Analyze premium and loss data and develop models for decision-making purposes in the planning and operations of the company; manage all aspects of the ratemaking process including rate level reviews, actuarial support of rate filings, and revisions to the company rating/classification structure; perform loss reserve analysis.
Duties and Responsibilities
Initiate and coordinate rate review process for all lines of insurance: organize information using valid statistical techniques, make recommendations for revisions, and distribute summaries to affected staff and management.
Provide all necessary actuarial support for rate filings and additional communication with state insurance departments to ensure approval of rate filings.
Maintain a reasonable provision for loss reserves by adjusting bulk reserves and recommending actuarially supported factor reserves.
Prepare and submit aggregate statistical calls and experience reports to rating bureaus and insurance departments on a timely basis.
Supply regular reports and guidance to management on loss reserves and reinsurance strategies.
Assist the actuarial team in strategic planning for premium and loss experience and monitor actual results.
Serve as department liaison on data science initiatives.
Perform other duties as assigned by Director of Actuarial Services.
Bachelor degree in mathematics, actuarial science, or business.
Advanced study in statistical techniques helpful.
Minimum of five years related experience, preferably in property and casualty insurance.
Experience with private passenger automobile preferred.
Experience with predictive modeling and machine learning tools preferred.
Knowledge of actuarial techniques and ability to apply appropriate testing to company procedures.
Ability to work independently and to exercise sound judgment based on company procedures.
Proficiency and creativity in using personal computer spreadsheet programs.
Experience with analytical software (R, Python, SQL, Pyramid) strongly preferred.
Effective interpersonal, written and oral communication skills to enable effective presentations of data to insurance departments and internal management.
An understanding of insurance contract coverages and the ability to recognize premium levels that are commensurate with exposure.
Commitment to company values and customer service.
Ability to perform the essential functions of the job with or without reasonable accommodation.