What does a pricing actuary do?
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.
Pricing actuary responsibilities
Here are examples of responsibilities from real pricing actuary resumes:
- Project manage large work streams incorporating data and technology to support all business analytics used across the organization.
- Support the sales team in conducting profitability analysis, analyzing options and developing customer ROI analyses
- Manipulate select and ultimate mortality table to database formate by using VBA and producingexpect Motality base under best estimate assumption.
- Administer payroll, conduct accounts reconciliations, and track all A/R and A/P.
Pricing actuary skills and personality traits
We calculated that 69% of Pricing Actuaries are proficient in Product Development, Annuities, and Level Changes. They’re also known for soft skills such as Computer skills, Math skills, and Problem-solving skills.
We break down the percentage of Pricing Actuaries that have these skills listed on their resume here:
- Product Development, 69%
Managed the product development and implementation process.
- Annuities, 23%
Developed Single Premium Indexed Annuities, Indexed Universal Life, Level Term, and Single Premium Interest Sensitive Whole Life.
- Level Changes, 5%
Produced a weekly report for senior management to monitor pricing level changes.
- Auto Liability, 2%
Produced Workers Compensation, General Liability, Auto Liability price indications for coverage and claims handling for experience rated accounts.
- Loss Ratio, 1%
Perform quarterly current accident loss ratio bridging analysis.
Common skills that a pricing actuary uses to do their job include "product development," "annuities," and "level changes." You can find details on the most important pricing actuary responsibilities below.
Computer skills. The most essential soft skill for a pricing actuary to carry out their responsibilities is computer skills. This skill is important for the role because "actuaries must know programming languages and be able to use and develop spreadsheets, databases, and statistical analysis tools." Additionally, a pricing actuary resume shows how their duties depend on computer skills: "utilized multiple computer programs in the process of finding new loss cost multipliers that hit target premiums. "
Math skills. Many pricing actuary duties rely on math skills. "actuaries quantify risk by using the principles of calculus, statistics, and probability.," so a pricing actuary will need this skill often in their role. This resume example is just one of many ways pricing actuary responsibilities rely on math skills: "compiled population statistics to determine projections for future claims. "
Problem-solving skills. pricing actuaries are also known for problem-solving skills, which are critical to their duties. You can see how this skill relates to pricing actuary responsibilities, because "actuaries identify risks and develop ways for businesses to manage those risks." A pricing actuary resume example shows how problem-solving skills is used in the workplace: "configured erp pricing modules, including sap and custom built solutions. "
Analytical skills. pricing actuary responsibilities often require "analytical skills." The duties that rely on this skill are shown by the fact that "actuaries identify patterns and trends in complex sets of data to determine the factors that affect certain types of events." This resume example shows what pricing actuaries do with analytical skills on a typical day: "priced by scenario testing variable and fixed annuities for marketing department.modeled assets and liabilities for cash flow analysis. "
Communication skills. Another common skill required for pricing actuary responsibilities is "communication skills." This skill comes up in the duties of pricing actuaries all the time, as "actuaries must be able to explain complex technical matters to those without an actuarial background." An excerpt from a real pricing actuary resume shows how this skill is central to what a pricing actuary does: "increased sales and profit margins by developing automated systems for communication to field sales and customers and implementing branding initiatives. "
The three companies that hire the most pricing actuarys are:
- DW Simpson Global Actuarial Recruitment18 pricing actuaries jobs
- Voya Financial6 pricing actuaries jobs
- Zurich5 pricing actuaries jobs
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Compare different pricing actuaries
Pricing actuary vs. Actuarial internship
The job of actuarial interns involves the roles of graduate actuaries featuring the challenges of a full-time actuary. Interns are given opportunities to work on projects from the offices of the firm or client. They improve the efficiency of the existing MS Excel workbooks through the automation of routine functions using VBA Macros. Their job includes the creation of comparative corporate financial statement reports on a monthly basis. Also, they maintain and document demographics every month.
These skill sets are where the common ground ends though. The responsibilities of a pricing actuary are more likely to require skills like "communicate results," "wc," "gl," and "level changes." On the other hand, a job as an actuarial internship requires skills like "competitive analysis," "analyze data," "vba," and "sql." As you can see, what employees do in each career varies considerably.
The education levels that actuarial interns earn slightly differ from pricing actuaries. In particular, actuarial interns are 4.1% more likely to graduate with a Master's Degree than a pricing actuary. Additionally, they're 2.7% less likely to earn a Doctoral Degree.Pricing actuary vs. Actuarial consultant
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.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that pricing actuary responsibilities requires skills like "communicate results," "wc," "gl," and "glm." But an actuarial consultant might use other skills in their typical duties, such as, "project management," "data analysis," "medicaid," and "financial analysis."
Average education levels between the two professions vary. Actuarial consultants tend to reach higher levels of education than pricing actuaries. In fact, they're 5.0% more likely to graduate with a Master's Degree and 2.7% less likely to earn a Doctoral Degree.Pricing actuary vs. Actuarial technician
The duties of an actuarial associate depend on one's industry or place of employment. Typically, their responsibilities revolve around performing research and analysis to identify new opportunities, creating forecast models, calculating accounts, and crafting different payment plans. An actuarial associate must also coordinate with actuaries and other department personnel to gather extensive and accurate data, maintain a database of records and transactions, and respond to any inquiries and concerns. Furthermore, it is essential to report to senior associates and adhere to the company's rules 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, a pricing actuary is likely to be skilled in "communicate results," "wc," "gl," and "glm," while a typical actuarial technician is skilled in "projection," "financial analysis," "data analysis," and "vba."
Most actuarial technicians achieve a similar degree level compared to pricing actuaries. For example, they're 4.0% less likely to graduate with a Master's Degree, and 3.7% less likely to earn a Doctoral Degree.Pricing actuary vs. Actuarial associate
Types of pricing actuary
Updated January 8, 2025
