Actuarial consultant to insurance risk consultant
An actuarial consultant already meets 55% of what the insurance risk consultant role asks for. The move turns on 5 required skills not yet in the profile.
46.6/ 100
1 How much of what an insurance risk consultant is expected to do is already part of an actuarial consultant’s work. Directional: the figure for the reverse move differs, because moving into a speciality is not the same problem as moving out of one. 2 Every skill the insurance risk consultant role is recorded as needing, required and optional together. What these numbers mean.
Why this move works
An insurance risk consultant role treats 9 of its required skills as things an actuarial consultant already does. You would walk in with these on day one.
- actuarial science
- advise on risk management
- analyse financial risk
- analyse insurance risk
- insurance law
- obtain financial information
What stands in the way is 5 required skills the profile does not yet cover. Table 3 groups them; Table 4 says which to take first.
Table 2 · What you already bring
Of the 15 skills that carry over, these are the ones fewest other occupations ask for. An insurance risk consultant role needs them, and most people applying for one will not have them already. This is the part of an actuarial consultant background worth leading with.
- already held analyse insurance risk information skills
- already held insurance law business, administration and law
- already held debt systems business, administration and law
- already held principles of insurance business, administration and law
- already held types of insurance business, administration and law
- already held modern portfolio theory business, administration and law
All 15 carried skills, including the 9 the insurance risk consultant role treats as required.
Table 3 · What you may need to learn
The 17 missing skills fall into 5 areas of the ESCO skill hierarchy, numbered in the order worth working in. Areas carrying the most required skills come first, and inside each one the required skills sit above the optional ones. Nothing here is a verdict on you: it is a list of what this particular job asks for that your current one does not.
- still to learn conduct financial surveys required
- still to learn estimate damage required
- optional, not held calculate insurance rate optional
- optional, not held collect property financial information optional
- optional, not held compile statistical data for insurance purposes optional
- optional, not held create risk maps optional
- optional, not held create underwriting guidelines optional
- optional, not held produce materials for decision making optional
- optional, not held review insurance process optional
- optional, not held perform debt investigation optional
- still to learn risk identification required
- optional, not held claims procedures optional
- still to learn prepare survey report required
- optional, not held create insurance policies optional
- still to learn survey techniques required
- optional, not held decide on insurance applications optional
- optional, not held organise a damage assessment optional
Table 4 · Where to start
The 3 entries an insurance risk consultant role is least likely to hire without. The ordering is computed from the skill data, not from what pays.
- 01 conduct financial surveys practise this
- 02 estimate damage practise this
- 03 prepare survey report practise this
Each entry opens a course search for that skill. Career Overlap earns nothing from these links.
Appendix · The rest of the record
All 15 skills that carry over
- already held actuarial science knowledge
- already held advise on risk management skill
- already held analyse financial risk skill
- already held analyse insurance risk skill
- already held insurance law knowledge
- already held obtain financial information skill
- already held perform risk analysis skill
- already held principles of insurance knowledge
- already held types of insurance knowledge
- already held apply statistical analysis techniques skill
- already held debt systems knowledge
- already held modern portfolio theory knowledge
- already held provide support in financial calculation skill
- already held statistics knowledge
- already held synthesise financial information skill
12 supplementary skills, helpful but not required
- optional, not held calculate insurance rate optional
- optional, not held claims procedures optional
- optional, not held collect property financial information optional
- optional, not held compile statistical data for insurance purposes optional
- optional, not held create risk maps optional
- optional, not held create underwriting guidelines optional
- optional, not held decide on insurance applications optional
- optional, not held produce materials for decision making optional
- optional, not held review insurance process optional
- optional, not held create insurance policies optional
- optional, not held organise a damage assessment optional
- optional, not held perform debt investigation optional
20 held skills the insurance risk consultant role does not ask for
- not needed by the target role Monte Carlo simulation knowledge
- not needed by the target role advise on financial matters skill
- not needed by the target role analyse loans skill
- not needed by the target role analyse market financial trends skill
- not needed by the target role banking activities knowledge
- not needed by the target role business loans knowledge
- not needed by the target role communicate with banking professionals skill
- not needed by the target role consult credit score skill
- not needed by the target role create a financial plan skill
- not needed by the target role credit control processes knowledge
- not needed by the target role develop investment portfolio skill
- not needed by the target role empirical analysis knowledge
- not needed by the target role examine credit ratings skill
- not needed by the target role financial products knowledge
- not needed by the target role insurance market knowledge
- not needed by the target role produce statistical financial records skill
- not needed by the target role provide cost benefit analysis reports skill
- not needed by the target role quantitative analysis knowledge
- not needed by the target role review investment portfolios skill
- not needed by the target role types of pensions knowledge
3 gaps that are knowledge rather than practice
Knowledge gaps usually close through study. Practical skill gaps usually need something you can point at.
- still to learn risk identification required
- still to learn survey techniques required
- optional, not held claims procedures optional
Common questions about this move
Can an actuarial consultant become an insurance risk consultant?
Yes, and it is a moderate move. An actuarial consultant already covers 55% of what an insurance risk consultant is expected to do: 15 skills carry over, 9 of which the insurance risk consultant role treats as required.
What skills does an actuarial consultant need to become an insurance risk consultant?
5 required skills are missing, plus 12 optional ones. They fall into 5 areas of the ESCO skill hierarchy, led by information skills. The single most important is conduct financial surveys.
How hard is the move from actuarial consultant to insurance risk consultant?
Its learning distance is 46.6 out of 100, which is the moderate band. That accounts for both how much is missing and how specialised those skills are.
How this record was compiled
Both occupations are taken from ESCO, which lists the skills and knowledge each occupation is expected to have and marks every one required or optional. Nothing here is a prediction about hiring, and nothing here knows that a particular employer wants a particular certificate. Treat Table 3 as a starting point for your own research rather than a syllabus. The full method states what these figures can and cannot tell you.