Actuarial Assistant Responsibilities

Actuarial assistant responsibilities differ with each job; however the basic responsibilities remain the same. This job offers a variety of responsibilities and chances to grow and earn a handsome salary.

Actuarial assistants are employed at insurance companies where they research into the data and calculate premium amount for different types of insurances such as life insurance, health insurance, automobile insurance, etc. Together with the actuarial analysts, the actuarial assistants they are engaged in the development of insurance plans based on the clients requirements.

Actuarial assistants work as a fulltime or freelance employees not just for the insurance companies, but also for government authorities and for automobile insurers or property insurers too.

Actuarial assistant implies that the person in this position works under the actuary and has to provide necessary help to the actuary to determine premium rates through thorough research and study. Actuarial assistants' responsibilities also include devising pension plans for employees of an organization.

The actuarial assistant responsibilities for professionals engaged in this profession are enlisted below:

• Prepare database models: Actuarial assistants have to prepare database models and research into the financial background of clients to provide an accurate picture of their insurance requirements.

• Study clients background: Whether it is a life insurance, property insurance, automobile insurance or general insurance, an actuarial assistant has to study the financial and personal background of client before preparing an insurance plan including his/her credit history before preparing an insurance plan.

• Forecast contingencies: Actuarial assistants have to forecast the natural calamities or any other mishaps that may occur and also calculate the possible damages caused due to this mishap to the insured person or property. Actuarial assistants prepare probability tables for any possible mishaps and market fluctuations that may affect the client physically or financially. This helps the actuaries to decide on the premium amount and the number of installments that need to be collected from the client.

• Devise investment policies: While dealing with corporate clients, an actuarial assistant has to associate with the portfolio managers to develop investment policies. They also provide advice on risk management to enhance profits while reducing risks on the investments of an organization.

• Calculate costs for reinsurance: An actuarial assistant has to calculate the costs of reinsurance for clients, policies of whom might have lapsed due to any reason.

Along with the above mentioned responsibilities, an actuarial analyst also performs some additional tasks that are nonetheless equally important for the organization. He has to calculate the necessary cash reserves that need to be maintained to ensure that the clients can be paid on time if they file for insurance claim. In case of any mishap, an actuarial assistant also testifies in the court to evaluate the earnings of an individual. Any other tasks assigned by the senior staff must be executed by the actuarial assistant in a professional manner.

While working for an organization, an actuarial assistant is expected to maintain high levels of professionalism and confidentiality and must follow the organizational policies.

Skills of an Actuarial Assistant

An actuarial assistant must have strong knowledge of mathematics, statistics, SQL databases, and components of financial markets in order to devise and provide effective insurance and investment plans that are cost effective and yield profits for the clients and the organization as well. A person working in this position must possess excellent analytical, problem solving and communication skills in order to work efficiently with complex investment models and communicate with the colleagues and clients in a better way.

Becoming an Actuarial Assistant

You will require a bachelor's degree in business finance, mathematics or statistics with knowledge of using advanced computer applications used in database modeling and statistical analysis.

Career Scope for Actuarial Assistant

You can earn up to $89,000 annually while you work as an actuarial assistant. You can move to the position of senior actuarial assistant as you gain experience. To become an actuary, you can appear for exams held by Casualty Actuarial Society (CAS) or The Society of Actuaries (SOA).

The actuarial assistant responsibilities are to provide timely assistance to the actuary and provide services to the clients in a timely and professional way.