What does an actuarial technician do?
Actuarial technician responsibilities
Here are examples of responsibilities from real actuarial technician resumes:
- Evaluate capitation agreements between provider groups and manage care plans, including commercial and Medicare populations.
- Design the migration of SAS datasets and other data to new UNIX box.
- Develop and maintain statistical models to modify policy rates and coverages using SAS.
- Compile, analyze and verify census data and information need in the calculation of reinsurance premiums.
- Assist in the creation and preside over presentations, utilizing and maintaining the required projection equipment for meetings.
- Take ownership of quarterly Medicaid cost benefit ratio dashboard by compiling several state's claim cost/utilization data and premium information.
- Aid in corporate analysis by providing liquidity projections and model results need for cash flow testing and plan.
- Design and build spreadsheets, databases and macros to run complex annuity and policy calculations.
- Present findings and recommendations, via Microsoft PowerPoint presentation, from research projects to senior management within the organization.
Actuarial technician skills and personality traits
We calculated that 20% of Actuarial Technicians are proficient in Projection, Financial Analysis, and Product Development. They’re also known for soft skills such as Analytical skills, Communication skills, and Computer skills.
We break down the percentage of Actuarial Technicians that have these skills listed on their resume here:
- Projection, 20%
Reviewed profit and loss reports, researched reasons for unsatisfactory results, initiated corrective actions, financial projections and analyses needed.
- Financial Analysis, 16%
Demonstrate exemplary leadership talents toward supervising and directing three interns in financial analysis and reporting activities.
- Product Development, 14%
Represented the plan's Finance Department during IHA management meetings entailing numerous decisions involving policy and product development planning and implementation.
- Data Analysis, 9%
Analyzed complex data structures, and performed statistical modeling and data analysis to ascertain premium rates required.
- VBA, 8%
Created VBA macro in Excel which automates filing and communication of pricing/modification requests across various departments.
- SQL, 7%
Calculated Risk Based Capital estimates and analyz e. Analyzed and evaluated SQL results for valuation team for quarterly GAAP reporting
"projection," "financial analysis," and "product development" are among the most common skills that actuarial technicians use at work. You can find even more actuarial technician responsibilities below, including:
Analytical skills. The most essential soft skill for an actuarial technician 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 technician resume shows how their duties depend on analytical skills: "produce quarterlypremium analysis reports for agent partners.o coordinate with compliance department to maintain regulatory compliance across all lines of business. "
Communication skills. Another soft skill that's essential for fulfilling actuarial technician duties is communication skills. The role rewards competence in this skill because "actuaries must be able to explain complex technical matters to those without an actuarial background." According to an actuarial technician resume, here's how actuarial technicians can utilize communication skills in their job responsibilities: "involved in project management, plan design, communication and non-discrimination testing. "
Computer skills. Another skill that relates to the job responsibilities of actuarial technicians is computer skills. This skill is critical to many everyday actuarial technician 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: "supported pension consultants through computer programming and subsequent actuarial calculations used in servicing their clients. "
Math skills. For certain actuarial technician responsibilities to be completed, the job requires competence in "math skills." The day-to-day duties of an actuarial technician 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 technicians do: "applied math to improve programs: read and interpreted rule & rate manuals. "
Problem-solving skills. Another common skill required for actuarial technician responsibilities is "problem-solving skills." This skill comes up in the duties of actuarial technicians all the time, as "actuaries identify risks and develop ways for businesses to manage those risks." An excerpt from a real actuarial technician resume shows how this skill is central to what an actuarial technician does: "created and audited system calculations for reinsurance solutions and participated in treaty negotiations. "
The three companies that hire the most actuarial technicians are:
- Ameriprise Financial2 actuarial technicians jobs
- DW Simpson Global Actuarial Recruitment1 actuarial technicians jobs
Choose from 10+ customizable actuarial technician resume templates
Build a professional actuarial technician resume in minutes. Our AI resume writing assistant will guide you through every step of the process, and you can choose from 10+ resume templates to create your actuarial technician resume.
Compare different actuarial technicians
Actuarial technician 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 technicians and product development actuary. For instance, actuarial technician responsibilities require skills such as "product development," "vba," "sas," and "gaap." Whereas a product development actuary is skilled in "fsa," "administration system," "uw," and "corporate models." This is part of what separates the two careers.
The education levels that product development actuaries earn slightly differ from actuarial technicians. In particular, product development actuaries are 22.9% more likely to graduate with a Master's Degree than an actuarial technician. Additionally, they're 0.0% less likely to earn a Doctoral Degree.Actuarial technician 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.
Each career also uses different skills, according to real actuarial technician resumes. While actuarial technician responsibilities can utilize skills like "projection," "financial analysis," "data analysis," and "vba," pricing actuaries use skills like "communicate results," "wc," "gl," and "glm."
In general, pricing actuaries achieve similar levels of education than actuarial technicians. They're 4.0% more likely to obtain a Master's Degree while being 0.0% more likely to earn a Doctoral Degree.Actuarial technician 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.
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 technician resumes include skills like "projection," "data analysis," "vba," and "sql," whereas a health actuary is more likely to list skills in "fsa," "term care," "ltc," and "filings. "
When it comes to education, health actuaries tend to earn higher degree levels compared to actuarial technicians. In fact, they're 16.5% more likely to earn a Master's Degree, and 0.0% more likely to graduate with a Doctoral Degree.Actuarial technician vs. Actuary
Types of actuarial technician
Updated January 8, 2025
