Actuarie 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.
Actuarie is Also Know as
In different settings, Actuarie is titled as
- Actuarial Analyst
- Actuarial Associate
- Actuarial Consultant
- Actuary
- Consulting Actuary
- Corporate Actuary
- Health Actuary
- Pricing Actuary
- Product Development Actuary
- Reserving Actuary
Education and Training of Actuarie
Actuarie is categorized in Job Zone Four: Considerable Preparation Needed
Experience Required for Actuarie
A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Education Required for Actuarie
Most of these occupations require a four-year bachelor's degree, but some do not.
Degrees Related to Actuarie
- Bachelor in Applied Mathematics, General
- Associate Degree Courses in Applied Mathematics, General
- Masters Degree Courses in Applied Mathematics, General
- Bachelor in Computational and Applied Mathematics
- Associate Degree Courses in Computational and Applied Mathematics
- Masters Degree Courses in Computational and Applied Mathematics
- Bachelor in Statistics, General
- Associate Degree Courses in Statistics, General
- Masters Degree Courses in Statistics, General
- Bachelor in Mathematical Statistics and Probability
- Associate Degree Courses in Mathematical Statistics and Probability
- Masters Degree Courses in Mathematical Statistics and Probability
- Bachelor in Mathematics and Statistics
- Associate Degree Courses in Mathematics and Statistics
- Masters Degree Courses in Mathematics and Statistics
- Bachelor in Statistics, Other
- Associate Degree Courses in Statistics, Other
- Masters Degree Courses in Statistics, Other
Training Required for Actuarie
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Related Ocuupations
Some Ocuupations related to Actuarie in different industries are
- Personal Financial Advisors
- Compensation, Benefits, and Job Analysis Specialists
- Financial Risk Specialists
- Financial and Investment Analysts
- Accountants and Auditors
- Compensation and Benefits Managers
- Insurance Sales Agents
- Financial Managers
- Insurance Underwriters
- Financial Examiners
- Investment Fund Managers
- Financial Quantitative Analysts
- Sales Representatives of Services, Except Advertising, Insurance, Financial Services, and Travel
- Securities, Commodities, and Financial Services Sales Agents
- Economists
- Credit Analysts
- Statistical Assistants
- Management Analysts
- Treasurers and Controllers
- Business Intelligence Analysts
What Do Actuarie do?
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- 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, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Testify before public agencies on proposed legislation affecting businesses.
- Provide advice to clients on a contract basis, working as a consultant.
- Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person disabled or killed in an accident.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Determine policy contract provisions for each type of insurance.
- Manage credit and help price corporate security offerings.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Explain changes in contract provisions to customers.
- Negotiate terms and conditions of reinsurance with other companies.
Qualities of Good Actuarie
- Mathematical Reasoning: The ability to choose the right mathematical methods or formulas to solve a problem.
- Inductive Reasoning: The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
- Number Facility: The ability to add, subtract, multiply, or divide quickly and correctly.
- Written Comprehension: The ability to read and understand information and ideas presented in writing.
- Oral Expression: The ability to communicate information and ideas in speaking so others will understand.
- Written Expression: The ability to communicate information and ideas in writing so others will understand.
- Oral Comprehension: The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Deductive Reasoning: The ability to apply general rules to specific problems to produce answers that make sense.
- Category Flexibility: The ability to generate or use different sets of rules for combining or grouping things in different ways.
- Problem Sensitivity: The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
- Information Ordering: The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
- Near Vision: The ability to see details at close range (within a few feet of the observer).
- Speech Clarity: The ability to speak clearly so others can understand you.
- Speech Recognition: The ability to identify and understand the speech of another person.
- Flexibility of Closure: The ability to identify or detect a known pattern (a figure, object, word, or sound) that is hidden in other distracting material.
- Selective Attention: The ability to concentrate on a task over a period of time without being distracted.
- Fluency of Ideas: The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
- Originality: The ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.
- Perceptual Speed: The ability to quickly and accurately compare similarities and differences among sets of letters, numbers, objects, pictures, or patterns. The things to be compared may be presented at the same time or one after the other. This ability also includes comparing a presented object with a remembered object.
- Speed of Closure: The ability to quickly make sense of, combine, and organize information into meaningful patterns.
- Far Vision: The ability to see details at a distance.
- Memorization: The ability to remember information such as words, numbers, pictures, and procedures.
- Time Sharing: The ability to shift back and forth between two or more activities or sources of information (such as speech, sounds, touch, or other sources).
- Visualization: The ability to imagine how something will look after it is moved around or when its parts are moved or rearranged.
- Auditory Attention: The ability to focus on a single source of sound in the presence of other distracting sounds.
- Visual Color Discrimination: The ability to match or detect differences between colors, including shades of color and brightness.
- Hearing Sensitivity: The ability to detect or tell the differences between sounds that vary in pitch and loudness.
- Depth Perception: The ability to judge which of several objects is closer or farther away from you, or to judge the distance between you and an object.
- Trunk Strength: The ability to use your abdominal and lower back muscles to support part of the body repeatedly or continuously over time without "giving out" or fatiguing.
- Wrist-Finger Speed: The ability to make fast, simple, repeated movements of the fingers, hands, and wrists.
- Finger Dexterity: The ability to make precisely coordinated movements of the fingers of one or both hands to grasp, manipulate, or assemble very small objects.
- Extent Flexibility: The ability to bend, stretch, twist, or reach with your body, arms, and/or legs.
- Peripheral Vision: The ability to see objects or movement of objects to one's side when the eyes are looking ahead.
- Night Vision: The ability to see under low-light conditions.
- Glare Sensitivity: The ability to see objects in the presence of a glare or bright lighting.
- Sound Localization: The ability to tell the direction from which a sound originated.
- Spatial Orientation: The ability to know your location in relation to the environment or to know where other objects are in relation to you.
- Gross Body Equilibrium: The ability to keep or regain your body balance or stay upright when in an unstable position.
- Gross Body Coordination: The ability to coordinate the movement of your arms, legs, and torso together when the whole body is in motion.
- Dynamic Flexibility: The ability to quickly and repeatedly bend, stretch, twist, or reach out with your body, arms, and/or legs.
- Arm-Hand Steadiness: The ability to keep your hand and arm steady while moving your arm or while holding your arm and hand in one position.
- Stamina: The ability to exert yourself physically over long periods of time without getting winded or out of breath.
- Dynamic Strength: The ability to exert muscle force repeatedly or continuously over time. This involves muscular endurance and resistance to muscle fatigue.
- Explosive Strength: The ability to use short bursts of muscle force to propel oneself (as in jumping or sprinting), or to throw an object.
- Static Strength: The ability to exert maximum muscle force to lift, push, pull, or carry objects.
- Speed of Limb Movement: The ability to quickly move the arms and legs.
- Reaction Time: The ability to quickly respond (with the hand, finger, or foot) to a signal (sound, light, picture) when it appears.
- Rate Control: The ability to time your movements or the movement of a piece of equipment in anticipation of changes in the speed and/or direction of a moving object or scene.
- Response Orientation: The ability to choose quickly between two or more movements in response to two or more different signals (lights, sounds, pictures). It includes the speed with which the correct response is started with the hand, foot, or other body part.
- Multilimb Coordination: The ability to coordinate two or more limbs (for example, two arms, two legs, or one leg and one arm) while sitting, standing, or lying down. It does not involve performing the activities while the whole body is in motion.
- Control Precision: The ability to quickly and repeatedly adjust the controls of a machine or a vehicle to exact positions.
- Manual Dexterity: The ability to quickly move your hand, your hand together with your arm, or your two hands to grasp, manipulate, or assemble objects.
Tools Used by Actuarie
- 10-key calculators
- Desktop computers
- Notebook computers
- Personal computers
Technology Skills required for Actuarie
- Appraisal software
- ARMON Technologies XLActuary
- C++
- Cash flow software
- Compliance testing software
- dBASE Plus
- GGY AXIS
- IBM Lotus Notes
- IBM SPSS Statistics
- Insightful S-PLUS
- Insureware ICRFS-ELRF
- Lewis & Ellis LEAPPS
- Microsoft Access
- Microsoft Excel
- Microsoft Office software
- Microsoft PowerPoint
- Microsoft Project
- Microsoft SQL Server
- Microsoft Visio
- Microsoft Visual Basic
- Microsoft Visual Basic for Applications VBA
- Microsoft Visual FoxPro
- Microsoft Word
- Milliman Corporate Affinity
- Milliman ReservePro
- Oak Mountain Software AnnuityValue
- Oracle Database
- Oracle Java
- PolySystems Asset Delphi
- Presentation software
- Pricing software
- Python
- Qlik Tech QlikView
- R
- SAP BusinessObjects Desktop Intelligence
- SAS
- Spreadsheet software
- SS&C PTS
- Statistical software
- Structured query language SQL
- Tableau
- Towers Perrin MoSes
- Wolfram Research Mathematica
- Word processing software