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 Business, Management and Administration cluster Business Finance and Accounting 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.
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