Beginner excel vba trick for employers
Often times large amounts of data are provided to actuaries in Excel.
This report would summarize the change in premium caused by changing different assumptions used in the premium calculation (interest rate, for example). If you’re interested in learning more about reserves, you’ll definitely want to check out this post that goes into tons of detail about them and valuation actuaries.įor example, a pricing actuary may need to create a sensitivity testing report when a new insurance product is being created.
This type of report summarizes all the company’s reserves and highlights areas where the company earned or lost money. Reports make the data easy for actuaries, other employees, and management to interpret.įor a valuation actuary, one of the most critical reports is called the Earnings By Source (EBS). They may be used to calculate reserves, premiums, expenses, or many other things.Īctuaries deal with tons of numerical data all day long, so it’s very common to need that data summarized into reports. In the real actuarial world, the calculators would be much more complex, and require many more inputs.
Once the actuary has set up this calculator, it could be easily passed onto someone else (like an underwriter) so that the actuary no longer had to be involved in the premium calculation process. The “Total Annual Premium” is just a calculation that takes the number of family members (input) multiplies it by 80 and then adds 73 to the total. So, in order to avoid doing that, an actuary may set up one or more functions in Excel that allow the same calculation to be done using various different inputs.įor example, let’s look at this very simple calculator that takes “Number of Family Members” as an input (can be changed by the actuary) and then it outputs the “Total Annual Premium” that should be charged to the family for their insurance coverage. As you already may know, actuaries perform tons of calculations but it is impractical to repeat the same calculations (with different numbers) over and over again. One very common use of Excel is to create complex calculators. It is a powerful tool used for hundreds of different types of tasks: Calculators What do actuaries use Excel for?Įxcel is an extremely powerful tool for actuaries. Being able to use pivot tables, graphing features, named ranges, sorting capabilities, and VBA will all come in useful as well.īut before we jump into the details about what you need to know, it will be helpful for you to understand what actuaries use Excel for and why it is so important.
#BEGINNER EXCEL VBA TRICK FOR EMPLOYERS HOW TO#
If you want to be successful on the job, you will need to know how to use Excel functions such as if-then statements, vlookups, summations and averages.
#BEGINNER EXCEL VBA TRICK FOR EMPLOYERS PDF#
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