WHAT DOES AN ACTUARIAL DO?
Published: May 13, 2025 – The Actuarial Professional delivers actuarial insights through pricing tool development, model monitoring, and in-depth performance reporting to support strategic business growth. This position ensures data accuracy and regulatory compliance while aligning pricing strategies with organizational goals. The actuarial professional also builds collaborative partnerships and engages in client-focused consultation to drive business development and project success.
A Review of Professional Skills and Functions for Actuarial
1. Actuarial Analyst Roles
- Financial Analysis: Assist in financial analysis, pricing, and risk assessment to estimate outcomes.
- Math and Finance: Apply knowledge of mathematics, probability, statistics, principles of finance, and business to calculate financial outcomes.
- Data Analysis: Analyze, model, and interpret financial data.
- Risk Assessment: Analyze the risk assessment to guide the Health Plan on trends.
- Team Collaboration: Work independently and as part of a team environment.
- Fast-Paced Work: Work in a fast-paced environment with changing priorities.
- Communication: Effectively present information and respond to questions from peers and management.
- Reporting: Perform internal and state reporting.
2. Senior Actuarial Analyst Details and Accountabilities
- Stakeholder Engagement: Work with various stakeholders to translate business questions into formalized and repeatable analytical processes.
- Experiment Design: Work with various stakeholders throughout the organization to design, develop, and assess experiments aimed at uncovering meaningful and actionable insights.
- Insight Communication: Disseminate the findings from analysis and experiments for easier stakeholder consumption.
- Reporting Development: Assist in the development and refinement of measures and reports designed to improve decision-making.
- Process Documentation: Document all aspects of the analytical process, including data requirements, data processing, analytical approaches utilized, any created code, and, in general, the findings of the work conducted.
- Knowledge Sharing: Contribute to educational initiatives aimed at the development of overall inter- and intra-departmental knowledge.
- Strategic Planning: Participate in planning activities.
- Data Management: Contribute to data management improvements.
- Process Improvement: Improve upon and ensure adherence to established practices, processes, and guidelines.
3. Actuarial Associate Additional Details
- Team Collaboration: Work as part of a team of problem solvers, helping to solve complex business issues from strategy to execution.
- Feedback Skills: Invite and constructively give feedback.
- Collaboration: Share and collaborate effectively with others.
- Problem Solving: Identify and make suggestions for improvements when problems and/or opportunities arise.
- Data Analysis: Handle, manipulate, and analyse data and information responsibly.
- Risk Compliance: Follow risk management and compliance procedures.
- Knowledge Updating: Keep up-to-date with developments in the area of specialism.
- Clear Communication: Communicate confidently in a clear, concise, and articulate manner, verbally and in the materials I produce.
- Networking: Build and maintain an internal and external network.
- Business Learning: Seek opportunities to learn about how PwC works as a global network of firms.
- Ethics Compliance: Uphold the firm's code of ethics and business conduct.
4. Actuarial Associate Responsibilities
- Model Validation: Participate in independent validation for key models based on internal Model Risk Management (MRM) policy and procedures, regulatory guidance, and the industry’s leading practices.
- Benchmarking Models: Build benchmarking and testing models used for model validation and monitoring.
- Validation Reporting: Produce validation reports following MRM internal standards.
- Assessment Communication: Communicate findings and recommendations from assessments to model owners and model users, as applicable.
- Product Knowledge: Understand and articulate new and enhanced features of insurance and annuity products.
- Risk Quantification: Quantify company risk exposure and propose ways to minimize risk.
- Reserve Analysis: Assist in the analysis and documentation of reserve assessments, related internal and regulatory reporting, and regular portfolio monitoring.
- Regulatory Submissions: Contribute to the preparation of submissions to Lloyd’s, the PRA, and other regulators.
- Meeting Participation: Attend meetings of any committee/group.
- Risk Management: Take responsibility for risk management.
- Solvency Reporting: Solvency II and regulatory reporting.
5. Actuarial Consultant Role Purpose
- Technical Pricing: Use technical knowledge to support pricing for global products.
- Pricing Strategy: Recommend a pricing strategy across the company.
- Management Exposure: Gain significant exposure to senior management, developing skills and experience in an actuarial career.
- Performance Analysis: Deliver performance analysis of existing products (insurance).
- Trend-Based Pricing: Recommend pricing actions based on trend analysis.
- Product Pricing: Pricing support for the development of new products.
- Competitor Analysis: Project support about competitor pricing, customer decision-making, and profitability.
- Statistical Modelling: Statistical modelling to provide pricing insights.
- Cross-Functional Partnership: Business partner with Sales, Finance, and Customer Insights teams.
6. Actuarial Manager Duties
- Actuarial Reserving: Develop the internal actuarial claims reserving function and ensure ongoing regulatory compliance.
- Model Development: Build, create, and implement sophisticated claims development models and other actuarial or predictive analytics.
- Reserve Metrics: Provide recommendations for and assist in the creation of reserve-based metrics to be monitored by the business.
- Research and Development Practices: Use research and development best practices, contribute innovative approaches, and propose effective solutions to meet the organization’s objectives.
- Strategic Alignment: Ensure alignment with the organization’s strategic direction and other administrative units, in a performance management context.
- Team Leadership: Provide leadership, coaching, training, and development opportunities to team members.
- Organizational Values: Understand the purpose and values, exploring opportunities for impact.