Actuary Job Description: Top Duties and Qualifications

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.

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Actuary duties and responsibilities

Actuaries analyze the financial consequences of risk. Other duties and responsibilities include:

  • Studying statistical data for the purpose of creating an analysis
  • Creating estimates of probability and likely costs for a given event such as death, natural disaster or sickness.
  • Calculating how insurance policies for different types of coverage are likely to pay out
  • Generating charts and presenting them at meetings along with explaining the information
  • Analyzing reports to determine next steps for the company or client

Actuary Job Description Examples:

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Actuary

ERP Retirement Services, with offices in Mid-Town Manhattan and Melville, is a dynamic, fast-growing retirement and benefits consulting firm that provides actuarial and consulting services to defined contribution and defined benefit plans. This is an excellent career opportunity for an Entry Level-College Graduate with a degree in Applied Mathematics, Actuarial Science, or other related Mathematics degree.

Job Responsibilities:

  • Collect client data for annual administration

  • Provide assistance with actuarial valuations and determine contribution amounts for clients

  • Prepare IRS/DOL Form 5500

  • Prepare Aftap and all other certifications for actuary’s signature

  • Prepare benefit calculations for terminated vested participants

  • E-mail correspondence and light phones

    Desired Background:

  • Attained Bachelor’s Degree in Mathematics, Applied Mathematics or Actuarial Science

  • Experience with MS Office Applications (particularly Word & Excel)

  • Detail oriented

  • Strong organizational skills

  • Strong communication and interpersonal skills

    ERP Retirement Services, with locations in Mid-Town Manhattan & Long Island, is a fast-growing retirement and benefits consulting firm providing actuarial and consulting services for defined benefit and defined contribution plans. ERP is an Equal Opportunity Employer.

    Job Type: Full-time

    Salary: $40,000.00 to $50,000.00 /year

    Education:

  • Bachelor's (Required)

    Language:

  • english (Required)

    Additional Compensation:

  • Bonuses

    Work Location:

  • One Health Dental Vision Retirement plan

  • Paid time off
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    Actuary

    The Actuarial Analyst

  • requires the employee to work with high attention to detail and within time sensitive deadlines. The Actuarial Analysts works closely with other Actuarial team members. This position is located at the corporate headquarters in Austin, TX.

    Essential Job Duties:

  • Assist in completing quarterly and annual Stat/Gaap/TAX claims and reserve reporting and analytics

  • Prepare data for annual statement exhibits

  • Assist Senior Actuaries and team with providing data for various profitability studies, pricing, filings and reserving

  • Improve methods, processes, and controls

  • Assist with administrative tasks as needed, including calculations to assist customer service, admin system updates, policy form review

  • Provide support in maintaining and developing Actuarial systems and models to expand analytic capabilities

    Minimum Qualifications:

  • Bachelor’s degree in actuarial science or relevant mathematical field

  • Minimum of 1 to 3 years of actuarial experience

  • Proficiency in MS Office, particularly Excel, Access, and VBA

    Knowledge, Skills & Abilities:

  • Preferred experience with SAS, SQL, R, or VBA, with an emphasis on data analytics

  • Knowledge of the insurance industry, economic, accounting and statistical principles and practices, and the analysis and reporting of financial and statistical data

  • Ability to solve practical problems and deal with a variety of concrete variables in situations involving complex business and statistical situations including forecasting

  • Ability to interpret a variety of procedures, instructions and reports

  • Strong problem-solving skills with creative mindset

  • Good verbal and written communication skills

  • Ability to collaborate and interact effectively with internal and external stakeholders

    Miscellaneous Requirements:

  • Ability to work within Monday-Friday, 8AM – 5PM time frame with occasional flexible and longer hours

    Job Type: Full-time

    Experience:

  • life actuarial: 1 year (Required)

    Education:

  • Bachelor's (Required)

    Additional Compensation:

  • Bonuses

    Work Location:

  • One Health Dental Vision Retirement plan

  • Paid time off
  • ×

    Actuary

    Assistant Actuary

    Nysif (Actuarial - NYC)

    Salary Range: $45,455 - $58,028

    Description:

    The Actuarial Department of the New York State Insurance Fund (Nysif) is seeking an Assistant Actuary to assist with various actuarial projects related to Workers' Compensation and/or Disability Insurance.

    Responsibilities may include, but are not limited to:

  • Assembling data from IT and other internal and external sources;

  • Performing actuarial calculations related to pricing, underwriting and loss and expense reserves;

  • Conducting research studies on various topics related to worker’s compensation and/or disability insurance;

  • Learning and utilizing analytical tools and query languages such as Spotfire, ResQ, and SQL;

  • Automating various processes using VBA, Access and other software tools to achieve greater efficiencies;

  • Analyzing and identifying loss drivers and trends;

  • Other projects as assigned on an ad hoc basis.

    Basic Qualifications

  • A bachelor's degree or higher including or supplemented by 24 semester credit hours in mathematics, statistics, and/or actuarial science;

  • Successful completion of one examination of the Society of Actuaries or Casualty Actuarial Society.

    The New York State Insurance Fund (Nysif) was established in 1914 as part of the original enactment of the New York State Workers’ Compensation Law. Nysif's mission is to guarantee the availability of workers’ compensation insurance at the lowest possible cost to New York employers and to provide timely, appropriate indemnity and medical payments to injured workers, while maintaining a solvent fund. Since inception, Nysif has fulfilled the dual roles for which it was created: to compete with other carriers to ensure a fair market place and to be a guaranteed source of coverage for employers who cannot secure coverage elsewhere.

    Nysif is the largest workers’ compensation carrier in New York State and among the top 10 largest workers’ compensation carriers in the nation, insuring approximately 155,000 policyholders, with more than $2 billion in annual premium and $18 billion in assets. A self-supporting insurance carrier, Nysif operates without taxpayer funding.

    In addition to workers’ compensation insurance, Nysif provides disability benefits coverage for off-the-job injuries to more than 61,000 New York employers. In 2018, Nysif added Paid Family leave as a component of its disability benefits product, providing New Yorkers with job-protected, paid time away from work to care for their families.

    Please note the following New York State Civil Service employment information:

  • Jurisdictional classification: Competitive

  • Bargaining unit: PEF

    Job Type: Full-time

    Salary: $45,455.00 to $58,028.00 /year

    Education:

  • Bachelor's Health Dental Vision Retirement plan

  • Paid time off

  • Parental leave
  • What does an Actuary do?

    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.

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    Frequently asked questions about Actuaries

     

    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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