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AccountancyISCO 3314

Actuarial assistant

An actuarial assistant is a person who works up statistical data used to set insurance premium rates and policy terms.

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Rate 5 of the 10 essential skills of this occupation (European ESCO data). No account needed.

calculate insurance rate

analyse market financial trends

apply statistical analysis techniques

obtain financial information

carry out statistical forecasts

About actuarial assistant

The actuarial assistant collects and organises data: claims reported and paid, the number of policies, the characteristics of those insured, how a portfolio has behaved over time. Statistical data is prepared for insurance purposes, meaning readied for calculation — errors removed, cases grouped, and the set checked for covering what it is supposed to cover, because an error in the input passes through the whole model.

Drawing on statistics and actuarial science, the assistant applies statistical analysis techniques, reviews the probability of accidents, injury and property damage, and produces forecasts from formulas and models. The work happens in specialist statistical software.

The assistant gathers financial information and follows the financial markets, because a premium depends not only on the risk of a claim but also on what the reserves held against it will earn. Summaries go to the actuary and to the product department, with the assumptions behind each calculation written out. Independent actuarial work calls for professional examinations and entry on a register of actuaries.

Key Work Functions

Core areas of responsibility for a actuarial assistant.

1

Data Collection and Preparation

  • Gather insurance data from claims, policies, and company databases
  • Validate data quality and identify anomalies or inconsistencies
  • Clean and organise data for statistical analysis
  • Maintain data documentation and metadata
2

Statistical Analysis and Calculations

  • Perform statistical calculations using spreadsheets and statistical software
  • Analyse mortality rates, accident frequency, and claims patterns
  • Assist with model testing and validation
  • Document calculations and methodologies used
3

Report Preparation and Documentation

  • Prepare summary reports of statistical analyses and findings
  • Create tables, charts, and visualisations to communicate results
  • Assist with the preparation of actuarial reports and documentation
4

Support for Actuarial Projects

  • Assist actuaries with premium rate calculations and validation
  • Support reserve estimation and assumption testing
  • Contribute to model development and refinement

European Skills Framework

Skills and knowledge areas required for this occupation based on European classification.

Essential (10)

financial marketsfinancial marketsThe financial infrastructure which permits trading securities offered by companies and individuals govern by regulatory financial frameworks.statistical analysis system softwarestatistical analysis system softwareSpecific software system (SAS) used for advanced analytics, business intelligence, data management, and predictive analytics.actuarial scienceactuarial scienceThe rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.calculate insurance ratecalculate insurance rateGather information on the client's situation and calculate their premium on the basis of various factors such as their age, the place where they live and the value of their house, property and other r...analyse market financial trendsanalyse market financial trendsMonitor and forecast the tendencies of a financial market to move in a particular direction over time.apply statistical analysis techniquesapply statistical analysis techniquesUse models (descriptive or inferential statistics) and techniques (data mining or machine learning) for statistical analysis and ICT tools to analyse data, uncover correlations and forecast trends.obtain financial informationobtain financial informationGather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.carry out statistical forecastscarry out statistical forecastsUndertake a systematic statistical examination of data representing past observed behaviour of the system to be forecast, including observations of useful predictors outside the system.compile statistical data for insurance purposescompile statistical data for insurance purposesProduce statistics on potential risks such as natural and technical disasters and production downtimes.statisticsstatisticsThe study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of ...
Optional (14) — show
insurance lawinsurance lawThe law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation o...risk managementrisk managementThe process of identifying, assessing, and prioritising of all types of risks and where they could come from, such as natural causes, legal changes, or uncertainty in any given context, and the method...principles of insuranceprinciples of insuranceThe understanding of the principles of insurance, including third party liability, stock and facilities.insurance marketinsurance marketThe trends and major driving factors in the insurance market, insurance methodologies and practices, and the identification of the major stakeholders in the insurance sector.types of insurancetypes of insuranceThe various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.produce statistical financial recordsproduce statistical financial recordsReview and analyse individual and company financial data in order to produce statistical reports or records.perform risk analysisperform risk analysisIdentify and assess factors that may jeopardise the success of a project or threaten the organisation's functioning. Implement procedures to avoid or minimise their impact.provide cost benefit analysis reportsprovide cost benefit analysis reportsPrepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment i...examine credit ratingsexamine credit ratingsInvestigate and look for information on the creditworthiness of companies and corporations, provided by credit rating agencies in order to determine the likelihood of default by the debtor.consult credit scoreconsult credit scoreAnalyse the credit files of an individual, such as credit reports which outlines a person's credit history, in order to assess their creditworthiness and all the risks that would be involved in granti...create insurance policiescreate insurance policiesWrite a contract that includes all the necessary data, such as the insured product, the payment to be made, how often the payment is needed, the personal details of the insured and on what conditions ...analyse insurance riskanalyse insurance riskAnalyse the probability and size of the risk that is to be insured, and estimate the value of the insured property of the client.analyse financial riskanalyse financial riskIdentify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.advise on insurance policiesadvise on insurance policiesAdvise on specific contracts and general insurance guidelines, such as the terms of coverage, the risks that are involved, the handling of claims, and terms of settlements.

Related Occupations

Occupations that need many of the same essential skills, so the move between them is shortest.

actuarial consultant5 shared essential skillseconomic adviser4 shared essential skillsfinancial trader4 shared essential skillsinvestment analyst4 shared essential skillssecurities analyst4 shared essential skillssecurities broker4 shared essential skillsasset manager3 shared essential skillsbusiness economics researcher3 shared essential skills

Frequently asked questions

What does an actuarial assistant do?

Actuarial assistants perform statistical data research in order to set premium rates and insurance policies. They review the possibility of accidents, injuries and property damage by using statistical formulas and models.

What skills does an actuarial assistant need?

An actuarial assistant needs 10 essential skills, including financial markets, statistical analysis system software, actuarial science, calculate insurance rate, analyse market financial trends.

Will AI replace actuarial assistant jobs?

The AI disruption score for actuarial assistant is 83/100 (very high risk). Skills most exposed to automation: provide cost benefit analysis reports, calculate insurance rate, produce statistical financial records. Most resilient: risk management, insurance market, types of insurance.

AI Replacement Risk

83/ 100
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Quick Facts

SectorAccountancy
ISCO GroupBusiness and administration associate professionals
Essential Skills10

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