Use mathematical formulas to predict risks for insurance companies.
What does an Actuarial Technician do?
We face a lot of risks in life. The mere act of stepping out the front door can result in a catastrophe, let alone getting in the car and driving. And even if we become agoraphobic and choose to never leave the house, we still run the risk of having something bad happen to our home or finances.
That’s why Actuaries and Actuarial Technicians exist. Actuaries predict everyday risks, and suggest ways to deal with them. And Actuarial Technicians assist Actuaries by preparing and filing forms.
As an Actuarial Technician, you work primarily for insurance companies, but you can also find employment with the government or private companies. You help analyze data and research to come up with the rates insurance companies should charge or programs like social security and Medicare should budget for. Say your company is trying to set a new premium on auto insurance. You look at things like age, type of car driven, number of past accidents, and area of the country to come up with the insurance rates your company should charge customers.
Most of the heavy lifting in this job is done by the Actuary you work beneath. The big difference between you and them is the number of actuarial exams completed. There are a total of seven exams that need to be completed to be considered a licensed Actuary, and it takes between four and eight years to successfully finish all. As an Actuarial Technician, you’re not required to pass any of these exams to get hired.
You use a lot of spreadsheets and math in this job. So it would be ideal if you like statistics or calculus.