Actuarial Analyst Job Description, Key Duties and Responsibilities

Actuarial Analyst job description, duties, tasks, and responsibilities.
Actuarial Analysts help organizations make the best decisions regarding insurance premiums, pension contribution, risk assessment, etc.

Actuarial Analyst Job Description, Key Duties and Responsibilities

If you are searching for the actuarial analyst job description to learn more about what the role entails, this post will be most helpful to you.

You will discover the key duties, tasks, and responsibilities that make up the actuarial analyst work description.

This post also helps you to learn of the major requirements employers commonly set for prospective candidates to meet when hiring for the actuarial analyst role.

Please, read on:

What Does an Actuarial Analyst Do?

The actuarial analyst works in areas related to assessing risk probabilities around financial gains and losses.

They are primarily responsible for data analysis to aid in sound decision making, and the data analysis could be pension contribution related, risk assessment, insurance premiums, etc.

They work in insurance firms, financial institutions, accounting firms, etc. or wherever there is a financial decision to be made and a measure of risk to be taken.

In the case of working for an insurance company, the actuarial analyst job description may entail assisting in reviewing and analyzing new policies, dividend scales, and policy reserves based on generally accepted actuarial methods.

It also involves researching, gathering, and compiling statistical data, and developing reports that will facilitate and support various actuarial and other departments’ processes.

They also provide support in drafting of policies, forms, and rate manuals and other changes to ensure compliance with insurance regulations and statutes and company goals.

When working with large corporations, the actuarial analyst may be required to assist leadership with decision-making in situations where the risk involved are relatively complex to estimate.

The actuarial analyst work description also involves accessing data from company systems and/or external sources to assess the company’s product health, as well as assisting with any requested ad-hoc results analyses.

It also involves organizing this data and creating spreadsheets to help facilitate business decision making.

Actuarial analysts are responsible for forecasting likely trends from certain risk events and identifying and communicating how events will impact the company’s potential loss to ensure profitability, growth, and financial strength of the company.

They also assist with monthly large loss analyses and quarterly Loss Review Committee Meeting preparation as required.

Actuarial Analyst Job Description Example/Sample/ Template

The actuarial analyst performs various functions, including providing data analysis to aid in decision making. Their duties vary from industry to industry depending on the specific focus of the organization they work for.

Shown below are major tasks, duties, and responsibilities that mostly make up the actuarial analyst job description:

  • Evaluate data and proffer modification when necessary to enhance capital modeling
  • Provide data to support underwriting decision-making
  • Assist with analysis on project initiatives
  • Assist in preparation of actuarial funding valuations, accounting valuations, and other recurring basic actuarial valuation and compliance work for qualified retirement plans of assigned clients
  • Provide support in the preparation and presentation of materials for clients
  • Perform statistical data analysis in support of new product development
  • Utilize pricing and financial analysis software for data entry and output reporting
  • Gather and compile statistical data via Excel, Access, or data management programs, to develop reports facilitating and supporting pricing, reinsurance reporting, and valuation function
  • Organize actuarial support for regulatory rate filings.

Actuarial Analyst Requirements – Skills, knowledge, and Abilities for Career Success

When hiring for the position of an actuarial analyst, recruiters commonly give a set of requirements that interested persons for the job should meet to qualify them to access it.

These requirements, which include specific skills, abilities, knowledge, experience, etc., are necessary for the recruiter to be sure that the candidate that is hired will be able to perform the actuarial analyst obligations, purpose, and objectives that will be assigned to them effectively.

See below for major actuarial analyst job requirements:

  • Education: Applicants are required to possess a Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or Economics, or in a related field. It is also important that they pass at least one actuarial exam, however applicants who have completed three actuarial examinations may be preferred
  • Computer skills: It is vital that they have programming experience (SQL, Python, R,) and can use SQL queries to obtain data needed for analysis from the firm’s system. Recruiters also give preference to candidates with predictive or advanced analytics experience. It is also required that they have advanced knowledge of MS Office applications
  • Communication skills: They must possess clear and concise oral and written communication skills for them to effective convey information in a manner that is suitable for actuarial and underwriting audiences and team members, as well as to professionally handle phone conversations with internal and external clients
  • Critical reasoning skills: It is important that they can objectively analyze information to arrive at valid conclusions, and also apply logical reasoning to prioritize issues, and gather pertinent information to shed light upon them
  • Analytical and problem solving skills: Applicants for the actuarial analyst role must possess the mental sharpness and creativity to bring together appropriate and relevant data, to provide insight on a business problem and aid the organization in making sound decisions
  • Attention to detail: They must be able to deliver work with consistency
  • Organizational skills: They require this skill to effectively prioritize assignments, and effectively handle multiple projects concurrently.

Conclusion

If you are a recruiter hiring for the actuarial analyst position for your company, you will need to inform prospective applicants of what the role entails by posting a comprehensive description of the job.

You can write a description that perfectly describes the actuarial analyst position in your company by applying the information and sample job description provided on this page.

You will stand a better chance of finding the best actuarial analysts for your company by publishing a detailed description for the role.

This post is also valuable to job seekers looking to get into the actuarial analyst career; they will be able to learn all they need to about the duties and responsibilities of the position.

Actuarial Analyst Job Description for Resume

You can apply the actuarial analyst job description sample provided above in making a convincing and effective resume for the role.

If you’ve had some experience working as an actuarial analyst, you can make the professional experience section of your resume by applying the duties and responsibilities of the position shared on this page.

Did you find this article helpful in learning about what actuarial analysts do? Please, leave a comment in the box below. You can also discuss your job description if you work as an actuarial analyst.