Assistant Actuary Responsibilities

Assistant actuary responsibilities or the work of an assistant actuary is to act as a helping hand to the chief actuary in an organization. Actuary is a vast field and the individuals working in this industry have different options such as life and health insurance, property insurance, investment insurance, general insurance, retirement planning, and pension planning, to name a few.

Assistant actuaries are the professionals who have to perform the preliminary research using various statistics and database models and help the actuary to devise premium plan and amount. They use various conventional and unconventional methods to assess the odds of risks and mishaps that may affect the client's physical and/or financial condition.

Any insurance plan is effective as long as it can cover the risks. As the assistant actuaries work, they are expected to provide accurate analysis of database and statistics so that an economic and reasonable insurance plan can be worked out for the client.

The job of assistant actuaries is not just limited to private organization; they also work for federal organizations. Some assistant actuaries chose to work as freelancers.

Assistant actuary's responsibilities for individuals working in life and health insurance are as follows:

• Forecasting events: Assistant actuaries have to forecast the probability of natural calamities and any other events that may have a negative impact on the client's physical and/or financial wellbeing.

• Examine client's health: Assistant actuaries have to analyze the physical and psychological characteristics of a client. They have to check the current and previous medical records to see if the client is suffering from a chronic disease. Other factors such as age, gender, habits such as smoking or drinking are also considered by the assistant actuary in this stage.

• Formulate insurance plans: Assistant actuaries present the information to the actuary and formulate an insurance policy that is economical and suitable to the client's requirement.

• Provide assistance for reinsurance: Assistant actuaries have to help the actuary in the reinsurance of policies that may have lapsed due to non-payment of premium or any other reason.

Assistant actuaries working in the financial industry are assigned with the following duties on a regular basis:

• Develop database models: An assistant actuary has to look into the business and balance sheet of an organization and has to develop database models to analyze the assets, liabilities and funds of the organization.

• Suggest investment options: Actuary assistant works alongside the portfolio managers and provides investment options that will yield profits in the long run.

• Risk management: In addition to suggesting investment options, an assistant actuary has to provide risk management solutions to the business firms and how these risks can be eliminated.

Assistant actuaries, apart from working for individual and corporate clients, also work with nonprofit organizations. They help in devising pension plans for the physically and mentally challenged people who are unable to earn their livelihood.

Skills of an Assistant Actuary

An assistant actuary needs to have excellent command over mathematics, statistical, database modeling, and other practices of actuarial science. Ability to work on multiple projects with equal dedication is a must for an assistant actuary. You also need to possess excellent technical skills and knowledge of database application in order to generate and manage complex data and other information.

Becoming an Assistant Actuary

Individuals with a degree in actuarial sciences get a job in this field. Even if you have completed a bachelor's degree in business finance, statistics, or related fields, you can easily become an assistant actuary.

Career Scope for Assistant Actuary

Assistant actuaries can earn up to $89,000 annually. To become a certified actuary, an assistant actuary has to appear for a series of seven tests held by the held by the Casualty Actuarial Society (CAS) and four exams held by The Society of Actuaries (SOA).

Assistant actuary responsibilities are provided to highlight the duties assigned in this profession and the career prospects that this job has to offer.