Senior analysts may possess an advanced degree. In addition to technical skills, career success requires good project management skills, and the ability to communicate effectively with both management and information technology specialists. Qualified individuals have opportunities to move into management roles. There is much overlap between insurance statisticians and insurance actuaries. For instance, in Progressive Insurance Company, statisticians play a major role in setting the insurance rates, which is traditionally done by actuaries.
Actuaries consistently rank among the most desirable jobs in ratings of professions.
Multivariate models are necessary to separate out the individual contribution of each of these inter-related variables. Such models are used to accurately set the relative price to charge particular segments of customers. In order to accurately forecast trends in losses over time, moving averages, linear regression, log-linear regression methods, or time series analysis may be employed. A statistical test is used to answer this question. A new Claims adjuster needs to figure out how much to pay for a herniated disk and a fractured leg.