An actuarial analyst provides analytic support to organizations so that they can make profitable decisions. Their main work is to develop financial projections, cost-benefit analysis, and insurance plans.
Even though one can work in many industries, an actuarial analyst’s main work is to compile actuarial data and conduct data analysis in financial or insurance arenas.
In order to obtain a position as an actuarial analyst, one has to possess a degree in mathematics, with a major in statistics.
This is highly complex work, which one can do with great expertise, only if the experience is a good friend.
Skills and Abilities
Working as an actuarial analyst will require one to possess many skills such as report handling and projections management.
Moreover, one must possess in-depth knowledge of products and concepts related to the industry where one is working.
Critical thinking is another area that an actuarial analyst has to be exceptional in. Effective communication skills and good ethics are also required in this work.
See also: Actuarial Analyst Interview
Actuarial Analyst Job Description
• Gather, analyze, and report data to support actuarial teams with data requests.
• Prepare and review actuarial materials for rate filings.
• Work with product development managers in order to communicate rate changes.
• Monitor rate adequacy and competitiveness.
• Perform analysis in order to guide products, services, and business comprehension.
• Gather and collate date from relational databases, using appropriate coding languages.
• Automate and streamline existing reports, and create new ones as required.
• Input data into company actuarial models, and create correlating analysis.
• Set up and run actuarial models.
• Calculate the sensitivities of results in a report form.
• Assist with research and marketing projects as they relate to profitability.
• Identify and analyze trends in data.
• Recommend revisions in held reserves.
• Evaluate new program opportunities by using provided information.
• Extract and compare rating factors and algorithms from competitors’ filing.
• Analyze industry data in regards to loss trend, exposure trend, and loss development trends.
• Perform actuarial analysis for loss development and loss ratio projection files.
• Evaluate the profitability of the existing business.
• Review seasonal statistics and provide support for internal and external audit requests.
• Apply appropriate actuarial analytic tools to data.
• Update actuarial valuation models.
• Conduct a full range of actuarial and financial analysis to quantify performance such as predictive modeling.
• Handle business analytics and dashboard creation tasks.