Work in an office and use computers to analyze statistical data such as accident, mortality, illness, disability, and retirement rates. Construct probability tables to predict risk and liability for payment of future benefits, often for an insurance company or the benefits department of a corporation. Use critical thinking to determine rates to offer and savings to maintain to ensure payment of future benefits.
Use mathematics and statistics to analyze numerical data summarizing and extrapolating rates of illness, accident, disability, retirement, and mortality.Calculate premium rates necessary to cover liabilities and ensure cash reserves to make payments of future benefits.Develop and evaluate insurance, annuity, and pension plans, monitoring financial viability and adjusting premiums as neededUse financial analysis to help create company policy.Explain complicated statistical data to corporate executives, government officialys, board members, and others who may have a financial interest.May work as a consultant, advising clients on a contractual basis.
Skills and Knowledge (Strengths and Talents)
Finance – analyze statistical data and use it to inform decisions and make projections; understand liabilities, insurance premiums, and benefitsCommunication – use presentation software and other means to clearly explain complicated data and conclusionsLaws and guidelines – know, understand, and be able to apply relevant financial laws, regulations, and proceduresCritical thinking – use logic, reasoning, and problem solving skills to evaluate the effectiveness of solutions, determine the validity of conclusions, and identify the pros and cons of different approaches Judgement and Decision Making –Evaluate the costs and benefits of certain decisions and determine the best option Mathematical proficiency – understand and apply mathematical rules and procedures to perform calculations and interpret data, including an in depth understanding of statisticsReading comprehension – understand written material related to the field Listening – actively attend to what others are communicating, evaluating your own understanding and asking questions as needed while not interrupting at inappropriate times
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