WHAT DOES AN ACTUARY DO?
Updated: May 05, 2026. The Actuary brings expertise in pricing, modeling, data analysis, and risk assessment to support product and strategy. This role drives insights, improves processes, and collaborates across functions to strengthen performance and compliance. The position also supports stakeholder engagement, communication, and innovation for sustainable growth and competitive solutions.
Key Responsibilities of an Actuary
1. Actuary Essential Functions
- Analytical Skills: Undertake quarterly experience analysis, delivering clear interpretation and business messaging to support informed decision-making.
- Process Improvement: Design and implement processes to enhance automation and monitoring of experience against expected performance benchmarks.
- Process Improvement: Recommend and implement enhancements to the experience investigation process, improving efficiency, consistency, and analytical depth.
- Data Management: Develop and manage processes ensuring the integrity and accuracy of input data and analytical systems, with thorough documentation.
- Business Support: Collaborate with business managers to implement responsive systems and performance metrics aligned with operational objectives.
- Claims Management: Drive claim levels in alignment with business objectives through proactive monitoring and performance analysis.
- Tool Development: Develop tools and techniques to meet user demand for customer and scheme-level claims analytics.
- Technical Oversight: Oversee implementation and operation of analytical tools, including R, supporting experience analysis and reporting activities.
- Business Insight: Analyze underlying business drivers and provide actionable insights to interpret performance results effectively.
- Team Management: Lead staff responsible for collecting and analyzing claims and related data, ensuring accuracy and timely delivery.
- Mentorship Support: Support senior leadership in assumption recommendations while mentoring junior staff and enhancing analytical capabilities.
2. Actuary Details and Accountabilities
- Data Analysis: Analyse product-related data from multiple sources to assess completeness, accuracy, and overall data reliability.
- Irregularity Identification: Identify product experience irregularities to ensure accurate client insights and robust analytical outcomes.
- Competitive Analysis: Analyse competitor products and pricing to support the development and maintenance of competitive risk solutions.
- Experience Review: Review investigations, modeling, and analysis to develop new risk solutions and monitor existing product performance.
- Pricing Development: Develop and maintain pricing models and underlying assumptions to support sustainable product performance.
- Reporting Presentation: Prepare product health reports and present profitability insights to support decision-making through scenario analysis.
- Technical Support: Provide actuarial support to risk and claims teams across initiatives requiring technical expertise and analysis.
- Relationship Building: Build and maintain collaborative relationships with internal and external stakeholders across multiple business functions.
- Client Service: Recommend improvements to client service practices while promoting fair and consistent treatment of clients.
- Culture Contribution: Contribute to a culture that encourages collaboration, feedback, and delivery of high-quality client service.
3. Actuary Additional Details
- Reporting Support: Support reporting processes and the production of quantitative reporting templates, ensuring accuracy and regulatory compliance.
- Technical Provisions: Support the production of Solvency II technical provisions through data validation and actuarial analysis.
- Capital Calculation: Assist in calculating the Solvency Capital Requirement using appropriate methodologies and regulatory frameworks.
- Report Production: Assist in producing actuarial function reports with clear analysis and well-structured documentation.
- Risk Management: Support the risk function in producing the ORSA report through analysis and scenario evaluation.
- Exhibit Preparation: Prepare exhibits for quarterly board and risk committee meetings, ensuring clarity and accuracy.
- Auditor Liaison: Liaise with internal and external auditors to support audits and address actuarial queries.
- Cross-Functional Collaboration: Collaborate with finance, compliance, underwriting, and claims teams to support business and regulatory requirements.
- Pricing Analysis: Assist in pricing analysis for the mortgage insurance business using actuarial techniques and data insights.
- Documentation Maintenance: Maintain and enhance documentation of internal policies, procedures, and actuarial reports.
4. Actuary Essential Functions
- Subject Expertise: Participate as a subject matter expert with prospective clients, providing actuarial and analytical insights.
- Collateral Creation: Develop collateral on analytical products to support sales and marketing initiatives.
- Public Speaking: Present to external audiences at industry events to enhance brand awareness and thought leadership.
- Project Participation: Participate in client projects, ensuring effective implementation of analytics-based products.
- Client Support: Support account managers in client interactions by addressing actuarial questions and providing technical guidance.
- Client Reporting: Deliver client updates on analytics and scores while managing standard reporting processes.
- Filing Support: Assist in developing filing support and respond to regulator queries during approval processes.
- Research Proposals: Propose, define, and support research on new analytics ideas to enhance service value for clients.
- Business Requirements: Support the evaluation of analytics ideas and define business requirements for development initiatives.
- Algorithm Development: Contribute to the development of algorithms assessing motor insurance risk and providing insights to stakeholders.
5. Actuary Role Purpose
- Statistical Research: Research alternative statistical modeling methodologies to enhance analytical accuracy and model performance.
- Prototyping: Prototype new product features with product development teams to support innovation and practical implementation.
- Operational Analytics: Provide operational analytics support to client delivery teams, ensuring timely and relevant insights.
- Relationship Building: Build internal relationships and collaborate effectively across cross-functional teams.
- Analytics Collaboration: Work with analytics teams to define and research solutions to internal and external queries.
- Research Conduct: Conduct research to inform pricing, design assumptions, projections, and business advice.
- Cost Effectiveness: Identify solutions to improve cost-effectiveness and increase the operational efficiency of risk solutions.
- Risk Identification: Provide input into risk identification processes and communicate recommendations to relevant stakeholders.
- Innovation Contribution: Contribute to innovation in risk solution design through the development and implementation of new ideas.
- Technical Knowledge: Maintain up-to-date technical, product, and legislative knowledge to support compliant and effective client solutions.
6. Actuary General Responsibilities
- Actuarial Support: Provide actuarial support and business solutions to internal and external stakeholders aligned with the client value proposition.
- Model Validation: Coordinate the model validation workstream, ensuring timely vendor deliverables with sufficient completeness and quality.
- Model Development: Set up new models or implement changes to resolve calculation deficiencies within actuarial frameworks.
- Model Implementation: Coordinate the implementation of model changes across actuarial teams based on appropriate modeling expertise.
- Technical Guidance: Provide technical input and guidance on complex business problems requiring actuarial support.
- Performance Analysis: Review financial performance against market trends to assess business positioning.
- Project Evaluation: Assess outcomes of business projects using key performance indicators defined in business cases.
- Stakeholder Engagement: Ensure stakeholder understanding through continuous education and communication of key findings.
- Knowledge Sharing: Maintain accurate information delivery by promoting knowledge sharing within the team.
- Volume Analysis: Interpret business volumes and track performance against monthly targets.
- Strategic Support: Support the achievement of business strategy objectives and organizational values.
7. Actuary Key Accountabilities
- Product Development: Identify enhancements and report on existing products to support the development of new product offerings.
- Business Monitoring: Monitor the business profile regularly and assess the resulting impact on performance and risk exposure.
- Reporting Oversight: Provide oversight and interpretation of monthly actuarial reports through business presentations.
- Regulatory Awareness: Maintain awareness of legislation and industry changes through research and professional engagement.
- Values Alignment: Demonstrate company vision and values through interactions with team members and stakeholders.
- Continuous Learning: Stay updated on developments within the area of expertise to maintain technical relevance.
- Personal Development: Ensure continuous personal growth to enhance effectiveness in role performance.
- Corporate Support: Participate in corporate responsibility initiatives supporting the overall business strategy.
- Process Improvement: Identify opportunities to improve processes, models, and systems through agile thinking.
- Culture Contribution: Contribute to a culture that supports transformation goals and organizational success.
- Corporate Responsibility: Support corporate social responsibility initiatives aligned with key business strategies.
- Process Enhancement: Identify and recommend improvements to processes, systems, and policies, and support implementation.
8. Actuary Roles and Details
- Pricing Modeling: Develop and enhance pricing and reserve analysis models with comprehensive supporting documentation.
- Marketing Support: Provide actuarial support to marketing teams based on business needs and strategic initiatives.
- Client Engagement: Engage with clients and prospects during sales processes to support relationship development and business growth.
- Data Interpretation: Lead the manipulation and interpretation of client data to generate actionable insights.
- Business Evaluation: Evaluate new business opportunities and develop appropriate pricing strategies.
- Quote Management: Lead the completion of quotes for new opportunities, ensuring accuracy and competitiveness.
- Due Diligence: Perform due diligence on insurers, administrators, and service providers related to business activities.
- Reinsurance Structuring: Develop reinsurance agreements aligned with risk management and business objectives.
- Financial Analysis: Analyze periodic financial results, summarize findings, and report insights to senior management.
- Actuarial Appraisal: Perform actuarial appraisals of insurers, segments, and blocks of insurance contracts.
- Team Leadership: Provide oversight and direction to junior actuarial and financial associates.
- Workplace Culture: Foster a positive and engaged work environment within the team.
- Mentorship Guidance: Mentor associates and guide professional development.
9. Actuary Responsibilities and Key Tasks
- Product Management: Maintain and enhance product specifications for existing life insurance products.
- Actuarial Modeling: Perform actuarial and statistical modeling with value assessment of the in-force business.
- Model Validation: Validate models against historical product rules and assess the impact of campaigns and limited offers.
- Product Design: Collaborate with research teams to determine suitable product design features.
- Performance Reporting: Report on the performance of product launches and existing policies to support strategic decisions.
- Ad Hoc Analysis: Investigate ad hoc queries to assess potential impact on clients and embedded value.
- Implementation Management: Manage the implementation of product launches, operational enhancements, and management actions.
- Financial Tools: Build financial tools supporting daily operations, including claims and underwriting initiatives.
- Business Advisory: Provide actuarial advisory and support to multiple business units across operations and systems.
- Stakeholder Liaison: Liaise with stakeholders to ensure product features are supported, compliant, and operationally feasible.
- Client Communication: Create and update product guides and client communications for ongoing and ad hoc needs.
10. Actuary Duties and Roles
- Strategic Partnership: Support profitable growth and product development by acting as an actuarial expert and strategic business partner.
- Competitive Analysis: Analyze the competitive landscape and pricing to inform rate comparisons and strategic recommendations.
- Cost Optimization: Develop initiatives to reduce cost structures and improve pricing competitiveness while meeting financial targets.
- Product Innovation: Create initiatives to enhance product attractiveness, networks, and contract arrangements supporting growth.
- Data Analysis: Evaluate multiple data sources, including conflicting inputs, to justify recommendations and identify risks and opportunities.
- Cross-Functional Collaboration: Collaborate with various teams to understand data inputs and align business strategies.
- Business Collaboration: Partner with sales, medical management, network, product, finance, and underwriting teams to develop initiatives and performance metrics.
- Pricing Strategy: Develop responsible pricing strategies to support sustainable membership growth.
- Risk Assessment: Recommend decisions that balance downside risk with calculated opportunities for optimal outcomes.
- Regulatory Liaison: Build relationships with regulators and participate in proactive and responsive communications.
- Communication Skills: Prepare clear verbal and written communication for diverse audiences, including leadership and external stakeholders.
Editorial Process and Content Quality
This content is developed by the Lamwork Editorial Team using structured analysis of real-world job data, skill requirements, and hiring patterns.
Research framework by Lam Nguyen, Founder & Editorial Lead.
Reviewed by Thanh Huyen, Managing Editor.
Learn more about our editorial standards.