You’ll help colleagues build mathematical models to make financial predictions for clients on an actuarial technician apprenticeship course.
The actuarial profession is a broad discipline that focuses on managing risk and uncertainty. Actuarial teams predict future financial occurrences using mathematical models, ranging from setting car insurance premiums to helping people save for retirement.
As an apprentice, you’ll be part of a team that assists trained actuaries in solving issues using data. Data preparation and accuracy checks, spreadsheets and models to complete reports and presentations for clients, and technical support to the actuarial team are all tasks.
Because of this apprenticeship, you will be eligible to apply for professional membership in the Institute and Faculty of Actuaries.
What you’ll learn
On an actuarial technician apprenticeship course, you’ll learn to:
- Apply numerical techniques analytically and logically to specific requirements and understand basic actuarial ideas and calculations, such as evaluating a claim reserve pool for an insurance company to ensure enough funds.
- Take responsibility for assigned tasks, planning and delivering high-quality outputs within required timescales, and adapting to new needs or unforeseen events, such as avoiding errors and omissions when working under pressure to offer the best results for clients.
- Maintain high service standards, both internally and globally. An understanding of the importance of maintaining contact with customers and the necessity for the company to benefit financially from the services, such as responding promptly to client queries to keep them happy.
- Work in an organised and detail-oriented manner to deliver excellent outcomes for the business, such as working on several projects
- Obtain, analyse, model, and interpret data to solve actuarial issues like estimating the following year’s rate based on previous motor claims.
You’ll usually need:
- Depending on the employer, but likely A-levels or equivalent qualifications or relevant experience.
- Apprentices without level 2 English and maths will need to achieve this before taking the end-point assessment.
The End Point Assessment comprises two distinct assessment methods:
- Summative showcase
Duration and level
- Duration: 24 months
Level: 4 – Higher Apprenticeship
More information about the Level 4 Actuarial Technician Apprenticeship standard can be found here.
Apprenticeship end point assessment
For more information about the End Point Assessment Process, please read the Institute of Apprenticeships’ information page.