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.

What responsibilities are common for Actuarial Analyst jobs?
  • 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.
What are the typical qualifications for Actuarial Analyst jobs?
  • 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.
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Work/Life Balance
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Salary Range--
Career Opportunity
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Avg. Experience0-1 Year

Actuarial Analyst Salaries

Average Base Pay

₹6,27,084 /yr
Same as national average
Not including cash compensation
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₹4L
Median: ₹6L
₹11L
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Glassdoor Estimated Salary

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.

Average Years of Experience

0 - 1
49%
2 - 4
33%
5 - 7
2%
8+
16%
Not including years spent in education and/or training
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Actuarial Analyst Insights

Read what Actuarial Analyst professionals have to say about their job experiences and view top companies for this career.
WTWWTW
Actuarial Analyst
31 May 2022

“High focus on billable hours which results in personal development sometimes going on the back burner.”

MercerMercer
Actuarial Analyst
16 Feb 2022

“Not as much career progression if you do not want to go down the Actuarial route.”

Marrone Bio InnovationsMarrone Bio Innovations
Senior FIN Analyst
30 Nov 2021

“Exposure to important projects and to work with upper management at any point in your career”

MercerMercer
Actuarial Associate
27 Jan 2021

“The people are intelligent and amazing to work with.”

Farm Mutual Reinsurance PlanFarm Mutual Reinsurance Plan
Actuarial Analyst Intern
9 Jan 2021

“People are nice and friendly.”

Liberty Mutual InsuranceLiberty Mutual Insurance
Actuarial Analyst
25 Dec 2021

“Job is stable and secure.”

DeloitteDeloitte
Actuarial Analyst
18 Feb 2022

“Good good good good good”

SeaBirdSeaBird
Actuarial Analyst
30 Jan 2022

“goood good but not high salary”

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Actuarial Analyst Interviews

Frequently asked questions about the role and responsibilities of an Actuarial Analyst

The most similar professions to Actuarial Analyst are:
  • Actuarial Associate
  • Actuary
  • Risk Manager
  • Risk Analyst

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Actuarial Associate
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Actuarial Analyst jobs