Will “Actuarial Consultant” be Replaced By Robots? 🤔
21% Chance of Automation
“Actuarial Consultant” will almost certainly not be replaced by robots.
This job is ranked #209 out of #702. A higher ranking (i.e., a lower number) means the job is less likely to be replaced.
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Job Description
Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.
Job Details
- The SOC (Standard Occupational Classification) code is 15-2011.00
- The Mean Annual Wage in the U.S. is $ 114,120.00
- The Mean Hourly Wage is $ 54.00
- Currently, there are 19,940 people on this job
☝️ Information based on the reference occupation “Actuaries”.
Also Known As…
- Actuaries
- Product Development Actuary
- Pricing Analyst
- Pricing Actuary
- Health Actuary
- Consulting Actuary
- Actuary
- Actuarial Associate
- Actuarial Assistant
- Actuarial Analyst
- Insurance Actuary
- Actuarial Mathematician
- Actuarial Manager
- Actuarial Consultant
Tasks for “Actuarial Consultant”
- Determine policy contract provisions for each type of insurance.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Manage credit and help price corporate security offerings.
- Testify before public agencies on proposed legislation affecting businesses.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Provide advice to clients on a contract basis, working as a consultant.
- Explain changes in contract provisions to customers.
- Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
Related Technology & Tools
- Personal computers
- 10-key calculators
- Notebook computers
- Desktop computers
- Structured query language SQL
- Cash flow software
- Compliance testing software
- Milliman Corporate Affinity
- Microsoft Visio
- Spreadsheet software
- Pricing software
- Microsoft Word
- C++
- Insureware ICRFS-ELRF
- R
- PolySystems Asset Delphi
- Presentation software
- Microsoft PowerPoint
- SS&C PTS
- SPSS
- dBASE Plus
- Insightful S-PLUS
- Wolfram Research Mathematica
- Statistical software
- Data entry software
- SAS
- SAP BusinessObjects Desktop Intelligence
- IBM Lotus Notes
- Microsoft Visual Basic
- Microsoft Access
- Microsoft Office
- Microsoft Excel
- ARMON Technologies XLActuary
- Microsoft Visual FoxPro
- Word processing software
- Appraisal software
- GGY AXIS
- Lewis & Ellis LEAPPS
- Milliman ReservePro
- Oak Mountain Software AnnuityValue