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Actuarial Analyst – Role Specification and Professional Requirements

💰 $65,000 – $110,000

ActuarialInsuranceFinanceAnalyticsRisk Management

Role Purpose

The Actuarial Analyst supports actuarial, financial, and risk management functions through quantitative analysis, statistical modeling, and actuarial judgment. The role contributes to pricing, reserving, capital modeling, and regulatory reporting activities across insurance and reinsurance portfolios. The Actuarial Analyst is expected to produce accurate, well-documented analyses and to translate technical findings into insights that inform underwriting, financial reporting, and strategic decision-making.

The position operates within established actuarial governance frameworks and professional standards, supporting both routine reporting cycles and longer-term analytical initiatives.

Organizational Context

  • Reports to: Actuarial Manager, Senior Actuary, or Head of Pricing/Reserving
  • Key stakeholders: Underwriting, Claims, Finance, Risk Management, Compliance, IT/Data Engineering
  • May provide guidance to: Junior Analysts, Interns, or Graduate Actuarial Trainees

Career Framework

Typical Entry Backgrounds

  • Graduate or Junior Actuarial Analyst roles with foundational actuarial exposure
  • Quantitative analyst roles with insurance data experience
  • University graduates in actuarial science or related quantitative disciplines with actuarial exam credit

Progression Pathways

  • Senior Actuarial Analyst
  • Pricing Actuary, Reserving Actuary, or Capital Modeling Actuary (ASA/ACAS level)
  • Actuarial Manager or Product Pricing Lead

Lateral Career Options

  • Insurance Product Management
  • Enterprise Risk Management or Capital Analytics
  • Predictive Analytics or Data Science functions within insurance organizations

Core Responsibilities

Actuarial Analysis and Modeling

  • Perform pricing analyses using actuarial and statistical methods, including generalized linear models and predictive techniques, to support rate adequacy, segmentation, and underwriting strategy.
  • Prepare loss reserving analyses using standard actuarial methodologies such as development triangles, Bornhuetter-Ferguson methods, and stochastic reserving techniques.
  • Conduct experience studies, trend analyses, and credibility assessments to evaluate loss drivers and refine assumptions.
  • Develop and maintain actuarial models used for pricing, reserving, capital, and scenario analysis, ensuring transparency, reproducibility, and appropriate documentation.
  • Perform sensitivity testing and scenario analysis to assess volatility, tail risk, and uncertainty in actuarial estimates.

Financial Reporting and Regulatory Support

  • Support statutory, GAAP, and IFRS reporting processes by producing actuarial inputs, reconciliations, and supporting exhibits.
  • Assist in the preparation of actuarial memoranda, reserve documentation, and rate filing materials for regulatory review.
  • Monitor regulatory and accounting developments and assess potential impacts on actuarial assumptions and methodologies.

Data Management and Automation

  • Extract, validate, and transform policy, claims, and exposure data using SQL, Python, R, or actuarial systems.
  • Develop automated workflows and tools to improve efficiency, reduce manual error, and enhance consistency across actuarial analyses.
  • Build and maintain reporting outputs, dashboards, and summary materials for actuarial and non-actuarial stakeholders.

Cross-Functional Collaboration

  • Work closely with underwriting, claims, finance, and risk teams to align actuarial assumptions with operational realities.
  • Communicate analytical results clearly to non-technical audiences, including implications for pricing, profitability, and risk.
  • Contribute actuarial input to new product development, portfolio management, and reinsurance evaluation.

Governance and Professional Standards

  • Adhere to actuarial standards of practice, internal model governance policies, and documentation requirements.
  • Participate in model validation, peer review, audit, and regulatory examination processes.
  • Maintain organized records of assumptions, methodologies, limitations, and validation results.

Knowledge Sharing and Development

  • Provide technical support and informal mentoring to junior analysts where appropriate.
  • Contribute to the continuous improvement of actuarial processes, tools, and methodologies.
  • Maintain awareness of industry trends, emerging techniques, and regulatory developments relevant to actuarial practice.

Required Skills and Competencies

Technical and Professional Skills

  • Actuarial methods including pricing, reserving, credibility theory, and loss development techniques.
  • Statistical modeling and predictive analytics, including GLMs and model performance evaluation.
  • Proficiency in Python and/or R for data analysis and modeling, with strong SQL capability.
  • Advanced Excel skills, including structured model design and automation.
  • Experience with actuarial software platforms (e.g., Prophet, AXIS, MG-ALFA, or similar).
  • Knowledge of insurance accounting frameworks (statutory, US GAAP, IFRS 17).
  • Familiarity with reinsurance structures and their impact on pricing, reserving, and capital.
  • Data visualization and reporting using BI or analytics tools.
  • Understanding of model governance, validation, and documentation practices.

Behavioral and Interpersonal Competencies

  • Analytical rigor and attention to detail.
  • Clear written and verbal communication of technical concepts.
  • Effective prioritization and time management in recurring reporting cycles.
  • Collaborative approach to cross-functional work.
  • Professional judgment and ethical decision-making consistent with actuarial standards.
  • Willingness to engage in continuous learning and professional development.

Education and Experience Requirements

Education

Minimum

  • Bachelor’s degree in Actuarial Science, Mathematics, Statistics, Economics, Finance, or a related quantitative discipline.

Preferred

  • Advanced coursework or graduate degree in quantitative fields.
  • Demonstrated progress toward actuarial professional credentials (SOA, CAS, IFoA).

Experience

  • Typically 1–5 years of relevant actuarial or insurance analytics experience, depending on role level.
  • Experience supporting pricing, reserving, or financial reporting processes within insurance or reinsurance environments.
  • Exposure to actuarial modeling systems, regulatory reporting, and cross-functional stakeholder engagement.
  • Evidence of increasing responsibility and independent analytical contribution over time.

Professional Credentials and Development

  • Progress toward actuarial qualification (ASA, ACAS, or equivalent) is expected for continued advancement.
  • Ongoing participation in professional education and adherence to actuarial codes of conduct are required.
  • Engagement in peer review, knowledge sharing, and professional forums is encouraged.

Role Summary

The Actuarial Analyst plays a foundational role in the delivery of actuarial insight, supporting sound financial management, regulatory compliance, and informed risk-taking. The position requires strong technical capability, disciplined analytical practices, and the ability to apply actuarial judgment within a structured governance framework.

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