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What Does an Actuarial Coordinator Do?

What Does an Actuarial Coordinator Do? thumbnail
An actuarial coordinator explains the new insurance policy to clients.

Actuarial coordinators analyze statistical data to estimate disability, accident, mortality, sickness and retirement rates. They let insurance companies know how much to charge a policyholder for coverage by analyzing market trends, preparing risk assessment reports, and generating probability charts. According to StateUniversity.com, over 60 percent of all actuaries work for private insurance companies.

  1. Job Responsibilities

    • Responsibilities on the job may range from training actuarial analysts to designing insurance policies and pension plans. Actuarial coordinators may use mathematical models, probability and statistics to determine the premium rates of its customers and financial risks of the insurance company. They should be able to predict how much an insurance company will pay its customers for claims. Other duties may include supervising clerks, studying economic and social trends, and providing explanations for senior management regarding business forecasts and financial reports.

    Job Requirements

    • Actuarial coordinators should have strong math, research, and problem-solving skills and be comfortable working with statistical data. In addition to strong analytical skills, this job requires excellent communication skills to provide subject expertise to other functional areas of the company. Most hiring managers prefer candidates with five or more years of actuarial experience and knowledge of actuarial pricing software. They should be familiar with the latest economic trends and business issues.

    Educational Requirements

    • Actuarial coordinators should have a bachelor's degree in mathematics, statistics, actuarial science or a business-related discipline, such as economics, finance or accounting. More than 100 colleges and universities offer actuarial science degrees. Actuaries need a strong foundation in business and mathematics, which includes calculus, probability and statistics. Computer science is also an important part of actuarial training.

    Certification

    • The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) offers certifications or licenses to actuarial professionals that pass a series of examinations. The SOA certifies actuaries in various fields, such as health benefits, life insurance, retirement systems, finance and investment. The CAS offers a series of exams in the property and casualty field, which includes homeowners, medical malpractice, automobile, workers compensation and personal injury liability. Those who pass one or more examinations are often rewarded with a pay increase or a higher starting salary.

    Employers

    • Actuarial coordinators often work in various departments in insurance companies, such as underwriting, investment, pension, sales and service. Others are employed at banks, consulting firms, colleges, Federal or State government. According to StateUniversity.com, over 60 percent of all actuaries work for private insurance companies. They normally work 40 hours per week or longer in comfortable offices. Some traveling to clients' offices or to conventions may be required.

    Salary Information

    • Actuary professionals are among the highest-paid employees in the financial services industry. The average salary of an actuary is $129,000 and ranked 6th highest pay job in America, according to an article from CNN Money.com on November, 2009. The Bureau of Labor Statistics Occupational Handbook reported that the top 10 percent of actuaries earned more than $160,780, as of 2008.

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