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Careers›Roles›Product Development Actuary
Mid-Level

Product Development Actuary

New insurance products have to be priced so they're competitive and still profitable, and that's your math: designing and pricing products by modeling risk. Pricing risk into products that have to work.

Career Level
Junior
Mid
Senior
Director
VP
Executive
Work Personality
C
I
E
S
R
A
Conventionalorganizing, detail-oriented
Investigativeanalytical, curious
Based on Holland Code framework
Industries that often hire Product Development Actuarys
Technology & InformationFinancial Services · 74%Professional Services · 16%Government · 3%Administrative Services · 1%Education · 1%
Job markets for Product Development Actuarys
Employment concentration · ~74 areas
Based on employment in related occupations
Mapped SOC categories:
Technology
BLS Occupational Employment Statistics
Jump to:What it's likeCareer pathsBy the numbers
What it's like

What it's like to be a Product Development Actuary

Work is modeling and analysis: designing insurance products, projecting costs and risk, setting pricing, and testing assumptions, mostly with data and cross-functional teams. Getting the assumptions right is the craft, since a mispriced product can lose millions or fail in the market, and you're forecasting an uncertain future with rigor and caution.

The harder part is the precision under uncertainty: you price products for risks that unfold over years. The exams to qualify are grueling, the work is deeply analytical, and regulation and competition both constrain it. You translate complex math for business teams who decide. Settings span insurers and consultancies.

It fits someone mathematically strong, precise, and comfortable with long-horizon risk. If you want creative or fast-feedback work, the rigor and exams can wear. But if there's satisfaction in being the math behind a product that has to balance risk and profit, the work tends to be intellectually engaging and well rewarded.

What people in this role value
Working ConditionsAbove avg
AchievementModerate
IndependenceModerate
RecognitionModerate
SupportModerate
RelationshipsLower
O*NET Work Values survey
✦ Editorial — written by Truest from industry research and career patterns
Career Paths

Where this role sits in the broader career landscape — and where it can take you.

Earning potential across this track
$239K$179K$119K$60K$0KLower paying387 metro areas, sorted by salary level
All experience levels1
This level's estimated range
INDUSTRIES PAYING ABOVE AVERAGE
Technology & Information$112K+9%
Professional Services$101K-2%
Energy & Utilities$88K-15%
Wholesale & Distribution$85K-17%
Government$80K-22%
Compared to Technology average across all industries
1 BLS OEWS May 2024 covers all Product Development Actuarys (SOC 15-2011.00), not just this title · BEA RPP 2023
* Top salaries exceed this figure. BLS caps reported wages at ~$240K to protect individual privacy in high-earning roles.
Related rolesExplore Technology →
Product Development ActuaryRisk Management ConsultantForecast AnalystActuarial AnalystActuaryAnnuity AnalystActuarial InternCorporate ActuaryReserving ActuaryConsulting ActuaryActuarial AssociateActuarial ConsultantActuarial SpecialistActuarial Mathematician
Exploring the Product Development Actuary career path? Truest helps you figure out if it's the right fit — and plan your path forward.
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✦ Editorial — career progression and interview guidance based on industry patterns
The Broader Landscape

Roles like this one sit within a broader occupational category. The numbers below reflect that full landscape — helpful for context, but your specific experience will depend on level, specialty, and where you work.

$75K–$206K
Salary Range
10th – 90th percentile
28K
U.S. Employment
+21.8%
10yr Growth
2K
Annual Openings

How this category is changing

$80K$77K$74K$71K$68K201920202021202220232024$68K$80K
BLS OEWS May 2024 · BLS Employment Projections 2024–2034

Skills & Requirements

Critical ThinkingReading ComprehensionMathematicsJudgment and Decision MakingComplex Problem SolvingActive ListeningSystems EvaluationSpeakingSystems AnalysisWriting
O*NET OnLine · Bureau of Labor Statistics
Mapped SOC Codes
15-2011.00

Explore related roles

Roles with similar work and overlapping career paths

directorApplication Development Director$140KdirectorSoftware Development Director$171KdirectorCloud Product Director$109KmidRisk Management Consultant$106KmidForecast Analyst$121KmidActuarial Analyst$89K
View all Technology roles →

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Federal data: BLS Occupational Employment & Wage Statistics (May 2024) · BLS Employment Projections · O*NET OnLine
Truest editorial: Fit check, role profile, things that vary, advancement analysis, lateral moves, interview questions.