Our Actuarial Analyst job description includes the responsibilities, duties, skills, education, qualifications, and experience.
About the Actuarial Analyst role
An Actuarial Analyst is responsible for performing various financial and statistical calculations to assess risk and probability of events in order to develop solutions to manage the financial implications of uncertain future events. They assess the financial impact of risk, analyze data to develop pricing models, and create reports to assist with decisions.
Role Purpose
The purpose of an Actuarial Analyst is to analyze and assess risk using mathematical and statistical methods. This includes using probability theory, statistics and financial theory to evaluate and quantify the risk of future events. Actuarial Analysts also analyze and manage investments, researching and developing strategies to help their clients achieve their financial goals. They create financial models, analyze data, and interpret results to help inform decision-making. Additionally, they maintain data, prepare reports, and present their findings to stakeholders.
Actuarial Analyst Summary
Actuarial Analyst Job Summary
The Actuarial Analyst is responsible for designing, developing, and implementing actuarial models, processes, and procedures. They must possess a solid understanding of mathematics and statistics, and be able to interpret complex data into meaningful and understandable results. The Actuarial Analyst must be able to effectively communicate findings to management and provide clear recommendations for action.
The Actuarial Analyst will work closely with other departments and teams to ensure that all data is accurate and up-to-date. They must be proficient in the use and maintenance of actuarial systems and software. The Actuarial Analyst will be expected to stay abreast of industry trends, and identify opportunities to improve processes and maximize efficiency.
This position requires a Bachelor's degree in Mathematics, Statistics, or a related field, and a minimum of one year of experience in an actuarial role. Knowledge of the insurance industry and strong analytical skills are also required.
Actuarial Analyst Duties
- Analyze financial data related to insurance policies and contracts
- Develop pricing models and risk profiles for insurance products
- Conduct research and analysis on insurance industry trends and changes in regulations
- Develop actuarial reports, presentations and other materials for management review
- Assist in development of new products and pricing strategies
- Provide guidance and support to other departments related to actuarial matters
Actuarial Analyst Skills
- Mathematics
- Statistics
- Computer Programming
- Business Analysis
- Data Analysis
Actuarial Analyst Requirements
- Bachelor's Degree in Mathematics, Statistics, Actuarial Science, or a related field
- Experience in actuarial modeling and analysis
- Proficiency in actuarial software such as Prophet, PolySystems, and AXIS
- Excellent problem-solving and analytical skills
- Strong organizational, communication, and time-management skills
Personal Traits
- Strong analytical and problem-solving skills
- Attention to detail
- Excellent verbal and written communication skills
- Ability to work independently and as part of a team
- Ability to explain technical concepts to non-technical audiences