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Product development actuary vs health actuary

The differences between product development actuaries and health actuaries can be seen in a few details. Each job has different responsibilities and duties. Additionally, a product development actuary has an average salary of $116,008, which is higher than the $99,496 average annual salary of a health actuary.

The top three skills for a product development actuary include FSA, administration system and SQL. The most important skills for a health actuary are FSA, term care, and GAAP.

Product development actuary vs health actuary overview

Product Development ActuaryHealth Actuary
Yearly salary$116,008$99,496
Hourly rate$55.77$47.83
Growth rate21%21%
Number of jobs102,48148,396
Job satisfaction--
Most common degreeBachelor's Degree, 60%Bachelor's Degree, 71%
Average age3939
Years of experience--

Product development actuary vs health actuary salary

Product development actuaries and health actuaries have different pay scales, as shown below.

Product Development ActuaryHealth Actuary
Average salary$116,008$99,496
Salary rangeBetween $75,000 And $178,000Between $49,000 And $201,000
Highest paying City--
Highest paying state--
Best paying company--
Best paying industry--

Differences between product development actuary and health actuary education

There are a few differences between a product development actuary and a health actuary in terms of educational background:

Product Development ActuaryHealth Actuary
Most common degreeBachelor's Degree, 60%Bachelor's Degree, 71%
Most common majorMathematicsMathematics
Most common collegeUniversity of PennsylvaniaStanford University

Product development actuary vs health actuary demographics

Here are the differences between product development actuaries' and health actuaries' demographics:

Product Development ActuaryHealth Actuary
Average age3939
Gender ratioMale, 76.2% Female, 23.8%Male, 93.3% Female, 6.7%
Race ratioBlack or African American, 2.9% Unknown, 2.9% Hispanic or Latino, 3.4% Asian, 16.5% White, 74.3% American Indian and Alaska Native, 0.0%Black or African American, 2.9% Unknown, 2.9% Hispanic or Latino, 3.4% Asian, 16.5% White, 74.3% American Indian and Alaska Native, 0.0%
LGBT Percentage18%18%

Differences between product development actuary and health actuary duties and responsibilities

Product development actuary example responsibilities.

  • Manage design control including FMEA risk analysis, surgeon clinical input documentation, design verification and validation activities.
  • Generate nutrition information and ingredient statements for each product, according to FDA and international labeling regulations.
  • Design and develop aircraft seal devices through engineering analysis, prototyping, risk assessment and appropriate qualification testing with customer expectation.
  • Manage the design, implementation and oversight of all insurance and reinsurancepricing functions and processes for corporation.

Health actuary example responsibilities.

  • Manage the design, implementation and oversight of all insurance and reinsurancepricing functions and processes for corporation.
  • Provide clinical exercise physiology services and health/wellness counseling for family practice/sports medicine/orthopedics medical group effecting positive lifestyle changes in patients serve.
  • Lead actuarial consultant on NALIS to Cyberlife traditional life conversion.

Product development actuary vs health actuary skills

Common product development actuary skills
  • FSA, 51%
  • Administration System, 14%
  • SQL, 13%
  • Annuities, 11%
  • Life Insurance Products, 6%
  • Projection, 3%
Common health actuary skills
  • FSA, 51%
  • Term Care, 33%
  • GAAP, 5%
  • Filings, 4%
  • Financial Analysis, 3%
  • Business Decisions, 3%

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