What does an actuary analyst do?

Question

Zippia Team · Accepted Answer

An actuary analyst works for businesses that involve analyzing and managing financial risks. They are the people who quantify risk for companies. In their day-to-day, actuary analysts use statistics, probabilities, and financial concepts in order to put a financial dollar value on an event that may or may not occur in the future.

The most common duties for an actuarial analyst tend to be heavily involved in either the calculation of insurance premiums or reserves (e.g., bonds, stocks, mortgages, private placements).

Through highly technical work, an actuarial analyst can dig deep into the details and fully understand how actuarial processes work, how reported values are calculated, and they'll often investigate inconsistencies in data.

Common actuary analyst responsibilities include:

understand and use complex mathematical formulas, particularly in the area of advanced statistics and modeling
use spreadsheets or other specialist software to complete data analysis tasks
provide technical support to a team of actuaries, producing statistical reports and analysis
write reports on your computations with results of your findings, and produce these reports in a format that non-specialists can understand.