- Studying insurance proposals.
- Gathering and assessing background information in order to effectively assess the risk involved.
- Calculating possible risk and deciding how much individuals or organizations should pay for insurance (the premium).
- Deciding whether the risk should be shared with a reinsurer.
- Computing results for appropriate premiums using actuarial information, other statistics and own judgement.
- Visiting brokers or potential customers and preparing quotes.
- Liaising with specialists, such as surveyors or doctors, for risk assessment.
- Gathering information and various types of reports (e.g. Medical records) from specialists.
- Negotiating terms with policyholders or their brokers.
- Ensuring that premiums are competitive.
- Specifying conditions to be imposed on different types of policies, for example, asking that a property owner install a security alarm.
- Negotiating with brokers and drawing up contracts.
- Writing policies.
- Keeping detailed and accurate records of policies underwritten and decisions made.
Specifically, actuaries in their day-to-day work may be responsible for the following:
- Developing new financial products.
- Conducting valuations of assets and liabilities.
- Analysing risks related to locations for catastrophe claims.
- Measuring, monitoring and mitigating portfolio and enterprise risks.
- Overseeing asset and liability modelling, product development and profit testing.
- Preparing presentations, reports, valuations and quarterly updates.