Description
Set and refine insurance product prices by analyzing loss and exposure data, building predictive models, and determining rate indications that meet profitability, risk, and regulatory goals. Monitor performance against targets and adjust pricing, rating plans, and underwriting guidance to ensure rate adequacy and competitiveness.
- • Determine indicated premium rates incorporating loss experience, expenses, profit, capital, and reinsurance costs.
- • Analyze exposure, frequency, and severity data (e.g., mortality, morbidity, claims) to estimate loss costs and trends.
- • Design and refine rating plans and product pricing for new and existing insurance offerings.
- • Partner with product, underwriting, claims, data science, finance, and IT to price new products and enhancements.
- • Communicate pricing methodology, assumptions, and recommendations to executives and stakeholders to guide product and underwriting strategy.
- • Present and defend rate filings and actuarial memoranda to regulators.
- • Provide pricing consultation and guidance to internal partners or external clients.
- • Conduct competitive and market analyses to inform pricing levels and segmentation.
- • Build and calibrate loss models and rating factors, including catastrophe and trend loadings.
- • Recommend policy terms, deductibles, limits, and endorsements to achieve target profitability.
- • Incorporate cost of capital, risk margins, and reinsurance costs into prices to meet return targets.
- • Use predictive modeling and multivariate techniques to improve risk segmentation and price accuracy.
- • Monitor actual versus expected results; perform rate adequacy reviews and implement pricing updates.
- • Document methods and ensure compliance with actuarial standards and regulatory requirements.
- • Evaluate reinsurance structures and their impact on pricing; support negotiations with reinsurers.
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O*NET occupational data (work activities, skills, knowledge).
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This site includes information from O*NET by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA), used under the CC BY 4.0 license. Career Clutch has modified some of this information for student readability. USDOL/ETA has not approved, endorsed, or tested these modifications. O*NET® is a trademark of USDOL/ETA.
Last reviewed: Jan 2026
