Actuary  What They Do

Just the Facts

Analyzes statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.

This career is part of the Finance cluster Insurance pathway.

A person in this career:

  • Ascertains premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Determines or helps determine company policy, and explains complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Designs, reviews and helps administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • Analyzes statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Provides advice to clients on a contract basis, working as a consultant.
  • Collaborates with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improving existing business.
  • Provides expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
  • Constructs probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Determines equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • Testifies before public agencies on proposed legislation affecting businesses.

Insider Info

Dig into the details and check out what people in this job have to say about their work.

Working Conditions and Physical Demands

People who do this job report that:

  • You would sit most of the time. There's some walking and standing. You may have to lift and carry things like books, papers or tools weighing 10 lbs. or less.
  • Work in this occupation requires being inside most of the time
  • Work in this occupation involves sitting more than one-third of the time

Working in this career involves (physical activities):

  • Seeing clearly up close
  • Speaking clearly enough to be able to be understood by others
  • Identifying and understanding the speech of another person

Work Hours and Travel

  • Regular working hours and limited travel

Specialty and Similar Careers

Careers that are more detailed or close to this career:

  • Actuarial Mathematician -- Solves statistical problems and deals with risk theory in relation to various types of insurance.