An actuarial assistant is a job position that relies heavily upon mathematics and statistics. In most cases, individuals in this field are employed by insurance companies full time, but some work as freelancers. The essential role of an actuarial assistant is to help insurance companies reduce risks and increase returns. Consequently, there are five fundamental job duties of this position. These include calculating statistical data, determining the probability of unforeseen events, determining insurance premiums, explaining details to insurance companies and assisting clients in choosing insurance policies.
One of the primary duties of an actuarial assistant is to calculate statistical data. This mainly involves using statistics to determine what the odds are of unforeseen events occurring. The specifics of this data will differ depending upon what type of insurance company the individual is working with, but the process is basically the same.
For example, if an actuarial assistant is working with a life insurance company, he may look into the average death rate of people over a certain age. If he is working with a health insurance company, he might look at data to determine what the odds are of a person acquiring a specific disease. Performing this action often requires in-depth mathematical skills, so individuals are usually required to have a minimum of a bachelor's degree in math or statistics. Once an actuarial assistant figures out the necessary statistics, they will be used to create insurance policies.
Another important role of an actuarial assistant is to help an insurance company determine how much to charge for insurance premiums. The common goal of most insurance companies is to provide clients with a fair premium price while gaining the most on returns. Consequently, an insurance company will usually use the information from an actuarial assistant's findings when creating rates on various policies.
Along with this, an individual in this position will often spend time advising an insurance company on specific details. Since most people don't fully comprehend the complex nature of an actuarial assistant's findings, he will sometimes need to break information down into layman's terms. This often involves giving presentations to people like insurance company managers and stockholders.
In addition, an actuarial assistant will sometimes assist clients in choosing insurance policies. In order to provide clients with the best possible insurance coverage, it's important to give consultations. For example, if a client is seeking health insurance, an actuarial assistant may ask relevant questions concerning the client's health history and lifestyle. He will then work with the client to find the most appropriate insurance plan.