Actuarial technician / Institute for Apprenticeships and Technical Training

Reference Quantity: ST0004

Particulars of normal

Occupation: Actuarial Technician

The actuarial occupation is a various sector which includes the administration of uncertainty and threat to assist shoppers, each inside and exterior, meet their aims. Actuarial groups construct mathematical fashions to foretell future monetary outcomes; from setting automotive insurance coverage premiums to serving to folks present for retirement. The Actuarial Technician Apprenticeship is an entry stage function into the business which is supported by the CAA World. The apprentice will work as a part of a crew supporting certified actuaries utilizing information to offer options for shoppers. The function will develop key enterprise abilities and behaviours, together with servicing shoppers and supporting the recommendation given by certified actuaries, by means of a deal with “on-the-job” coaching while additionally learning for some skilled exams. The function has been designed to help additional profession growth inside the sector.

Occupational Profile – Duties that this function could possibly be requested to carry out:

Information preparation and checking for accuracy

Use spreadsheets and fashions to populate experiences and displays for shoppers

Technical help for the broader actuarial crew

Techniques growth and testing

Acceptable use of IT to finish a variety of duties

Offering help for queries from shoppers, third events and different enterprise areas

Develop an understanding of scorching matters which have an effect on the business

Research for skilled exams

Completion of inside and exterior compliance documentation

Necessities:
Knowledge	What is required
Actuarial Methods	A broad data of actuarial strategies related within the acceptable business (pensions, insurance coverage or funding) e.g. finishing up monetary and mortality projections as a way to estimate the long run cashflows a shopper’s pension scheme.
Processes and Ideas	Technical understand how and common consciousness of the impression of the varied actuarial ideas, fashions and approaches, e.g. how altering the assumptions right into a mannequin (corresponding to future charges of inflation) impacts the output, which stands out as the stage of premiums for an insurance coverage coverage.
Know-how	A superb understanding of how actuarial software program, expertise and instruments might be used to offer solutions and options to shoppers, e.g. utilizing Microsoft Excel to control giant information units.
Trade regulation	A broad understanding of the construction of the Monetary Companies market, the Institute and College of Actuaries and the skilled necessities and regulatory surroundings wherein they function.

Skills	What’s required
Sensible numeracy	The power to analytically and logically apply numerical strategies to given necessities and perceive primary actuarial ideas and calculations e.g. to overview the declare reserve pool for an insurance coverage firm to make sure they’ve adequate funds.
High quality Service Supply	Taking duty for assigned duties, planning and delivering outcomes to a excessive customary and inside the required timescales, and adapting to new requests or unexpected occasions, e.g. avoiding errors and omissions when working below strain to make sure that shoppers obtain the very best outcomes.
Purchasers, Colleagues and Stakeholders	Sustaining excessive ranges of service requirements, internally and externally. An consciousness of shoppers’ wants and an understanding of the significance of sustaining a relationship with the shopper and the necessity for the corporate to profit financially from the providers provided e.g. responding promptly to shopper queries to maintain them glad.
Prioritisation	Working in an organised method with consideration to element as a way to ship good outcomes for the enterprise e.g. engaged on quite a lot of completely different actuarial/technical tasks on the similar time with completely different shoppers and deadlines.
Information extraction and Manipulation	Acquiring, analysing, modelling and deciphering information to unravel actuarial challenges e.g. understanding earlier motor claims to work out the following yr’s premium.

Skills

What’s required

Sensible numeracy

The power to analytically and logically apply numerical strategies to given necessities and perceive primary actuarial ideas and calculations e.g. to overview the declare reserve pool for an insurance coverage firm to make sure they’ve adequate funds.

High quality Service Supply

Taking duty for assigned duties, planning and delivering outcomes to a excessive customary and inside the required timescales, and adapting to new requests or unexpected occasions, e.g. avoiding errors and omissions when working below strain to make sure that shoppers obtain the very best outcomes.

Purchasers, Colleagues and

Stakeholders

Sustaining excessive ranges of service requirements, internally and externally. An consciousness of shoppers’ wants and an understanding of the significance of sustaining a relationship with the shopper and the necessity for the corporate to profit financially from the providers provided e.g. responding promptly to shopper queries to maintain them glad.

Prioritisation

Working in an organised method with consideration to element as a way to ship good

outcomes for the enterprise e.g. engaged on quite a lot of completely different

actuarial/technical tasks on the similar time with completely different shoppers and deadlines.

Information extraction and

Manipulation

Acquiring, analysing, modelling and deciphering information to unravel actuarial challenges e.g. understanding earlier motor claims to work out the following yr’s premium.

Behaviours	What is required
Dedication and Enthusiasm	A ardour and need for a profession within the actuarial occupation and a drive to succeed at all the things they do, in order that they ship the very best outcomes for the enterprise.
Working with others	The power to develop collaborative and productive relationships by sharing data, successfully constructing on the concepts of others and proactively searching for work to help different members of the actuarial and non-actuarial crew.
Speaking Successfully	Utilizing efficient communication strategies to construct rapport with a spread of colleagues and shoppers, e.g. utilizing optimistic questioning and energetic listening to have the ability to talk technical actuarial content material in a non-technical method.
Professionalism	Conducting selves with honesty and integrity, and demonstrating a capability to adapt throughout completely different mediums. Function modelling optimistic behaviours for the employer, the actuarial apprenticeship and the actuarial occupation, each understanding and complying with the ideas of the Actuaries’ Code.
Strategy to pondering	Logical thinker with the power to drawback resolve by means of a wide range of strategies.

Behaviours

What is required

Dedication and

Enthusiasm

A ardour and need for a profession within the actuarial occupation and a drive to succeed

at all the things they do, in order that they ship the very best outcomes for the enterprise.

Working with others

The power to develop collaborative and productive relationships by sharing

data, successfully constructing on the concepts of others and proactively searching for work to help different members of the actuarial and non-actuarial crew.

Speaking Successfully

Utilizing efficient communication strategies to construct rapport with a spread of

colleagues and shoppers, e.g. utilizing optimistic questioning and energetic listening to have the ability to talk technical actuarial content material in a non-technical method.

Professionalism

Conducting selves with honesty and integrity, and demonstrating a capability to

adapt throughout completely different mediums. Function modelling optimistic behaviours for the employer, the actuarial apprenticeship and the actuarial occupation, each understanding and complying with the ideas of the Actuaries’ Code.

Strategy to pondering

Logical thinker with the power to drawback resolve by means of a wide range of strategies.

Length:

The apprenticeship will usually take 2 -3 years to finish.

English & Maths

Apprentices with out stage 2 English and maths might want to obtain this stage previous to taking the Finish-Level Evaluation. For these with an training, well being and care plan or a legacy assertion, the apprenticeship’s English and maths minimal requirement is Entry Degree 3. A British Signal Language (BSL) qualification is a substitute for the English qualification for these whose major language is BSL

Hyperlink to skilled registration:

This apprenticeship supplies skilled membership of CAA World.

Degree:

Degree 4

Overview:

The apprenticeship ought to be reviewed after a most of three years

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