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Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.

    Work Activities
    • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
    • Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
    • Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
    • Provide advice to clients on a contract basis, working as a consultant.
    • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
    • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
    • Negotiate terms and conditions of reinsurance with other companies.
    • Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
    • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
    • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
    • Testify before public agencies on proposed legislation affecting businesses.
    • Determine policy contract provisions for each type of insurance.
    • Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.
    • Manage credit and help price corporate security offerings.
    • Explain changes in contract provisions to customers.
    Skills
    • Critical Thinking

      Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

    • Judgment and Decision Making

      Considering the relative costs and benefits of potential actions to choose the most appropriate one.

    • Mathematics

      Using mathematics to solve problems.

    WorkKeys®
    Applied Math
    6
    Workplace Documents
    6
    Graphic Literacy
    5
    Abilities
    • Mathematical Reasoning

      The ability to choose the right mathematical methods or formulas to solve a problem.

    • Number Facility

      The ability to add, subtract, multiply, or divide quickly and correctly.

    • Deductive Reasoning

      The ability to apply general rules to specific problems to produce answers that make sense.

    Knowledge
    • Mathematics

      Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.

    • Economics and Accounting

      Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

    • English Language

      Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

    Career Video
    Additional videos and more information available on CareerOneStop
    Pay
    • Ohio Annual Salary $94,000/yr
    • Typical Salary
    • Ohio Hourly Wage $45.19/hr
    • Typical Hourly Wage
    Ohio Employment Trends
    • Currently Employed 1,110
    • Yearly Projected Openings 100
    Typical Education
    Personality
    Conventional: People interested in this work like activities that include data, detail, and regular routines. They do well at jobs that need:
    • Analytical Thinking
    • Attention to Detail
    • Integrity
    • Achievement/Effort
    • Dependability
    • Persistence
    Tools
    • Personal computers
    • Notebook computers
    • Desktop computers
    • Desktop calculator
    Technology
    • Word processing software
    • Presentation software
    • Financial analysis software
    • Data base user interface and query software
    • Analytical or scientific software
    Tags
    • InDemand occupations are considered a priority by the state of Ohio.
    • Bright Outlook occupations will grow rapidly in the next few years, have a large number of openings, or are new and emerging careers.