Will “Consulting Actuary” be Replaced By Robots? 🤔
21% Chance of Automation
“Consulting Actuary” 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.
Care to share? Click for Facebook, Twitter, LinkedIn, or XING. 👍
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
- Actuary
- Actuarial Consultant
- Actuarial Associate
- Actuarial Assistant
- Actuarial Analyst
- Insurance Actuary
- Consulting Actuary
- Actuarial Mathematician
- Actuarial Manager
Tasks for “Consulting Actuary”
- 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.
- Determine policy contract provisions for each type of insurance.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- 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.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Manage credit and help price corporate security offerings.
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Explain changes in contract provisions to customers.
- Provide advice to clients on a contract basis, working as a consultant.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Testify before public agencies on proposed legislation affecting businesses.
Related Technology & Tools
- 10-key calculators
- Notebook computers
- Personal computers
- Desktop computers
- GGY AXIS
- SAS
- R
- Milliman Corporate Affinity
- IBM Lotus Notes
- Word processing software
- Milliman ReservePro
- Appraisal software
- Microsoft Visual Basic
- Presentation software
- SS&C PTS
- Microsoft Office
- Oak Mountain Software AnnuityValue
- ARMON Technologies XLActuary
- Compliance testing software
- Microsoft Word
- Lewis & Ellis LEAPPS
- Spreadsheet software
- Microsoft Visio
- Microsoft Access
- Insureware ICRFS-ELRF
- Statistical software
- Data entry software
- Insightful S-PLUS
- Microsoft Excel
- Microsoft PowerPoint
- dBASE Plus
- SPSS
- SAP BusinessObjects Desktop Intelligence
- Microsoft Visual FoxPro
- PolySystems Asset Delphi
- Pricing software
- C++
- Wolfram Research Mathematica
- Cash flow software
- Structured query language SQL