Position Summary: The Actuarial Consultant is responsible for working with the Major Account Unit and providing guidance on large account pricing and program structures. This position, at a macro level, will provide recommendations and actuarial support for line of business rate changes and associated actuarial state filings. The Actuarial Consultant will also provide counsel to the Company’s reinsurance team on various treaty program structures and pricing. This position will support the CEO and CFO in establishing and reviewing proper IBNR allocations. The ideal candidate must remain current in the actuarial field, including latest industry trends and developments. The successful pursuit of actuarial accreditations is mandatory.
Essential Functions and Responsibilities:
1. Facilitate communication with key stakeholders and business partners within other functional areas (e.g. Claims, Underwriting, Regulatory, IT, Accounting) on actuarial matters to understand individual claim movements, broader internal and external trends, and compositional changes in the Company’s book
2. Conduct profitability reviews and new submission analyses: review products by applying actuarial concepts and techniques to determine profitability at line of business and segment levels; perform trend and development analysis at individual account level as well as overall portfolio level
3. Perform assessment of case, bulk, and IBNR reserves and provide senior leadership with recommendations on appropriate IBNR actions and allocations
4. Monitor portfolio rate change, pricing adequacy, and underwriting mix on new and renewal business to assist senior leadership in strategic plan development
5. Provide rate filing support, including preparing formal indications and evaluations of pricing levels
6. Lead state and product rate review and filings, including interpreting bureau rate changes
7. Support company leadership with reinsurance analysis and placement, rating agency presentations, and ERM initiatives, including capital modeling
8. Implement regular competitor analyses to maintain awareness of pricing and product developments in the marketplace
9. Aid in the development of rating methodologies concerning existing and new company products
10. Collaborate with Underwriting and Field Operations to develop additional products or offerings
11. Perform other duties as assigned by CEO and other members of executive leadership
Requirements:Knowledge and Skills:
1. Bachelor’s degree in actuarial science, mathematics, statistics, economics, or related major
2. Working toward or completion of ACAS designation with longer term desire for FCAS designation
3. At least 5-7 years of actuarial experience with a property & casualty insurer; commercial lines experience is preferred
4. Deep insurance business acumen and understanding of key business drivers and disciplines in underwriting, reinsurance, claims, and financials
5. Demonstrated ability to effectively communicate results and strategic objectives to senior leadership while fostering partnerships with key stakeholders
6. Advanced analytical, research, and problem-solving skills; ability to exercise independent judgment and make critical business decisions effectively within scope of authority based on data analyses and reviews
7. Demonstrated technical skills for data extraction, manipulation, reporting, and documentation
8. Exposure to a variety of business intelligence tools, including, but not limited to, Microsoft Excel/Access, VBA, SQL, or Python
9. Commitment to fulfilling company continuing education requirements
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