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Actuary Job Description: Top Duties and Qualifications

Your job description is the first touchpoint between your company and your new hire. With millions of people searching for jobs on Indeed each month, a great job description can help you attract the most qualified candidates to your open position. To get you started, here are some tips for creating an effective job description.

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Actuary job title

A great job title typically includes a general term, level of experience and any special requirements. The general term will optimise your job title to show up in a general search for jobs of the same nature. The level of experience will help you attract the most qualified applicants by outlining the amount of responsibility and prior knowledge required. And if your position is specialised, consider including the specialisation in the job title as well. But avoid using internal titles, abbreviations or acronyms to make sure people understand what your job posting is before clicking.

  • Actuary
  • Entry-Level Actuary
  • Benefits Actuary
  • Actuary (Full-Time)
  • Insurance Actuary
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Actuary Job Description Examples:

Example 1

Role Description

A Trainee Actuary will be required to:

  • Join the Institute and Faculty of Actuaries and be willing to meet their requirements in relation to recording learning and submitting supporting evidence
  • Be accepted onto the BPP Apprenticeship Programme
  • Ensure all BPP study requirements are complied with which includes keeping training and study logs up to date
  • Study towards actuarial exams, this will involve independent study as well as attending BPP led sessions
  • Use the skills you are learning to support the delivery of projects
  • Build relationships with internal and external stakeholders

    Essential Skills and experience

  • A degree in actuarial science, mathematics, finance or similar
  • Strong numerical skills
  • Proficient in Microsoft Excel
  • Strong IT skills and technical expertise, ability to adapt to new software.
  • Capable of working to tight deadlines and think on their feet in a pressured environment.
  • Proven team player who can adapt to a fast-paced, ever-changing environment.
  • Excellent time management.

    Desirable skills and experience

    SQL, R and/ or Python coding

    Behaviours

    Communicating and Influencing

  • Communicate clearly and calmly
  • Explain technical acronyms and jargon in plain English
  • Never using inappropriate or offensive language

    Developing Self and Others

  • Working towards professional Actuarial Qualification (IFoA Associate)
  • Be aware of team members and act with empathy and care
  • Share knowledge and best practice with other apprentices

    Deliver a Quality Service

  • Plan your time effectively
  • Continually look for areas of improvement to ensure the business is efficient
  • Raise issues as they arise

    Teamwork

  • Encourage collaboration between all team members
  • Be sincere when dealing with team members, a happy team is a successful team.

    Certifications Required

  • Working towards IFoA Associate - Intellica will fund certifications
  • A trainee who will study towards the following exams CM1,CM2,CS1,CS2,CB1,CB2 and completing coursework for CB3

    Salary & Benefits

  • Starting from £26,000 (additional award based on progress towards certification)
  • Pension Contribution of 5% when you match with 5%
  • Discretionary Bonus up to 10% (depending on personal and company performance)
  • 25 days annual leave plus bank holidays
  • Private Medical Insurance
  • Life Assurance (4 times salary)
  • Yu-Life account - employee health and wellbeing programme

    Job Types: Full-time, Permanent, Fixed term contract, Graduate

    Salary: £26,000.00 per year

    Benefits:
  • Company events
  • Company pension
  • Employee mentoring programme
  • Flexitime
  • Gym membership
  • Health & wellbeing programme
  • Life insurance
  • Private dental insurance
  • Private medical insurance
  • UK visa sponsorship
    Schedule:
  • Day shift
  • Flexitime
  • Holidays
  • Monday to Friday
    Supplemental pay types:
  • Bonus scheme
  • Performance bonus



    Ability to commute/relocate:
  • Liverpool: reliably commute or plan to relocate before starting work (required)

    Education:
  • Bachelor's (preferred)


    Work Location: Hybrid remote in Liverpool


    Application deadline: ID: Graduate Trainee Actuary, Liverpool UK
    Expected start date: 02/10/2023

    • Example 2

    We are the United Kingdom Division of Stewart Title Guaranty Company, a leading provider of residential and commercial title insurance. As one of the largest title insurers in the world, Stewart Title specializes in providing our clients with exceptional service, deep expertise and innovative solutions to help close their real estate transactions with peace of mind.

    Job Description

    An exciting opportunity to join Stewart Title Limited as the Senior Actuary, being involved in all aspects of reserving and Solvency II with an opportunity to make a real difference to the future of the company. This position will support the UK business along with its overseas branches and European subsidiary.

    Responsibilities

  • Responsible for production of quarterly & annual reserving reports for the UK, its branches and subsidiaries.
  • Calculation of Solvency II (Standard Formula SCR & Technical Provisions) information for quarterly and annual reporting.
  • Production of quarterly IFRS17 data templates for applicable entities covered by the standard.
  • Ownership of preparation of reserving reports and presentations for management and assist with preparing materials for Board of Directors meetings and Board Committee meetings where applicable.
  • Assist with the preparation of the annual Solvency II reporting, ORSA, RSR and other regulatory reports as applicable.
  • Liaising with chief actuary to ensure sign-off of all regulatory reporting.
  • Assisting with internal, external, regulatory & Solvency II audits.
  • Work closely with the management teams to provide insight on claims trends and assist with pricing reviews.
  • Identify and implement solutions which improve efficiency and effectiveness through the elimination, simplification, and automation of processes.
  • Meets deadlines in a fast-paced work environment.
  • Participate in special projects as required.
  • Other duties as required or assigned.

    Qualifications

  • Candidate will hold a relevant Actuarial qualification (FIA/FIFA).
  • Minimum of 5 years’ experience working within an insurance company dealing with reserving and/or Solvency II.
  • IFRS17 experience, especially knowledge of GMM welcomed.
  • Strong team orientation with ability to collaborate with internal clients, peers and management.
  • Strong customer service orientation, good communication skills and a proactive approach to problem solving.
  • Proficient in Excel.
    *


    Stewart Title is committed to accommodating persons with disabilities. If you require accommodation during any aspect of the application process, please let us know. We can be reached by:

  • Email ([website])

  • Telephone: [phone number] (please ask to speak to a Human Resources representative)

  • Fax: [phone number]

    Privacy

    Your privacy is important to us. We consider and define Personal Information as any data relating to an individual, whether it relates to his or her private, professional or public life. It can be anything from a name, a photo, an email address, bank details or posts on social media. We only collect, store, use and disclose Personal Information from prospective and current employees for legitimate employment, legal, and business purposes. You can learn more about how we handle and process your personal information in relation to our recruitment process by making a request to our Human Resources department.

    Job Types: Full-time, Permanent

    Salary: £100,000.00-£110,000.00 per year

    Benefits:
  • Work from home
    Schedule:
  • 8 hour shift
  • Day shift
  • Monday to Friday
    Supplemental pay types:
  • Yearly Location: In person

    • Example 3

    About us:
    At YuLife we're transforming products once focused on death and illness into ones that inspire life and reward living — turning old-fashioned employee perks into life-enhancing benefits.
    We are explorers, dreamers and innovators. We’re on a journey to build the best platform in the world, but we can’t do it without people like you, leading the way.
    Forget the stereotypical tech companies of the past. Embrace the unconventional, exercise your imagination and help alter the future with YuLife.
    Which hopefully is where you come in.
    *
    The journey so far: *
    What's happened over the last few years:

    The 2022 mission is to reach 1 million lives!
    The role:
    We are looking for a Nearly/Newly Qualified Actuary to join our growing team. The role will encompass wide ranging actuarial workThe role will encompass wide ranging actuarial work. There will also be the opportunities for developing innovative thinking around risk pricing and management as we re-define the group risk market.
    Requirements:
    The must-haves - someone with experience of:

  • Nearly/Newly Qualified Actuary
  • Strong technical actuarial skills
  • Assumption review and setting.
  • Developing cashflow models.
  • Good understanding of Risk identification and management.

    + the nice-to-haves:

  • Group Risk experience (any of Pricing, systems, claims, experience analysis etc.)
  • Working with third party risk providers (other insurers or reinsurers).
  • Python, VBA, SQL or other programming experience

    Where you will sit in the org:
    You’ll report to James Wigzell, Actuarial Lead.

    *
    The process: *

  • Meet with HR and James Wigzell, Actuarial Lead.

  • Meet With Steve Harry, CFO.

  • Meet the YuLife co-founders Sammy Rubin, CEO, Sam Fromson, COO and Josh Hart, CPTO.

  • Join the YuCrew!

    YuLife Benefits:
    We like to give more than we take so here are some of our benefits:

  • A competitive base salary
  • 6x salary life assurance policy
  • Income protection policy
  • Access to the YuLife app (which includes a tonne of well-being rewards, discounts and exclusive offers as well as access to Meditopia and Fiit)

  • £20 per month to a "be your best Yu" budget
  • Monthly professional coaching with More Happi
  • OnHand Volunteering app
  • Generous parental leave policies
  • Remote working packing; includes laptop, desk, chair etc.
  • Contributory pension = 3% of basic
  • 24 days annual leave + 1 day for your birthday
  • Remote and flexible working
  • Currently our lovely office in Shoreditch is available if people want (and only if they want) to use it.

    Here is our framework and principles around hybrid working at YuLife.
  • Our values: *

    *
    YuLife company culture: *
    Read what one of our key investors has to say about our culture ›

    *
    We're more than just
  • life 12 Mallow St,EC1Y 8RQ,London, London EC1Y

    Job Type: Full-time

    • Example 4

    Job Title - Syndicate Actuary

    Job Market - Lloyd’s Market Actuarial

    Job Location - London

    Senior Syndicate Actuary - About the role

    To work independently under the supervision of Senior Actuaries to deliver a robust and well documented capital model; efficient quarterly reserving exercises; and to lead allocated project work.

    Proactively own pieces of work, explain reasons for selected approaches and why results are reasonable and seek review when appropriate.

    Where appropriate, delegate and manage small teams to deliver allocated work.

    Syndicate Actuary - Key duties

    Manage the development and parameterisation of syndicate capital models including signing off on complex changes in the capital modelling platform, in such a way that is compliant with Solvency II policies.

    Run the validation process on allocated syndicate(s) capital models and document conclusions

    Either produce GAAP reserves for allocated syndicate(s) or support reserving oversight of Syndicate produced reserves.

    Produce Solvency II Technical Provisions and Standard Formulas for allocated syndicate(s) ready for submission (after peer review and sign-off).

    Run allocated Actuarial project work as required and provide roll out/training to the rest of the team as appropriate

    Interact with other departments to deliver wider syndicate returns (e.g. Finance, UW Management)

    Interact with staff of allocated syndicate(s) to gather information required and present analysis back with a focus on providing excellent service to managed syndicates. This may include providing pricing analysis or support as required.

    Develop an understanding of the risks and controls relevant to the actuarial function, operate within the prescribed procedures and guidelines and report / discuss issues with line manager.

    Syndicate Actuary - Key requirements

    Qualified Actuary / General Insurance/London Market Actuarial experience

    Experience in actuarial capital modelling would be advantageous but not essential

    Excellent IT skills

    Salary dependant on experience

    Job Types: Full-time, Permanent

    Salary: From £40,000.00 per year

    Schedule:
  • Monday to Friday

    Ability to commute/relocate:
  • London: reliably commute or plan to relocate before starting work (required)

    Education:
  • Bachelor's (preferred)

    Experience:
  • Syndicate Actuary: 1 year (preferred)
  • actuarial capital modelling: 1 year (preferred)
  • IT skills: 1 year (preferred)
  • London Market Actuarial: 1 year (preferred)
  • General Insurance: 1 year (preferred)

    Work Location: One ID: TMASynAct

    • Example 5

    The role

    One of our leading clients based in Central London is recruiting a Project Director within the Regulatory Standards division which sits in the Actuarial Non-life Insurance Team. They are responsible for public and technical Non-life Insurance covering accountancy, audit and actuarial work for which they set the regulatory codes and standards. The successful candidate will work with the Director of Actuarial Policy, Senior Project Directors, and other Project Directors in the team to deliver objectives in their annual strategy and plan.

    This is an exciting opportunity for someone who is passionate about the work they do, looking for flexibility within their role, and is looking to grow and develop within the regulatory industry and to help develop the technical actuarial standards in the UK. The role would suit an individual who is looking for a progressive and collaborative work environment, where working as a team is key to the success of the department.

    The Person

    · Have externally acknowledged technical expertise in their field who can engage credibly with senior actuarial practitioners and other senior stakeholders

    · Possess knowledge of the standards and guidance issued by the IFoA to its members, and of the IFoA’s education, CPD, competence and disciplinary regimes

    · Have strong oral and written communications, including strong presentation skills and experience of speaking to large and challenging audiences

    · Have strong analytical skills both in assessing issues to include in actuarial standards and in interpretation and synthesis of a wide range of responses to consultation documents

    · Be able to work collaboratively in a team environment and also to work independently when required

    Experience and Qualifications

    · Possess strategic knowledge of, developments and issues affecting the non-life insurance sector.

    · Have externally acknowledged technical expertise in the non-life insurance sector who can engage credibly with senior actuarial practitioners and other senior stakeholders.

    · Knowledge in finance and investment sector or emerging areas such as data science and climate change desirable.

    · Experience of regulation, supervision or research and/or a former practitioner

    · Operated at a senior level in a consulting, in house, management or regulatory role

    · A strong understanding of what drives high quality actuarial work

    · Have deep technical knowledge of the pensions industry

    · Fellow of the IFoA with significant post qualification experience preferable

    · Knowledge and experience in modelling in assets and liabilities is desirable

    · Must have experience working in Non-life Insurance

    Our client is offering a highly competitive salary and benefits package. We would urge any potentially interested candidates to contact us for more details or to submit their CV via our website for immediate consideration.

    We're really excited to be supporting our client with this requirement, as we're confident that upon learning more any potentially suitable candidates will be very interested.

    Job Types: Full-time, Permanent, Part-time

    Salary: £114,155.25 per year

    Benefits:
  • Company pension
  • Life insurance
  • Private medical insurance
  • Work from home
    Schedule:
  • Monday to deadline: 12/10/2022

    • Actuary job summary

    A great job description starts with a compelling summary of the position and its role within your company. Your summary should provide an overview of your company and expectations for the position. Outline the types of activities and responsibilities required for the job so jobseekers can determine if they are qualified, or if the job is a good fit.

    Example of an Actuary job summary

    We are looking for a Senior Actuary with expertise in investment and financial planning to join our growing team. The Senior Actuary will be responsible finding solutions to balance costs and risks, conducting regular rate analysis, researching and pricing products and financial product development. The right candidate will apply his or her talents at our progressive, growing company and enjoy advantages such as the opportunity for professional growth and a comprehensive benefits package.

    Actuary responsibilities and duties

    The responsibilities and duties section is the most important part of the job description. Here you should outline the functions this position will perform on a regular basis, how the job functions within the organization and who the employee reports to.

    • Prepare monthly and quarterly financial reports
    • Use pricing models to perform analysis
    • Monitor market for current prices and products and prepare competitive analysis reports
    • Handle preparation and submission for filings of long-term care rates
    • Design and price insurance policies and pensions and ensure plans are financially sound

    Actuary qualifications and skills

    Next, outline the required and preferred skills for your position. This may include education, previous job experience, certifications and technical skills. You may also include soft skills and personality traits that you envision for a successful employee. While it may be tempting to include a long list of skills and requirements, including too many could dissuade qualified candidates from applying. Keep your list of qualifications concise, but provide enough detail with relevant keywords and terms.

    • Bachelor’s Degree in Mathematics, Statistics, Actuarial Science or related discipline
    • 5+ years’ experience evaluating insurance and pension plans
    • Strong written and verbal communication skills
    • Ability to clearly explain complex statistics and technical details
    • Advanced computer skills, including understanding of databases, spreadsheets and statistical analysis software
    • Strong attention to detail
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