We are independent & ad-supported. We may earn a commission for purchases made through our links.

Advertiser Disclosure

Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.

How We Make Money

We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently from our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What Does an Actuarial Assistant Do?

Nick Mann
By Nick Mann
Updated May 17, 2024
Our promise to you
WiseGEEK is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At WiseGEEK, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

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.

WiseGEEK is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.

Discussion Comments

WiseGEEK, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGEEK, in your inbox

Our latest articles, guides, and more, delivered daily.