Analyzes statistical data, such as mortality, accident, sickness, disability, and retirement rates and constructs 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.
- Designs, reviews and helps administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Determines or helps determine company policy, and explains complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Provides advice to clients on a contract basis, working as a consultant.
- Analyzes statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Constructs probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Negotiates terms and conditions of reinsurance with other companies.
- Collaborates with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
- 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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