Analyst - Actuarial Reserving - Insurance

- The actuarial analyst job description covers a wide range of roles and responsibilities. These roles and responsibilities can vary depending on the industry the actuarial analyst works in.

- Analyzing data and modeling risk: Actuarial analysts employ mathematical and statistical methods to evaluate data and model potential threats in order to advise managerial decisions. This involves recognizing potential risk elements, examining the probability of certain incidents occurring, and calculating the possible budgetary outcome of those events.

- Pricing insurance products and evaluating claims: Actuarial analysts use statistical analysis to set prices for insurance products and evaluate claims. This part of the job description of an actuarial analyst is closely related to point 1 above. They use their understanding of the likelihood of certain events occurring and the potential financial impact of those events to determine how much an insurance company should charge for a particular product and how much they should pay out in claims.

- Creating financial projections and budgeting: part of the actuarial analyst job description is to analyze data and risk to create financial projections and budgets for their clients or employers. For example, they can create a profit projection for a book of insured lives. They use their understanding of the likelihood of certain events (for example, people defaulting on bank loans) occurring and the potential financial impact of those events (for example, the bank having to write of bad debt) to inform financial planning and budgeting decisions (for example, what interest rates to charge and how much money to borrow to clients).

- Assessing the financial impact of potential business decisions: Actuarial analysts use their analysis of data and risk to assess the financial impact of potential business decisions. As an example, the actuarial analyst's job description could include making changes to the features of an insurance product to attract more sales. They use their understanding of the likelihood of certain events occurring and the potential financial impact of those events to inform decisions about investments, mergers and acquisitions, and other strategic business decisions.