Skills-based Learning

Data Science, Data Analysis and Predictive Analytics

• Extract and transform information from databases
• Identify data sources
• Understand and inform database design as it pertains to actuarial work
• Test, validate and clean data for use in analysis
• Identify and explain conclusions that emerge from data analysis
• Demonstrate superior analytical skills; the ability to take large amounts of complex information and synthesize it into something meaningful
• Working knowledge of Excel, database, and statistical analysis language
• Provide data analyses that support management decisions
• Understand common uses of new or emerging analytical methods
• Understand key concepts in developing data sets for predictive modeling
• Apply key concepts in developing data sets for predictive modeling
• Perform predictive modeling using GLM and nonlinear methods
• Understand the use and limitations of unsupervised machine learning
• Know R or Python language to perform predictive analytics
• Know at least one relevant tool such as R or Python language to perform predictive analytics

Actuarial Modeling and Analysis

• Perform actuarial analysis and modeling, including but not limited to reserves, pricing, and forecasting
• Perform an actual to expected analysis of results
• Perform actuarial analysis and modeling, including pricing and forecasting
• Perform experience studies and assist in development of pricing, projection, or valuation assumptions
• Create, build, update, enhance, run, validate, and document actuarial models
• Perform ad hoc actuarial analysis

Risk Management

• Analyze, interpret, and present numerical data related to pricing, reserves, and other actuarial analysis
• Ensure proper documentation and controls of all work and models, including pricing assumptions, processes, methodology, and results
• Knowledge of pricing, valuation and/or financial reporting standards, systems, and processes
• Analyze data and present analysis in a format appropriate for pricing, loss reserving, product development, reinsurance, and other financial analysis
• Perform periodic risk and sensitivity analyses
• Perform industry research to establish actuarial assumptions and methodologies used in pricing, reserving, or forecasting models

Pricing and Product Development

• Perform pricing and profitability analysis for a wide variety of actuarial solutions
• Support the design and pricing of new products and/or coverages
• Understand technical pricing, product development analytics and performance measurement
• Perform pricing and profitability analysis of all products, including analysis of results, reconciliation and attribution of changes, communication of results to management, and detailed documentation
• Adapt pricing methodologies and models for innovative new products and benefits
• Be responsible for technical pricing, product development analytics and performance measurement

Valuation and Financial Analysis

• Provide mathematical and technical support in the management of actuarial products
• Calculate, analyze, report, and explain reserves and other actuarial financial statement items
• Assist in preparing the actuarial portion of financial statements following GAAP, statutory or tax reporting principles, or the applicable international principles
• Provide valuation support by interpreting financial results and variances from forecast to help identify emerging trends to assist in risk management of the financial security system
• Plan, develop, and evaluate financial security system pricing, valuation, reserving and/or financial reporting actuarial needs
• Support the timely reporting of reserves and other actuarial input into the monthly, quarterly, and annual financial reporting process

Business Skills for Actuaries

• Effectively interact with other professionals
• Bridge analytics and business decision making
• Work as a team member, while contributing technical and actuarial content
• Collaborate across actuarial and non-actuarial teams
• Understand the drivers of profit and loss
• Sort through a business problem and determine the issues that must be addressed

Generating Business Insights

• Explain model results
• Understand and communicate variations in predicted outcomes
• Respond to actuarial questions and requests
• Provide actuarial support to key stakeholders including management, board, internal auditors, external auditors, etc.
• Deliver simple, summary level, financial models that effectively communicate business issues and risks
• Apply actuarial techniques to analyze, interpret and classify risks and communicate results to more senior actuaries

Communication and Influencing Informed Decision Making

• Communicate actuarial results to managers and leadership
• Communicate technical information to an audience in a way that they understand the information
• Communicate complex financial models to management in a way that enables them to understand risks and opportunities
• Effectively communicate information to various audience levels and recognize the level of the audience in each situation
• Condense complex actuarial calculations and risk analyses, and present them to others so that they understand the relevance
• Understand Tableau language and/or other tools to prepare data visualizations that enhance the presentation of results

Professionalism and Business Ethics and Diversity

• Demonstrate being morally sensitive to ethical dilemmas in business and identify ethical issues in actuarial work
• Keep abreast of the Actuarial Code of Conduct and the Actuarial Standards of Practice
• Meet actuarial qualification standards to issue Statements of Actuarial Opinions
• Understand how a diverse, equal, and inclusive environment creates a culture of belonging
• Understand and mitigate biases that may exist in data, assumptions, and models that impact actuarial services