reconciliations and monitor developing program experience
Analyze drivers of program performance and communicate results to leadership team and internal stakeholders
Apply actuarial underwriting principles to value-based contracting efforts, including baseline and trend calculations
Create internal performance benchmarks and assist in actuarial process and capability development.
Other duties as assigned.
Qualifications:
Bachelor's degree in relevant field
At least two (2) years of relevant actuarial experience
Successful completion of 2-4 SOA examinations
Experience with SQL, JSON and Tableu highly preferred
Expereience with data science
Strong proficiency in Microsoft PowerPoint and other applications
Attention to detail
Excellent oral and written communication skills
Proven complex problem-solving and critical thinking skills
Job Type: Full-time
Salary: $75,000.00 - $110,000.00 per year
Experience level:
2 years Schedule:
8 hour shift
Monday to Friday
Work Remote
New: Get started with one of our editable templates
Actuaries are typically employed by insurance companies to design and decide which policies and premiums to charge for different companies. They carefully analyze each policy to ensure it’ll be profitable and beneficial for companies to utilize. Some Actuaries may work for consulting firms, government entities or pension companies handling their property, life, casualty and health insurance policies. Actuaries typically gather statistical data to analyze, then they present these findings to government officials, shareholders, executives or other clients. They often create and use charts or graphs to better explain their projections, calculations and new policy plans.
Actuary skills and qualifications
Actuaries use various skills to perform their job duties effectively, which can include:
Knowledge of statistics, probability and calculus
Strong written and verbal communication skills to clearly relay information to other employees at the company or the client
Analytical skills to determine specifics of insurance policies and avoid any errors that would lead to negative consequences
Experience with computers and statistical modeling software
Knowledge of business and financial concepts
Organizational skills to keep track of multiple projects or cases at a time
Actuary salary expectations
An Actuary makes an average salary of $112,027 per year. Exact salary may vary depending on a candidate’s education, their level of experience and the geographical location of the company.
Actuary education and training requirements
A qualified candidate for the position of Actuary will have, at a minimum, a bachelor’s degree in actuarial science or a degree in a related field, such as mathematics or statistics. Some actuaries decide to pursue further education and obtain a master’s degree in actuarial science.
Actuary experience requirements
Most employers require Actuaries to have previous actuarial experience through an internship or entry-level position. Many Actuaries begin their careers as apprentices to gain work experience before advancing in their careers.
Job description samples for similar positions
If this Actuary job description template isn’t what you’re looking for, see our job descriptions for related positions:
What are the different types of insurance Actuaries?
Most Actuaries who work for insurance companies hold a specialty in certain insurance fields. A property and casualty insurance Actuary creates policies insuring people against property loss and other liabilities that may occur from fires, natural disasters or other accidents. Some Actuaries work primarily on health insurance policies by estimating costs of patient care under terms listed in their insurance contract. Others work for companies or individuals to evaluate the common risk factors of employees to estimate and build appropriate life insurance policies for them.
Do Actuaries have different responsibilities in different industries?
Some Actuaries choose to work outside of the insurance industry to develop policies and plans for individuals or companies. When they work in enterprise roles, Actuaries find potential financial, geopolitical or economic risks that could provide short or long-term negative effects on the company. Then they’ll work with executives to develop logical strategies accordingly.
Other Actuaries serve in the public sector making and proposing changes to government benefits like Medicare or Social Security. There are also actuaries who work as contract employees traveling to different companies, providing consulting advice on how to build policies best suited for their business.
What's the difference between an Actuary and a Financial Analyst?
While both positions hold some similarities in their job duties, the main difference between the two is that an Actuary usually works for insurance agencies, while a Financial Analyst works on a company’s finance team. A Financial Analyst handles strictly financial information, as they gather and analyze a company’s finances to determine how to help the company cut costs and remain in strong financial standing. Actuaries work less directly with money and more on statistics and data that could eventually help the company stay within their budget and make wise investment decisions for their policies.
What makes a good Actuary?
A strong Actuary is not only good at math and statistics but is also passionate about how numbers can help them build more accurate projections and estimates. Hiring a talented candidate who enjoys analytics and mathematics guarantees you’ll find a hard worker who thrives at finding creative solutions to complex challenges when designing new policies. It’s also beneficial to hire someone with a background or extensive knowledge of finance and business so they can better understand how to provide expert advice regarding the best policies to purchase.
Actuaries regularly meet with all kinds of company employees like leadership members, programmers, finance teams and accountants, so it’s important for them to know how to effectively communicate with others. They should also possess confidence to speak up with their ideas and convince decision-makers that certain policies are the best options for their business.
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