Job Brief
As a Product Development Actuary, you will play a crucial role in analyzing statistical data to forecast risks and liabilities associated with insurance products. Leveraging your expertise in mortality, accident, sickness, disability, and retirement rates, you will construct probability tables that inform the pricing of insurance products and the required cash reserves for future benefits. This position demands a strong analytical mindset, proficiency in actuarial modeling techniques, and the ability to communicate complex findings to stakeholders. A successful candidate will possess extensive experience in actuarial science and a commitment to maintaining rigorous standards in product development.
Responsibilities
- Analyze statistical data related to mortality, accident, sickness, disability, and retirement rates to assess risk.
- Develop and maintain probability tables that forecast future liabilities and benefits.
- Calculate insurance rates and determine necessary cash reserves to ensure the payment of future claims.
- Collaborate with cross-functional teams to design and refine insurance products that meet market demands.
- Utilize actuarial software and modeling tools to conduct risk assessments and pricing analyses.
- Prepare detailed reports and presentations to communicate findings and recommendations to stakeholders.
- Stay abreast of regulatory changes, industry trends, and advancements in actuarial methodologies.
- Mentor and guide junior actuaries and analysts in best practices for product development and risk analysis.
Requirements
- Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or a related field; advanced degree preferred.
- Actuarial certification (ASA, FSA, or equivalent) from a recognized professional body.
- Proven experience in product development and risk assessment within the insurance industry.
- Strong proficiency in actuarial modeling software and statistical analysis tools.
- Excellent analytical, problem-solving, and critical-thinking skills.
- Ability to communicate complex concepts in a clear and concise manner to non-technical stakeholders.
- Familiarity with regulatory requirements and industry standards governing insurance products.
- Strong attention to detail and commitment to maintaining high quality in deliverables.
Similar Job Titles
- Actuarial Analyst
- Insurance Product Actuary
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