What does an Actuarial Analyst do?
Actuarial analysts use statistical models to analyze data and assess risk. They are employed in many industries, particularly in insurance, to utilize their knowledge and skills to design and price insurance policies. Actuarial analysts use advanced statistics and modeling to understand data and assist actuaries. They produce reports on findings and identify liabilities and risks. They also identify trends and methods for designing and pricing insurance policies while verifying data sources and identifying new sources of data.
Actuarial analysts develop financial projections, cost-benefit analysis, and insurance plans using statistics, modeling, and risk management strategies. Many actuarial analysts present their data and analysis directly to decision-makers within organizations, including executive leadership and management personnel, to answer questions about particular forecasts or models. Actuarial analysts need a minimum bachelor's degree in mathematics, statistics, or actuarial science.
- Assist in training of actuarial students, analysts and specialists.
- Perform monthly variance analysis (MVA), to compare develop experience vs. plan targets.
- Obtain, verify, analyze and model data including risk reporting and forecasting.
- Update trend projections periodically, to support pricing trend development and the corporate business plan.
- Ensure work is accurate and efficient using existing procedures.
- Perform key actuarial functions including new product pricing recommendations in coordination with other actuarial associates.
- Manage reviews of Property and Casualty insurance pricing models.
- Responsible for research and analysis of information to provide recommendations on calculation issues.
- Complete projects on time and with high standards and accuracy.
- Support regulatory drug formulary reporting and filing requirements for Medicare and Medicaid.
- Conduct contemporaneous review on general Insurance reserves and report key findings to senior management.
- Independently create and submit regulatory rate, rule and form filings.
- Support the month-end close process and ensure the accuracy of booked reserves.
- Plan and prioritize work in accordance with broader team or department objectives and priorities.
- Responsible for coordinating the development and extensive analytical review of trends.
- Participate as a representative of department during relevant meetings.
- Develop and maintain effective working relationships with both internal and external stakeholders.
- Proactively identify opportunities for improvements in processes and products.
- Analyze and recommend revisions in rates and rating plans for assigned lines of insurance.
- Bachelor's or Graduate's Degree in actuarial science, statistics, computer science or mathematics.
- Experience with SAS, SQL, R Language, Python, and C software and systems.
- Comfortable working in a high-pressure environment at times such as when conducting predictive modeling or advocating on behalf of a
- Comfortable working in a high-pressure environment at times such as when conducting production predictive modeling or advocating on behalf of a client or employer.
- Is able to educate clients and customers about liabilities and product pricing.
- Prior experience as a consultant.
- Comfortable composing and editing reports for clients, customers, and employer.
Actuarial Analyst Salaries near India
Average Base Pay
Actuarial Analyst Career Path
Learn how to become an Actuarial Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Actuarial Analyst Insights
WTW“High focus on billable hours which results in personal development sometimes going on the back burner.”
Mercer“Not as much career progression if you do not want to go down the Actuarial route.”
Fortitude Reinsurance“Employees need to hear on a constant basis that this is the best place to work and management refuses to hear anything to the contrary.”
Marrone Bio Innovations“Exposure to important projects and to work with upper management at any point in your career”
Ageas“Colleagues were nice enough and pleasant to work with.”
Milliman“People are really good at their jobs and easy to work with.”
American National Insurance“Workload was interesting and diverse.”
Liberty Mutual Insurance“Job is stable and secure.”
Frequently asked questions about the role and responsibilities of an Actuarial Analyst
- Actuarial Associate
- Actuary
- Risk Manager
- Risk Analyst