Actuary Job Description: Top Duties and Qualifications
Last updated: June 22, 2022
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.
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.
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
Health savings account
Paid time off
Vision insurance Physical Setting:
Monday to Friday
Ability to commute/relocate:
Tampa, FL 33607: Reliably commute or willing to relocate with an employer-provided relocation package (Required)
Are you an Associate or Fellow in the Casualty Actuarial Society?
SQL: 1 year (Required)
loss reserving: 1 year (Required)
property and casualty insurance pricing: 1 year Location: One location
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:
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.
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.
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.
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.
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.
Preferred Bachelors or better in Mathematics or related field.
Bachelors or better in Statistics or related field.
Preferred 5 years: Actuarial Experience
Licenses & Certifications
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
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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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