Actuary Job Description
Actuary
provides and explains quarterly and annual GAAP, SAP and tax valuations for indexed universal life and annuity blocks of business, including guaranteed lifetime withdrawal benefits.
Actuary Duties & Responsibilities
To write an effective actuary job description, begin by listing detailed duties, responsibilities and expectations. We have included actuary job description templates that you can modify and use.
Sample responsibilities for this position include:
Develop pricing models and support pricing requests
Perform actuarial analysis to develop gross loss model for client business, estimate reinsurance pricing, and determine optimal reinsurance structures given client risk profile and underwriting strategy
Peer review pricing analyses performed outside of the ALM unit
Develop accurate pricing models for benefit outlay forecasts
Complex pricing
Support pricing requests
Assisting with the analysis of life company profit
Gain familiarity with ALM modeling software and tools and understand thoroughly the projection of assets and liabilities
Develop approaches and methodologies to performing ALM analyses
Apply ALM modeling tools to perform ALM analyses, complete in-depth analysis of results and report conclusions
Actuary Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Actuary
List any licenses or certifications required by the position: FSA, CERA, FEMA, ASA, ACAS, FCAS, COBRA, IBNR, SB, MAAA
Education for Actuary
Typically a job would require a certain level of education.
Employers hiring for the actuary job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Master's Degree in Actuarial Science, Mathematics, Statistics, Economics, Finance, Education, Business, Math, Computer Science, Management
Skills for Actuary
Desired skills for actuary include:
Annuity products
Underwriting
Claims
GAAP
Statistics
Pricing
Life insurance
Legal
Life
SQL
Desired experience for actuary includes:
Calculate ALM metrics such as asset and liability durations and convexities
Peer review actuarial models utilized in other actuarial units
Work collaboratively with Actuarial Modeling personnel in implementing functional upgrades to actuarial modeling software
Gain familiarity with the economic scenario generator utilized in the unit, calibrate the generator and produce real-world and risk-neutral scenario data
Minimum 7 years of actuarial experience, particularly in ALM and actuarial modeling
Knowledge of institutional and individual (retail) advisory and planning services products and distribution models
Actuary Examples
1
Actuary Job Description
Job Description Example
Our company is looking to fill the role of actuary. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for actuary
- Analyze and validate stat, GAAP, and taxable income and balance projections
- Support data, analysis, scenario, and attribution requests from Individual Life, Treasurers, Enterprise Risk Management, and Corporate Actuarial
- Liaising with internal stakeholders in relation to actuarial and analytical queries
- Reporting to the Chief Actuary
- Apply industry knowledge to assess and solve client problems
- Develop trusted advisor relationships with clients
- Responsible for network valuations for markets within the Actuary’s assigned region
- Develop network valuation tools for contractors that facilitate the construction of High Value Networks
- Ensure stakeholder alignment with key results and assumptions
- Communication of key network improvement opportunities and other insights that would increase of our networks
Qualifications for actuary
- Prefer FINRA Series 6 or 7 licensure
- Minimum 2 years experience in an actuarial role in the general insurance space
- Have attained or close to attaining fellowship
- Effective communication skills to external stakeholders
- Strong problem solving skills using actuarial understanding and judgement
- ASA to FSA
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Actuary Job Description
Job Description Example
Our company is growing rapidly and is looking to fill the role of actuary. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for actuary
- A post graduate degree in Economics / Statistics & Insurance Science /Mathematics / Risk Management or other relevant areas will be considered as an asset
- Collaborate with segment leadership and contractors to create network strategy
- Develop and enhance network valuation models and techniques
- Increase team throughput by streamlining and simplifying processes where appropriate
- Investigate and implement methodology improvements identified via actual vs
- Participate in contract negotiation strategy discussions
- Utilize and evaluate internal and external data sources to better understand cost drivers and trends
- Mentor and coach department staff on modeling techniques
- Collect and analyze data to use for financial and utilization reporting and monitoring
- Submit rate filings
Qualifications for actuary
- 10+ years of experience in health related actuarial role(s)
- In depth knowledge of the U.S. Medical market
- Ideally including experience with reinsurance programs
- Predictive modeling and/or consulting experience is a plus
- Attainment of ACIA/FCIA, or ACAS/FCAS
- Eight plus years of property/casualty actuarial experience, preferably in the Canadian marketplace
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Actuary Job Description
Job Description Example
Our company is growing rapidly and is hiring for an actuary. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for actuary
- Prepare and participate in delivery of GAAP earnings presentations to senior management
- Assist in Cash Flow Testing analysis of annuity products
- Adjust benefit factors
- Monitor fee schedule analysis
- List new product pricings
- Lead experience monitoring (e.g., lapse, partial withdrawals, settlement activity, ) and communicate results with leadership
- Identify opportunities to optimize the inforce block
- Serve as expert for annuity start date and compensation issues including Exit Purchase related issues
- Identify and research potential recoveries and work with Product Management to implement recoveries
- Complete ad hoc data requests from leadership and others around the company
Qualifications for actuary
- Experience with reinsurance or broking an advantage
- Experience with/knowledge of property cat models is an advantage
- Proficiency in all MS Office including Excel
- Comprehensive knowledge of the health insurance industry
- A team player, self-starter
- FCAS designation or ACAS working towards FCAS
4
Actuary Job Description
Job Description Example
Our company is looking to fill the role of actuary. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for actuary
- Designs mathematical formulas in pricing or asset-liability computer models to reflect new product features
- Executes pricing, valuation and asset-liability runs, selecting the correct model and input data, and ensuring internal consistency of all assumptions, product features and in-force data
- Perform SOX duties (monitoring new payout set ups, checking renewal rates)
- Produce, summarize and analyze projections to support management and regulatory needs
- Streamline and automate the projection, valuation and financial reporting processes
- Present analyses in clear terms appropriate to the audience
- Impact modelling
- Knowledge of VBA / SAS / SPSS / QIS5
- To carry out all assigned duties in a professional and ethical manner by ensuring compliance with external legislation, bank standards and internal operating policies and procedures relevant to the position
- The role forms part of a team of professionals who deliver value add work to a number of professionals
Qualifications for actuary
- Minimum 5-7 years professional experience, with modeling and data analysis and experience in a related role
- Well rounded professional experience with broad exposure to the various actuarial disciplines, preferably within annuities, capital markets and/or reinsurance
- Excellent oral, written and presentation skills and the ability to clearly articulate complex information to others
- Must be able to work well in a dynamic team environment and be willing to contribute where needs arise
- Ability to apply sound judgment regarding decisions that could potentially impact a number of different departments or external operating groups
- Clearly explains technical concepts in appropriate detail
5
Actuary Job Description
Job Description Example
Our company is hiring for an actuary. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for actuary
- Assisting with capital requirement calculations
- Assisting with developing the business plan for Insurance business
- Assisting the manager of the Actuarial Services team with the training and mentoring of analysts in the team, and planning, management and quality assurance of workflow delivery
- The Actuarial Design Analyst will serve as the “Business Process Owner” and the “Operations Support System Analyst” (OSSA)
- Interact with SRC consultants clients on specific projects
- Contribute to the strategic development of SRC and the wider Risk and Analytics Group
- Update assumptions and inforce populations
- Implement modeling enhancements and new products
- Generate custom / ad hoc reports
- Assess and improve consistency between forecast, capital management, and regulatory models
Qualifications for actuary
- Responds constructively to different viewpoints, changing priorities, new conditions
- ACIA or FCIA
- 7-15 years’ in P&C actuarial role(s)
- Ideally including experience in reinsurance
- Knowledge of Canadian property and casualty lines
- Experience with stochastic modeling a plus