What does an actuarial consultant do?
An actuarial consultant is a financial professional who is responsible for advising clients on investments, insurance, and pension-related decisions using a variety of measurements. Actuarial consultants must apply an extensive use of statistics and large amounts of data to formulate a plan that is best suited to clients. They are required to complete risk and cost analysis and determine financial uncertainties using the skills of a statistician and economist to dispense financial advice to their clients. Actuarial consultants can also work with insurance companies or with clients in the investment world.
Actuarial consultant responsibilities
Here are examples of responsibilities from real actuarial consultant resumes:
- Utilize SAS to manage and update the modeling dataset for both auto and home products.
- Evaluate capitation agreements between provider groups and manage care plans, including commercial and Medicare populations.
- Learned and run rate indications.
- Train various new associates while transitioning to Medicaid.
- Implement new GAAP assumption into POLY system and regression test.
- Programme extensively in SAS on large databases also using JCL language.
- Price, forecast, and run data studies for small employer major medical insurance.
- Provide life insurance modeling, cash flow testing, and GAAP (generally accept accounting principles) reporting.
- Provide strategic advice on how to respond to ACA market reforms, design restrictions, mandates and taxes.
- Calculate estimates, trends, and rates to produce exhibits for the transitional reinsurance program establish under the ACA.
- Prepare tax reserve and associate items for quarterly provision and projection purposes.
- Present findings and recommendations, via Microsoft PowerPoint presentation, from research projects to senior management within the organization.
- Provide analysis and forecasting of investment and crediting rate experience to management on agreed- upon dates and maintain ALM modeling.
- Take ownership of quarterly Medicaid cost benefit ratio dashboard by compiling several state's claim cost/utilization data and premium information.
- Present findings and recommendations, via Microsoft PowerPoint presentation, from research projects to senior management within the organization.
Actuarial consultant skills and personality traits
We calculated that 11% of Actuarial Consultants are proficient in Project Management, Data Analysis, and Medicaid. They’re also known for soft skills such as Analytical skills, Communication skills, and Computer skills.
We break down the percentage of Actuarial Consultants that have these skills listed on their resume here:
- Project Management, 11%
Project management and Retirement Consulting to internal and external clients.
- Data Analysis, 8%
Participated in extensive data analysis.
- Medicaid, 8%
Developed and assessed medical cost and utilization for Medicaid and Medicare Risk.
- Financial Analysis, 7%
Managed the Deferred Compensation 457 and the Pension Financial Analysis and Planning Area.
- Client Relationships, 5%
Moved from a project contributor to project manager to the manager of multiple client relationships with business development responsibilities.
- SQL, 5%
Provided SAS and SQL programming services and application support to the Actuarial Department.
"project management," "data analysis," and "medicaid" are among the most common skills that actuarial consultants use at work. You can find even more actuarial consultant responsibilities below, including:
Analytical skills. The most essential soft skill for an actuarial consultant to carry out their responsibilities is analytical skills. This skill is important for the role because "actuaries identify patterns and trends in complex sets of data to determine the factors that affect certain types of events." Additionally, an actuarial consultant resume shows how their duties depend on analytical skills: "demonstrate exemplary leadership talents toward supervising and directing three interns in financial analysis and reporting activities. "
Communication skills. Another essential skill to perform actuarial consultant duties is communication skills. Actuarial consultants responsibilities require that "actuaries must be able to explain complex technical matters to those without an actuarial background." Actuarial consultants also use communication skills in their role according to a real resume snippet: "involved in project management, plan design, communication and non-discrimination testing. "
Computer skills. Another skill that relates to the job responsibilities of actuarial consultants is computer skills. This skill is critical to many everyday actuarial consultant duties, as "actuaries must know programming languages and be able to use and develop spreadsheets, databases, and statistical analysis tools." This example from a resume shows how this skill is used: "utilized sas, fox pro and excel to solve problems requiring computer analyses. "
Math skills. For certain actuarial consultant responsibilities to be completed, the job requires competence in "math skills." The day-to-day duties of an actuarial consultant rely on this skill, as "actuaries quantify risk by using the principles of calculus, statistics, and probability." For example, this snippet was taken directly from a resume about how this skill applies to what actuarial consultants do: "calculated and reported ibnr claims and monthly financial performance statistics on all client contracts. "
Problem-solving skills. Another crucial skill for an actuarial consultant to carry out their responsibilities is "problem-solving skills." A big part of what actuarial consultants relies on this skill, since "actuaries identify risks and develop ways for businesses to manage those risks." How this skill relates to actuarial consultant duties can be seen in an example from an actuarial consultant resume snippet: "proposed alternative health plan design solutions if the current plan was deemed too costly for plan sponsors. "
The three companies that hire the most actuarial consultants are:
- Deloitte222 actuarial consultants jobs
- UnitedHealth Group27 actuarial consultants jobs
- McKinsey & Company Inc23 actuarial consultants jobs
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Compare different actuarial consultants
Actuarial consultant vs. Product development actuary
Pricing Actuaries are statisticians who work in either the financial or insurance industries. This position uses extensive math skills to determine the price of products by analyzing data and calculating risks. Pricing actuaries' goal is to ensure the coverage of the company's expenses includes employee retirement or claims. Their job is to estimate claim payout probabilities, handle state filing requirements, and collect statistical data. Also, they contribute to policies for new products and maximize returns. These actuaries must have a bachelor's degree in statistics, math, and actuarial science.
While similarities exist, there are also some differences between actuarial consultants and product development actuary. For instance, actuarial consultant responsibilities require skills such as "project management," "medicaid," "client relationships," and "powerpoint." Whereas a product development actuary is skilled in "fsa," "administration system," "life insurance products," and "uw." This is part of what separates the two careers.
The education levels that product development actuaries earn slightly differ from actuarial consultants. In particular, product development actuaries are 13.9% more likely to graduate with a Master's Degree than an actuarial consultant. Additionally, they're 0.7% less likely to earn a Doctoral Degree.Actuarial consultant vs. Pricing actuary
Health Actuaries are responsible for assessing financial risk and calculating premium costs for healthcare and insurance companies. They are involved in analyzing statistical data and marketplace trends, reviewing plan reserves, preparing rate files, and creating aggregated health data-based monthly reports. A Health Actuary will study and interpret medical patterns to uncover opportunities to manage risk. They must keep abreast of current legislation to ensure the company abides by legal guidelines. A good Actuary uses a combination of professional judgment, logical reasoning, and mathematical modeling.
In addition to the difference in salary, there are some other key differences worth noting. For example, actuarial consultant responsibilities are more likely to require skills like "project management," "data analysis," "medicaid," and "financial analysis." Meanwhile, a pricing actuary has duties that require skills in areas such as "communicate results," "wc," "gl," and "glm." These differences highlight just how different the day-to-day in each role looks.
Pricing actuaries earn lower levels of education than actuarial consultants in general. They're 5.0% less likely to graduate with a Master's Degree and 0.7% more likely to earn a Doctoral Degree.Actuarial consultant vs. Health actuary
An actuary specializes in performing research and analysis to assess risks and help companies prepare for any financial disadvantages or impact it may bring. Their responsibilities revolve around coordinating with different departments to gather accurate data, maintain records of all transactions, evaluate the data through various processes, and develop new strategies to cut down costs and risks. An actuary is also responsible for performing clerical tasks such as producing reports through graphs and charts, preparing presentations, answering inquiries and concern, all while adhering to the company's policies and regulations.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, an actuarial consultant is likely to be skilled in "project management," "data analysis," "medicaid," and "client relationships," while a typical health actuary is skilled in "fsa," "medicare," "term care," and "ltc."
Most health actuaries achieve a higher degree level compared to actuarial consultants. For example, they're 7.4% more likely to graduate with a Master's Degree, and 0.7% more likely to earn a Doctoral Degree.Actuarial consultant vs. Actuary
Types of actuarial consultant
Updated January 8, 2025
