Actuary job description
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What does a Actuary do?
The Actuary plays a crucial role in assessing financial risks and uncertainties through mathematics and statistical methods. This position is vital for shaping company strategies by providing insights on financial stability and advising on risk management solutions.
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What are the Key Responsibilities of Actuary
- Analyze statistical data to estimate probabilities and outcomes of future risks.
- Design and maintain risk management models.
- Prepare reports that outline the implications of actuarial analysis.
- Collaborate with underwriters and other professionals to develop and modify products and services.
- Conduct valuations of company assets and liabilities to ensure financial health.
- Monitor and evaluate the effectiveness of risk strategies.
- Stay updated with current legislation and best practices in actuarial science.
What are the Skills and Requirements for a Actuary?
- Strong analytical and mathematical skills.
- Proficient in actuarial software and statistical analysis tools.
- Excellent communication skills to convey complex information.
- Problem-solving and critical thinking abilities.
- Attention to detail and high level of accuracy.
What are the KPIs to track for Actuary?
Actuarial performance is gauged through accurate risk evaluations, successful implementation of risk mitigation strategies, timely delivery of analysis reports, and maintaining compliance with industry regulations.
Risk Assessments
Accuracy and reliability of risk evaluations.
Cost Reduction
Achievement in reducing financial risks for the company.
Compliance
Adherence to industry standards and regulatory requirements.
Reports to
Chief Risk Officer
Collaborates with
Underwriters, Financial Analysts, Risk Management Team
Leads
Actuarial Analysts
Are any specific tools or software required for the Actuary role?
- Excel
- R
- SAS
- Moody’s Analytics
- Milliman
What is the qualification of Actuary?
Bachelor's degree in Actuarial Science, Mathematics, or related field; Fellow of the Society of Actuaries or Chartered Enterprise Risk Analyst designation preferred.
