Actuarial technicians are most commonly found in the insurance companies and financial organizations. Their roles vary depending on the type of work environment they are working in. The general actuarial technician responsibilities comprise performing mathematical calculations and analyzing the financial costs. Based on this, they are responsible for predicting the cost in case of situations like death, accident, or any other unusual event that may occur. They serve to minimize the financial cost involved in the risk.
Key Responsibilities of an Actuarial Technician
Actuarial technician needs to perform a variety of responsibilities like performing various calculations, compiling the financial data, and predicting and evaluating the cost of risk involved if anything unusual happens. Here is a list of key responsibilities that are performed by them:
They ensure that the gathered data is made available for different surveys. They support in performing actuarial filings and other necessary certifications. They assist in performing basic research and extend their support in performing various administrative activities. They predict and evaluate the profitability by analyzing and assessing the present and future business activities. They also provide recommendations to improve the profits for the business organization. They identify the risks involved, provide technical support, and efficiently handle the customers. They control and manage the staff members by guiding them appropriately. Thus in general, from the customers point of view, they are responsible for giving them the maximum benefit. From the organization's point of view, they are responsible for minimizing the financial cost involved in the risk.
A bachelor's degree from an accredited university in computer science, mathematics, statistics, or any other relevant analytical field is preferred. To become a certified professional, a degree in economics, corporate finance, accounting, or business management is essential. To qualify professionally, passing in an actuary examination would prove to be helpful. An internship or an experience in a similar profile will definitely help you in getting the job more easily.
Most of the actuarial technicians work full time involving thirty five to forty hours per week in a normal office environment. Some of them work in insurance companies while some others work for consulting firms. They may need to travel occasionally. Sometimes they may need to extend their work hours.
The salary details vary depending on the type and size of the organization they are employed in. Apart from these factors, it is also dependent on the relevant educational background, certifications, and kind of exposure the individual has in the actuarial field.
There are huge growth opportunities for actuarial technicians in the coming years, especially in the consulting firms. There will be ample chances for them to develop in the health care field as well with the changing health care laws forcing them to employ more people. The career is really bright as the salary packages offered are lucrative for those who have relevant work experience.
Thus, actuarial technician responsibilities are essential to minimize the cost of the risks involved for a business organization as well as for the client. They ensure that the business organization earns more profits after proper analysis of the financial data.