What does an actuarial manager do?
Actuarial managers supervise all the actuary employees and the actuary department. They meet the clients and get to know the type of data and statistics they need. Besides reviewing the actuaries' performance and predictions and analysis accuracy, actuarial managers also prepare reports featuring all the information and ensure each data's accuracy before submission. Other duties performed by actuarial managers include meeting with company heads from time to time and updating them on matters relating to the actuarial figures.
Actuarial manager responsibilities
Here are examples of responsibilities from real actuarial manager resumes:
- Specialize in data collection logistics and documentation on specific vehicles and manage inventory using CRM applications.
- Programme in SAS on large databases.
- Design LTC & FIA Stat/Tax/ GAAP valuation software.
- Prepare client household employment payroll.
- Prepare and run competitive rate analysis.
- Process payroll and make weekly liability deposits.
- Streamline quarterly and year end Sarbanes-Oxley compliance exhibits.
- Record transaction details for MEDICARE reimbursement using company software.
- Project utilization and average unit cost for Medicaid capitation rate bid.
- Verify various reserving exhibits and financial reports to ensure Sarbanes-Oxley compliance.
- Review financial statements with upper management and outside CPA firm periodically.
- Facilitate financial reconciliation including project invoicing, monthly accruals, and project closeout.
- Assume full ownership of monthly IBNR calculation for motor insurance portfolio and deliver timely results.
- Develop and track pipeline within assign territory utilizing CRM and report weekly on pipeline/forecast/opportunity progression.
- Provide management and VBA database development services to ensure a high level of database readiness and integrity.
Actuarial manager skills and personality traits
We calculated that 35% of Actuarial Managers are proficient in Medicaid, Financial Analysis, and Financial Results. They’re also known for soft skills such as Detail oriented, Organizational skills, and Analytical skills.
We break down the percentage of Actuarial Managers that have these skills listed on their resume here:
- Medicaid, 35%
Projected utilization and average unit cost for Medicaid capitation rate bid.
- Financial Analysis, 13%
Perform financial analysis for consultative sales, cost/benefit analysis proposals for prospects/customers demonstrating products financial benefits.
- Financial Results, 13%
Created data evaluation methodologies to generate liabilities, cost estimates, and financial results.
- Calculation, 9%
Assumed full ownership of monthly IBNR calculation for motor insurance portfolio and delivered timely results.
- Analytical Support, 7%
Provided analytical support to underwriters for weather insurance quotation.
- Analyze Data, 6%
Analyze data by utilizing knowledge of Access.
"medicaid," "financial analysis," and "financial results" are among the most common skills that actuarial managers use at work. You can find even more actuarial manager responsibilities below, including:
Detail oriented. One of the key soft skills for an actuarial manager to have is detail oriented. You can see how this relates to what actuarial managers do because "in preparing and analyzing reports, such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors." Additionally, an actuarial manager resume shows how actuarial managers use detail oriented: "prepared product specifications and detailed calculations for system testing purposes. "
Organizational skills. Another soft skill that's essential for fulfilling actuarial manager duties is organizational skills. The role rewards competence in this skill because "because financial managers deal with a range of information and documents, they must have structures in place to be effective in their work." According to an actuarial manager resume, here's how actuarial managers can utilize organizational skills in their job responsibilities: "implemented project management which identified organizational goals, developed pull-through strategies, and organized clinical pharmacy teams. "
Analytical skills. This is an important skill for actuarial managers to perform their duties. For an example of how actuarial manager responsibilities depend on this skill, consider that "to assist executives in making decisions, financial managers need to evaluate data and information that affects their organization." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of an actuarial manager: "developed analysis tools, pricing models and rate indications for personal insurance lines. ".
Communication skills. actuarial manager responsibilities often require "communication skills." The duties that rely on this skill are shown by the fact that "financial managers must be able to explain and justify complex financial transactions." This resume example shows what actuarial managers do with communication skills on a typical day: "review actuarial valuations and benefit calculations, prepare client communications and reports. "
Math skills. A commonly-found skill in actuarial manager job descriptions, "math skills" is essential to what actuarial managers do. Actuarial manager responsibilities rely on this skill because "financial managers need strong skills in certain branches of mathematics, including algebra." You can also see how actuarial manager duties rely on math skills in this resume example: "supervised the development of complex mathematical calculations components for the illustration online and desktop systems. "
The three companies that hire the most actuarial managers are:
- The Independent Traveler51 actuarial managers jobs
- Accenture32 actuarial managers jobs
- Centene21 actuarial managers jobs
Compare different actuarial managers
Actuarial manager vs. Assistant branch manager
An assistant branch manager's primary responsibility is to oversee the daily operations in their designated area, ensuring that everything is running smoothly from the workflow to the workforce. Although the tasks will vary depending on the organization or industry where one is involved, most of it will revolve around evaluating and monitoring employees' progress. Additional duties include responding to calls and inquiries, managing work schedules, and making sure that customers are satisfied with all services and transactions. Moreover, an assistant branch manager must also prioritize meeting the sales targets and staying within the allotted budget and deadlines.
There are some key differences in the responsibilities of each position. For example, actuarial manager responsibilities require skills like "medicaid," "financial analysis," "financial results," and "calculation." Meanwhile a typical assistant branch manager has skills in areas such as "quality customer service," "branch management," "excellent organizational," and "loan applications." This difference in skills reveals the differences in what each career does.
Assistant branch managers tend to make the most money working in the transportation industry, where they earn an average salary of $48,965. In contrast, actuarial managers make the biggest average salary, $96,329, in the insurance industry.The education levels that assistant branch managers earn slightly differ from actuarial managers. In particular, assistant branch managers are 29.1% less likely to graduate with a Master's Degree than an actuarial manager. Additionally, they're 0.3% more likely to earn a Doctoral Degree.Actuarial manager vs. Management accounts manager
A management accounts manager is responsible for maintaining healthy business relationships with clients by handling their project accounts, improving account management procedures, and identifying business opportunities that would generate more revenue resources for the company. Management accounts managers compile portfolio reports, including how the client's account performs in the market and its financial stability. They also negotiate contracts, settle terms and agreements, and ensure the highest customer experience by implementing strategic plans to enhance the company's services.
In addition to the difference in salary, there are some other key differences worth noting. For example, actuarial manager responsibilities are more likely to require skills like "financial results," "calculation," "analytical support," and "analyze data." Meanwhile, a management accounts manager has duties that require skills in areas such as "customer service," "client facing," "strategic account management," and "project management." These differences highlight just how different the day-to-day in each role looks.
Management accounts managers may earn a higher salary than actuarial managers, but management accounts managers earn the most pay in the energy industry with an average salary of $108,174. On the other hand, actuarial managers receive higher pay in the insurance industry, where they earn an average salary of $96,329.Average education levels between the two professions vary. Management accounts managers tend to reach lower levels of education than actuarial managers. In fact, they're 23.4% less likely to graduate with a Master's Degree and 0.3% more likely to earn a Doctoral Degree.Actuarial manager vs. Banking center manager
A banking center manager is responsible for monitoring bank operations, auditing financial transactions, and ensuring that the banking staff provides the highest customer service for their clients. Banking center managers assist the team members in responding to the customers' inquiries and concerns regarding the financial options they offer, opening accounts, selling financial instruments, and resolving transactional complaints. A banking center manager must have excellent communication and analytical skills, especially in developing banking solutions that would increase the bank's reliability to the customers.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from actuarial manager resumes include skills like "medicaid," "financial analysis," "financial results," and "calculation," whereas a banking center manager is more likely to list skills in "business development," "bank products," "bank policies," and "customer relationships. "
Most banking center managers achieve a lower degree level compared to actuarial managers. For example, they're 26.7% less likely to graduate with a Master's Degree, and 0.3% less likely to earn a Doctoral Degree.Actuarial manager vs. Assistant account manager
An assistant account manager is in charge of performing clerical support tasks for account managers. Their responsibilities revolve around preparing and processing documents, answering calls and correspondence, taking part in managing schedules and budgets, arranging meetings and appointments, and performing research and analysis to identify new business opportunities. They may also pursue sales leads, reaching out to clients to offer products or services. Furthermore, as an assistant account manager, it is essential to lead and encourage the workforce to reach goals, all while implementing the company's policies and regulations.
Types of actuarial manager
Updated January 8, 2025
