Actuarial Job Description
Actuarial
provides roadmap to design models using available data, tools and programming languages, supports the implementation in a real-world framework, and establishes monitoring processes to ensure optimal predictive performance over time.
Actuarial Duties & Responsibilities
To write an effective actuarial job description, begin by listing detailed duties, responsibilities and expectations. We have included actuarial job description templates that you can modify and use.
Sample responsibilities for this position include:
Have strong health actuarial knowledge, preferably with Group Medicare and an understanding of CMS EGWP (Employer Group Waiver Plan) bid development
Build, engage, and develop the Group Medicare Actuarial and Underwriting team of approximately 20 associates
Collaborating andeffectively influence a variety of business units, Underwriting, P&L leadership and the sales teams
Understand the competitive position and environment and respond accordingly
You’ll work on projects directly with our actuaries and will have the opportunity to complete and present a self-directed business-driven individual project to senior leaders
Best of all, many of our high-performing interns are invited to apply for full-time positions following graduation
Assists with inforce policy audits
Completes assignments with limited supervision
Learns various actuarial techniques and procedures in the course of work, developing an understanding of the company's products and actuarial methodology
Work closely with Systems personnel for resolution to known or newly encountered errors
Actuarial Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Actuarial
List any licenses or certifications required by the position: SOA, ASA, S.O.A, PPA, FSA, EA, ACAS, USMI, MBA, CIA
Education for Actuarial
Typically a job would require a certain level of education.
Employers hiring for the actuarial job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Master's Degree in Mathematics, Actuarial Science, Statistics, Economics, Math, Finance, Education, Engineering, Sciences, Computer Science
Skills for Actuarial
Desired skills for actuarial include:
Excel
SAS
SQL
Programming languages
R
Microsoft Excel
Statistics
MS Word
VBA
Mathematics
Desired experience for actuarial includes:
Leading the development of actuarially sound rate requirement estimates for Medicaid business and the Medicaid portion of our Dual Eligible demonstration plan business
Participating in discussions with regulators in support of actuarially sound rate development
Contributing to RFP evaluation and responses for new business
Leading the development of experience reporting requirements in support of pricing and other management activities
Leading the development of pricing models and tools
Monitoring and providing input on impact of emerging Medicaid program changes and environmental factors
Actuarial Examples
1
Actuarial Job Description
Job Description Example
Our growing company is looking to fill the role of actuarial. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for actuarial
- Assist with the preparation of reports and studies
- Conversion of the valuation systems to the AXIS platform
- Statutory and Canadian GAAP (CALM) cash flow testing
- Maintenance of valuation process
- Quarterly valuation of contract liabilities
- Perform controls within the ICOFR framework and respond to internal and external audit requests
- Support requests for information from other departments including accounting, risk management, product development, capital management and hedging
- Monitor developments in valuation standards and practice to establish best practice and support innovation in pricing and models that employ both deterministic and stochastic analysis
- Be responsible for product pricing model and pricing report delivery according to planned timeline
- Assisting with reinsurance strategy and accounting
Qualifications for actuarial
- Must have experience or exposure to Medicaid products
- Demonstrates leadership capability, has led sizable staff before
- Technical proficiency with Microsoft Excel and Access
- At least ten years of experience in health care actuarial roles preferred
- FSA or ASA and MAAA
- Presence - comfortable with senior leaders and other functional areas
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Actuarial Job Description
Job Description Example
Our company is looking for an actuarial. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for actuarial
- Assisting to set up new product in Prophet model and other modelling related work
- Providing technical support to internal customer such as handling complaint case, special quotes, system administration
- Responsibilities include business plan, local capital plan, IFRS capital adequacy testing, Local’s Dynamic Solvency Testing and embedded value projection
- Quarterly submission for external disclosure
- Monthly tracking and monitoring for local business actions
- Communication with regional office on assumptions and methodology
- Any other miscellaneous duties as assigned by immediate supervisor (Appointed Actuary)
- Develops, extends and maintains profit studies, non-forfeiture values, Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Principles (IFRP) actuarial items, reserve programs, rate files, procedures and/or similar processes
- Accountable for the maintenance of AXIS dataset including new products’ modeling, basis change and implementation of valuation controls
- Providing assistance and support to local reporting team in various tasks such as preparation of actuarial related financial / valuation reports to smooth the overall process
Qualifications for actuarial
- Persuasive - effectively communicates trade-offs of business decisions and can sway an audience towards a course of action inclusive of external audiences and sharing business rationale
- Visionary - embraces the big picture and translates into strategy
- Emotion intelligence
- Reconciliation of employee census information and eligibility determinations
- Form 5500 and Schedule SB preparation
- Defined Benefit plan/Defined Contribution plan nondiscrimination testing
3
Actuarial Job Description
Job Description Example
Our company is growing rapidly and is looking for an actuarial. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for actuarial
- Risk analytics and developing stochastic models for different financial assessment exercises
- Support country level business plan development and capital planning
- Calculating and establishing reserves on a monthly basis
- Performing analysis and providing commentary on drivers of monthly loss ratio results relative to expectations
- Providing quarterly projections of expected loss ratios and key financial and operational metrics
- Completing quarterly reserve run-out and adequacy analyses
- Preparing actuarial liability exhibits for annual statement
- If time permits, the intern will also conduct a study that utilizes foundational ratemaking and reserving techniques
- At the conclusion of the internship, the candidate will have a thorough understanding of property and casualty ratemaking and reserving and will be equipped to begin work as an actuarial analyst
- Partner with other modelers on the Corporate Actuarial team to design and develop solutions for new initiatives and to promote model control standards
Qualifications for actuarial
- Pension Benefit Guarantee Corporation Filings
- Plan Document Preparation for retirement plans
- Defined Benefit 415 calculations
- Present Value of Accrued Benefit calculations
- Must possess very strong mathematical and analytical skills and be detail oriented
- Ability to perform actuarial calculations
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Actuarial Job Description
Job Description Example
Our company is looking to fill the role of actuarial. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for actuarial
- Build predictive models to analyze data
- Work on Geographic Information System (GIS) related projects
- Research new analytical techniques
- Prepare interim and annual performance evaluations
- Assist in pricing, including communication of indications to business units and assessment of loss reduction options and/or preparation of pricing proposals and state rate filings where applicable
- Assist in provision to management of tools to drive appropriate policy level decision making
- Assist with monitoring of changes to aggregate pricing levels and profitability through periodic analyses
- Assist in providing front line pricing support to Field Underwriting, Corporate Underwriting and senior management as necessary
- Develop a foundational knowledge of the functions performed by the Actuarial Pricing function, and how it relates to other functional areas of the organization
- Client interaction including data collection, project updates and answering basic technical questions
Qualifications for actuarial
- Ability to work under pressure, committed to meeting deadlines
- S.A, or F.S.A and 4+ years of professional experience preferred
- Demonstrated ability to comprehend actuarial concepts and other advanced statistical concepts
- At least one actuarial exam
- Familiarity and comfort with spreadsheet, database, and word processing applications
- Understanding of programming languages including Visual Basic is considered a plus
5
Actuarial Job Description
Job Description Example
Our innovative and growing company is searching for experienced candidates for the position of actuarial. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for actuarial
- Architect and lead experience studies across MMUS that support strategic risk/reward analysis and decisions
- Develop assumptions for new product development, annual dividend and overall product portfolio risk assessment
- Develop/enhance/utilize and coach product financial models to monitor portfolio profitability
- Identify risks inherent in new and current product design and develop strategy and process to manage and mitigate
- Present complex analysis in simple and straightforward manner to key stakeholders
- Support the adoption, utilization and continuous improvement of analytical methodologies
- Extract relevant insights from data
- Form opinions, make recommendations, and drive change
- Support risk assessment and mitigation of new product development and product management
- Comply with appropriate Actuarial Standards of Practice, Code of Professional Conduct, and company standards
Qualifications for actuarial
- Fellow in either the Society of Actuaries or Canadian Institute of Actuaries
- Knowledge of annuity products with Living Benefits or Life Insurance Products
- Experience with AXIS modeling software a plus
- Experience with VBA code a plus
- Associate either the Society of Actuaries or Canadian Institute of Actuaries
- Business product knowledge required, especially Life and Annuities