Insurance & Actuarial Science

Insurance & Actuarial Science

Selby Jennings: A Specialist Insurance & Actuarial Science Recruiter Talent Partner

Selby Jennings Jennings is a leading Insurance & Actuarial Science recruitment talent partner for financial sciences & services. Our global Insurance & Actuarial Science team provides permanent, contract, and multi-hire recruitment from our offices across three continents.

For more than 20 years, clients and candidates have had peace of mind that the specialist Insurance and Actuarial recruitment process is in safe hands.

During a time of automated machinery and innovative technology, the demand for insurance and protection has increased due to the exposure of new risks. To develop policies that reduce, manage and analyze risk effectively, companies must seek to attract top insurance and actuarial talent. Around 2,400 insurance and actuarial job openings are projected each year as businesses in the US compete for the best risk managers and problem solvers.

Don’t miss out on hiring top insurance and actuarial management professionals or becoming the next candidate to secure a job in asset management. Selby Jennings’ extensive portfolio, specialist salary and benefits knowledge, and expertise make us the best Investment Management recruiter talent partners for insurance and actuarial management jobs.

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Benefits of working with Selby Jennings’ global Insurance & Actuarial Science team

We are a specialist Insurance and Actuarial Science recruiter talent partner. Among the many benefits of working with Selby Jennings’ global Insurance and Actuarial Science team are:

Experience

Experience

We have nearly 20 years of experience as a leading talent partner in financial sciences & services.

Network

​Network

A vast, global network of the best, in-demand professionals, working with the world’s largest financial institutions to innovative fintech start-ups and beyond.​

Knowledge

​Knowledge

Our award-winning talent specialists offer bespoke, tailored guidance on the latest hiring trends and industry news to help you achieve your goals.

At Selby Jennings, we pride ourselves on establishing long-term partnerships founded on trust, integrity, and mutual success. Our Investment Management headhunters are dedicated to delivering custom solutions designed to meet your specific needs, offering adaptable strategies to fit your hiring protocols. Whether you're looking for rapid placements in pivotal Insurance & Actuarial Science roles or seeking comprehensive talent acquisition solutions, our resources and expertise are primed to deliver. Kickstart your recruitment journey with us by submitting your vacancy today.

Begin the process to solve your talent needs in the Insurance & Actuarial Science field by filling out our form today.

Insurance & Actuarial Science Jobs

In the complex world of finance, Insurance & Actuarial Science professionals play a key role. As risk assessment and financial security become more critical, individuals with these skills are highly sought-after. Partnering with Selby Jennings, an expert in Insurance & Actuarial Science, could significantly advance your career. Browse our available roles or submit your resume, and we'll reach out when a suitable opportunity arises.

Senior Life Underwriter

What you will be doing… Assess and evaluate insurance applications for life insurance policies to determine risk levels and premiums. Utilize underwriting guidelines and policies to make informed decisions on applications. Analyze medical records, financial documents, and other pertinent information to assess applicant risk. Calculate appropriate premiums based on risk assessment and underwriting guidelines. Ensure compliance with regulatory requirements and company policies throughout the underwriting process. Maintain accurate records and documentation of underwriting activities. Stay updated on industry trends, underwriting practices, and regulatory changes. What you need to be successful... Bachelor's degree in finance, business administration, or a related field preferred. Minimum of 2 years of experience in life insurance underwriting. Strong analytic skills with the ability to interpret complex data. Excellent decision-making and problem-solving abilities. Detail-oriented with a focus on accuracy and thoroughness. Effective communication skills, both verbal and written. Ability to work independently and collaboratively within a team environment. Certification from relevant professional organizations (e.g., LOMA, ALU) a plus.

Negotiable
Texas
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Actuarial Senior Internal Auditor

What you need: Bachelor's Degree in accounting, finance, business administration, or a related field. At least four years of job-related experience or an equivalent combination of education and experience. Skilled in using Microsoft Office, particularly with intermediate proficiency in Word and advanced skills in Excel. Understand economic principles, financial markets, banking, and how to analyze and report financial data. Professional Certifications: Certified Internal Auditor (CIA), Certified Public Accountant (CPA), or Certified Management Accountant (CMA) are preferred. What you will do: Review audit results to ensure internal controls are effective, operations are efficient, and company assets are protected. Conduct thorough reviews of various areas, including transactions and documents, to ensure accuracy and compliance. Identify and report any potential fraud or legal violations. Document audit findings for final reports. Draft audit reports with findings and recommendations. Participate in discussions to present audit results and prepare necessary presentation materials. Assess management's action plans for addressing audit issues and participate in annual SOX compliance processes. Act as an internal controls consultant for system development projects. Engage in educational opportunities to enhance knowledge in internal audit, life insurance, accounting, and business administration. Handle special projects as needed.

US$80000 - US$100000 per year
Georgia
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Pension & OPEB Actuary

What you will do: Build, test, validate, and maintain features within the Pension and OPEB actuarial libraries. Develop standard reports and data visualization dashboards for clients. Provide guidance for software conversion projects for our Pension & OPEB clients. Assist with onboarding, actuarial design, and technical issues for both new and existing clients. Document the functionality of the pension library and create comprehensive onboarding materials for a smooth client experience. Conduct training sessions and orientation for new users. What you need: Extensive knowledge of U.S. pension funding and financial reporting requirements. 5-7+ years in Pension & OPEB across areas such as Public Sector, ERISA, and Taft-Hartley plans. Hands-on experience with ProVal or equivalent pension valuation systems. Strong understanding of actuarial modeling concepts and liability accrual methods. Strong preference for candidates willing to work in the Atlanta office on a hybrid basis. Preferred Technical Skillset: Familiarity with SQL and database concepts. Experience with business intelligence tools such as Sigma, Tableau, or Power BI. Experience in PRT is advantageous. Experience with other actuarial modeling and/or valuation platforms.

US$90000 - US$130000 per year
Georgia
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Actuarial Support Lead Analyst

What you will need: Educational Background: Bachelor's Degree in accounting, finance, business administration, or a related field. Professional Experience: At least four years of relevant work experience or a combination of education and equivalent experience. Professional Certifications: Preferably holds a Certified Internal Auditor (CIA), Certified Public Accountant (CPA), or Certified Management Accountant (CMA) designation. What you will be doing: Audit Analysis: Analyze audit results to ensure internal controls are effective, operations are efficient, and company assets are protected. Perform comprehensive reviews of assigned areas, including transactions, documents, records, physical assets, and automated functions to ensure accuracy, adequate controls, and operational efficiency. Fraud and Compliance Monitoring: Identify and report any occurrences that may indicate fraud or violations of laws or statutes to Internal Audit management. Document findings that will form the basis of the final audit report. Report Preparation: Prepare draft audit reports for supervisory review, including findings and recommendations. Participate in closing conferences to discuss audit results and prepare materials such as PowerPoint presentations, outlines, visuals, and graphs as required. Follow-up and Verification: Evaluate management action plans to verify that audit issues have been satisfactorily addressed. Participate in the annual SOX process and contribute to system development project teams as an internal controls consultant. Continual Learning and Special Projects: Engage in educational opportunities to enhance knowledge in Internal Audit, Life Insurance, Accounting, and Business Administration. Perform special projects as requested.

US$80000 - US$100000 per year
Georgia
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Defined Benefit Consulting Actuary

Defined Benefit Consulting Actuary My client is a small, dynamic team specializing in private defined benefit plan consulting that are dedicated to providing exceptional consulting services. Job Description: My client is looking to add a Defined Benefit Consulting Actuary to join the team and work closely with the founder to drive new business development, manage client relationships, and lead the current team of actuarial analysts. This is an exciting opportunity for someone with a strong background in retirement plan consulting to make a significant impact on our company's growth and success. Key Responsibilities: Collaborate with the founder to attract and secure new business opportunities. Maintain and nurture relationships with existing clients. Provide expert consulting on the design, management, and administration of retirement plans for private and some public clients. Lead and mentor a team of actuarial analysts, contributing to their professional growth and development. Ensure compliance with relevant regulations and standards for retirement plans. Conduct small combo plan design and testing. Qualifications: ASA or FSA designation required; EA designation strongly preferred. Minimum of 10 years of experience in retirement plan consulting. Strong technical skills in actuarial science and retirement plan management. Proven ability to manage client relationships and deliver high-quality consulting services. Excellent communication and interpersonal skills. Leadership experience and a collaborative mindset. What We Offer: Competitive salary and benefits package. Opportunity to work with a close-knit, supportive team. A role with significant impact and responsibility. Professional growth and development opportunities. If interested, please apply or reach out directly

Negotiable
United States of America
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Analytical Actuary

What you'll be doing… Evaluate models using data analytics and actuarial methods Assist clients with designing dynamic underwriting programs Advise pricing actuaries and clients in the application of 3rd party scores, tools, and data for life underwriting processes What you'll need to be successful… FSA designation preferred, Career ASA designation accepted 6+ Years of actuarial experience, preferably within the life and annuities space Predictive modelling or accelerated life underwriting experience Hands on experience with Tableau, Power-BI, R, Python and/or SQL, is preferred What makes this role special… Outstanding growth and management opportunities You will be representing a leading global reinsurer Partner with clients, pricing actuaries, data scientists, and underwriters to help drive innovation and research in the risk selection process

Negotiable
Charlotte
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Life Pricing Actuary - Reinsurance

I am currently working with a Leading Life & Annuity Insurer who rapidly hiring on their Reinsurance team. This position offer a direct path of upward mobility/growth while working alongside a team of industry leaders. My client is always open to internal mobility as well if there are certain of products/functions you've been looking to get exposure to. Key Responsibilities: Develop and implement life pricing strategies for reinsurance products. Collaborate with the actuarial team on designing new products Conduct experience studies and use data to support pricing decisions. Assist in the development and enhancement of actuarial models and pricing tools. Monitor and assess industry trends, regulatory changes, and market conditions Contribute to the development of innovative reinsurance solutions and strategies. Develop and maintain strong relationships with both internal and external stakeholders Qualifications: ASA or FSA designation preferred Strong background with Life products or Annuities Experience in Pricing or Valuation required Prior reinsurance experience preferred, not required Strong analytic and problem-solving skills with the ability to interpret complex data. Proficiency in actuarial software and modeling techniques GGY-AXIS preferred Excellent communication and interpersonal skills, with the ability to work effectively in a collaborative team environment. Attention to detail and a commitment to delivering high-quality work. What makes this role special: Direct path for upward mobility & growth Incredibly collaborative team with a great culture and emphasis on work-life balance Competitive compensation & benefits Stable work environment with job security

Negotiable
Illinois
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Institutional Life Product Manager

A reputable Life Insurance company is seeking a knowledgeable and experienced Product Manager to lead the development and management of Life/BOLI and COLI products. If you have a deep understanding of these insurance products and a passion for product management, we'd love to hear from you. Position Summary: The Product Manager will be responsible for the strategic development, implementation, and management of Life, BOLI and COLI product lines. This role involves working closely with internal teams and external partners to ensure the success and growth of these products while maintaining compliance with regulatory standards. Key Responsibilities: Develop and execute strategic plans for BOLI and COLI product lines. Oversee product lifecycle management, including design, development, launch, and ongoing administration. Conduct market research and competitive analysis to identify trends and opportunities for product enhancement. Collaborate with sales, marketing, and actuarial teams to create and promote competitive BOLI and COLI products. Ensure products comply with all regulatory requirements and industry standards. Analyze product performance and provide regular reports and insights to senior management. Manage relationships with insurance carriers, brokers, and other external partners. Provide training and support to internal teams on BOLI and COLI products. Stay current with industry trends, regulatory changes, and best practices. Qualifications: Bachelor's degree in Finance, Business, Insurance, or a related field; MBA or relevant advanced degree preferred. Minimum of 10 years of experience in product management, with a focus on BOLI/COLI or life insurance products. In-depth knowledge of BOLI and COLI products, market dynamics, and regulatory requirements. Strong analytical, strategic thinking, and problem-solving skills. Excellent communication and interpersonal skills. Proven ability to manage multiple projects and priorities in a fast-paced environment. Proficiency in Microsoft Office Suite and relevant insurance software.

US$185000 - US$215000 per year
New York
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Senior Stop Loss Underwriter

A leading insurance company is looking to add a Sr. Stop Loss Underwriter to their team! This candidate will be a key contributor to the growing stop loss team and will report directly to the VP of Underwriting. Ideally looking for someone who is open to a hybrid schedule in either NYC or NJ. Please apply if qualified and interested in learning more! Responsibilities: Work directly with producers to quote and negotiate stop loss pricing and terms Manage renewals, new business & RFPs and make decisions Maintain a profitable book of business Partner with VP of Marketing Mentor junior staff Qualifications: 10+ years of experience in underwriting Strong existing relationships with Brokers and TPAs Track record of negotiating proposals and deals Ability to present to internal and external stakeholders

US$165000 - US$165001 per year
New York
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Actuary

Job Title: Actuary Company: VBC Health Insurance Company Location: Remote / Flexible Job Type: Full-Time About Us: A leading healthcare organization dedicated to transforming the way healthcare is delivered and financed. We are committed to improving patient outcomes and reducing costs through innovative value-based care models. Our team is composed of dynamic and forward-thinking professionals who are passionate about making a difference in the healthcare industry. Position Overview: We are seeking a highly skilled and motivated Actuary with significant Value-Based Contracting experience to join our team. In this role, you will play a critical part in developing and managing value-based contracts with healthcare providers. You will use your actuarial expertise to design, implement, and evaluate financial models that align incentives with quality and efficiency in healthcare delivery. Key Responsibilities: Contract Design and Analysis: Develop and analyze value-based contracts, including risk-sharing and performance-based agreements, ensuring they are actuarially sound and aligned with organizational goals. Financial Modeling: Create and maintain complex financial models to project costs, savings, and outcomes under various value-based care scenarios. Data Analysis: Utilize healthcare data to assess provider performance, identify cost drivers, and support contract negotiations. Risk Adjustment: Apply risk adjustment methodologies to ensure fair and accurate comparisons across different patient populations and provider groups. Collaboration: Work closely with cross-functional teams, including finance, clinical, and provider relations, to support value-based initiatives and ensure alignment with overall strategy. Reporting: Develop and present detailed reports and presentations for internal and external stakeholders, translating complex actuarial concepts into actionable insights. Regulatory Compliance: Ensure all value-based contracts comply with relevant regulations and guidelines, staying current with changes in the healthcare policy landscape. Qualifications: Education: Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related field. Fellowship or Associateship in the Society of Actuaries (FSA or ASA) is preferred. Experience: Minimum of 5 years of actuarial experience, with a focus on healthcare, value-based contracting, or related fields. Technical Skills: Proficiency in actuarial software and tools (e.g., SAS, R, Python), and advanced Excel skills. Experience with data visualization tools is a plus. Analytical Skills: Strong analytical and problem-solving abilities, with a keen attention to detail. Communication: Excellent written and verbal communication skills, with the ability to convey complex information to a variety of audiences. Team Player: Ability to work collaboratively in a team environment and manage multiple projects simultaneously. Innovative: A proactive mindset with a passion for innovation and continuous improvement in healthcare delivery. Benefits: Competitive salary and performance-based bonuses Comprehensive health, dental, and vision insurance plans 401(k) with company match Generous paid time off and holidays Professional development opportunities Flexible working arrangements

US$150000 - US$210000 per year
United States of America
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Actuary

Company Overview: A leading provider in the insurance industry, is seeking a highly skilled and experienced Senior Property & Casualty (P&C) Actuarial Analyst to join their dynamic team. They are committed to delivering innovative solutions and exceptional service to their clients, and are looking for individuals who share our passion for excellence. Position Overview: As a Senior Property & Casualty Actuarial Analyst, you will play a crucial role in analyzing and interpreting data to support their claims analytics team within the organization. You will collaborate closely with cross-functional teams to develop and implement actuarial models, conduct in-depth analyses, and provide insights to drive business growth and profitability. Responsibilities: Conduct comprehensive analyses of P&C insurance data to assess risks within their claims analytics team. Collaborate with underwriters, product managers, and other stakeholders to develop and refine pricing models and underwriting guidelines. Monitor and evaluate the performance of insurance products and portfolios, identifying opportunities for improvement and optimization. Support the development and implementation of actuarial methodologies, tools, and processes to enhance efficiency and accuracy. Qualifications: Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related field. ACAS (Associate of the Casualty Actuarial Society) designation required. Minimum of 5 years of experience in P&C actuarial disciplines, preferably within the insurance industry. Strong proficiency in actuarial software and programming languages (e.g., SAS, R, Python) preferred. Excellent analytical and problem-solving skills, with the ability to interpret complex data and draw actionable insights. Effective communication skills, with the ability to convey technical concepts to non-technical stakeholders. Detail-oriented mindset with a commitment to accuracy and quality in all work. Ability to thrive in a fast-paced, collaborative environment and manage multiple priorities effectively. Benefits: Competitive salary commensurate with experience. Comprehensive benefits package, including medical, dental, and vision coverage. Retirement savings plan with employer match. Flexible work arrangements, including hybrid work options. Professional development opportunities and support for continued education and certifications. Vibrant company culture that values diversity, inclusion, and innovation.

Negotiable
New Jersey
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Software Developer

Selby Jennings has partnered directly with two technical hiring managers at a renowned investment management firm based in Montreal, They both have an urgent need of elite software engineering talent to develop next generation core trading infrastructure. The hiring managers have been with the firm multiple years and are industry experts specifically in developing machine learning infrastructure, trading technology and distributed systems in Python. They have built an exceptional team under them but are in need of new hires due to the sign off on multiple greenfield initiatives! In summary, the role will consist of being part of a team responsible for managing multiple internal backend services, frameworks, and platforms utilized by quants, traders, and other development teams. Bachelor's degree in Computer Science, Engineering, or a related field. At least 5 years of full-time software development experience. Proficiency in Python or Rust. Hands-on experience implementing Docker/Kubernetes containerization in a production environment

US$200000 - US$350000 per year + Bonus
Montreal
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News & Insights

Insurance and Actuarial Talent Trends in 2024 Image
hiring advice

Insurance and Actuarial Talent Trends in 2024

One clear trend has emerged in the insurance industry in recent years — Artificial Intelligence (AI) has well and truly arrived. You may have already seen evidence of this, such as algorithms in the actuarial back office to chatbots for claims resolution. AI disruption can be good for businesses in this sector, as those who embrace these tools can stand out among the sea of competitors.Using AI to Increase CompetitivenessAI has typically been about using machine learning to automate, iterate, and optimize models. In other words, AI insurance models feed off previous real-world events. The assumption here is that as AI technology matches risk data points to claims data points, future events will emulate the past.What this means is that success depends on talented actuaries providing data points and using AI to create pricing and instigate appropriate checks and balances. Those who embrace AI technology and use it to empower companies could evolve faster and capitalize on creating the best possible product.Actuaries need to embrace AI to communicate effectively on how different risks can impact customers and price points. As more data and tools will become available, the industry will still rely on actuaries to process cases.Humans Are Still NeededSome people have concerns that AI technology will eliminate human jobs completely for certain professions, including putting actuaries out of work. While machine learning has taken away certain repetitive or monotonous tasks, current technology still requires people to step in to guide and govern. In other words, machines won’t completely eliminate actuarial teams in the foreseeable future.As mentioned before, we’re seeing trends where actuaries need to embrace these solutions so that machine learning becomes a tool that helps to enhance the quality of their work and therefore the organization. Companies will look to these skills as AI continues to evolve.Evolved RolesEven though machine learning will get more sophisticated, it cannot replace human completely. Risk and claims data points are complex and there is no evidence so far that points to machine learning being able to come up with the types of judgment or innovation needed, including asking thought-provoking questions or thinking up worst-case scenarios.Machine learning will require actuaries to tackle new problems or create new opportunities for their companies. Instead of analyzing data points as a skill, top talent could shortly be hired for their critical thinking and problem-solving skills such as market price reconstruction or innovative concepts to ensure customer retention.That’s not to say tasks such as fraud detection and advanced claims handling will be taken over by AI anytime soon. Companies will still need actuaries who can use their current skill set. However, as more companies embrace machine learning, they’ll be looking towards talent who can keep up with trends and are willing to take on roles where it involves predicting and validating solutions for the future.Why Choose Us?During a time of innovative technology, the demand for insurance and protection has increased due to the exposure of new risks. To develop policies that reduce, manage, and analyze risk effectively, companies must seek to attract top insurance and actuarial talent. Around 2,400 insurance and actuarial job openings are projected each year as businesses in the US compete for the best risk managers and problem solvers.Selby Jennings is a leading Insurance & Actuarial Science recruitment talent partner in financial sciences & services. Our global Insurance & Actuarial Science team provides permanent, contract, and multi-hire recruitment from our offices across three continents. For more than 20 years, clients and candidates have had peace of mind that the recruitment process is in safe hands.Don’t miss out on hiring top insurance and actuarial management professionals or your next potential career move if you are an insurance professional considering opportunities.Selby Jennings’ extensive portfolio, expertise, and specialist salary and benefits knowledge make us the best insurance and actuarial science talent partner.

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career advice

Become Part of the Actuarial Scientist Community with Selby Jennings

The world of actuarial science is dynamic, intricate, and holds the promise of a fulfilling career for those who are talented in quantitative analysis and have a knack for problem-solving. And what better way to dive into this promising career than joining the Selby Jennings Data Architect Community? Here's why:Why Join the Selby Jennings Data Architect Community?Exclusive Club: Joining Selby Jennings means becoming part of a unique community, an exclusive club that offers its members myriad benefits.Regular Updates: Stay ahead of the curve with exclusive updates on the latest trends in the data architecture landscape.Webinars & LinkedIn Lives: Engage in enlightening sessions, getting firsthand knowledge from industry leaders and experts.Reports: Access meticulously curated reports, giving you in-depth insights into industry shifts, best practices, and new innovations.Emerging Skills Training: The data landscape is ever-changing. Stay competitive with insights into emerging skills and tools.Mentorship Opportunities: Benefit from personalized mentorship, helping you navigate your career journey and scaling new heights in your professional growth.JOIN THE EXCLUSIVE DATA ARCHITECT COMMUNITYResponsibilities of an Actuarial ScientistActuarial Scientists play a crucial role in the financial planning and risk management sectors. Here's a snapshot of what they typically do:Compiling Statistical Data: Gathering relevant data to make informed decisions.Designing Investment and Pension Plans: Creating financial plans that ensure security and returns.Business Strategy Development: Drafting strategies that reduce risks and enhance profitability.Risk Analysis: Evaluating potential threats and devising ways to mitigate them.Estimating Economic Costs: Predicting the financial impact of unpredictable events.Policy Administration: Designing and overseeing insurance policies.Data Presentation: Producing clear visual representations of data and findings.Communication: Effectively explaining findings and recommendations to a variety of stakeholders.Essential Skills for an Actuarial ScientistTo excel in this field, an individual should possess:Numeracy Skills: Ability to deal with numbers effortlessly.Problem-solving Skills: Tackling challenges with innovative solutions.Tech Proficiency: Familiarity with advanced computer software and tools.Business and Financial Acumen: Understanding the financial sector's intricacies.Communication Skills: Conveying complex ideas simply.Research & Analytical Abilities: Delving deep into data to glean insights.Knowledge of Economics: Understanding global economic patterns and shifts.Qualification RequirementsA bachelor's degree in actuarial science, mathematics, statistics, or a related analytical field is typically essential given the role's complex nature.The Financial AspectsOn average, an Actuarial Scientist earns $117,774 annually in the US. However, factors like location, experience, and the employer can influence the actual compensation.Be a Part of the Future with Selby Jennings in the World of Actuarial ScienceAt Selby Jennings, our specialized Actuarial Scientist consultants have forged unparalleled partnerships with some of the leading names in the industry. Through these exclusive alliances, we provide a gateway to opportunities often beyond the reach of conventional avenues. Whether you aim to soar higher in your current trajectory or yearn for a fresh landscape, our robust connections guarantee that you gain entry to Actuarial Science jobs tailored to match your ambitions. Becoming a member of our community isn't just about securing a position; it's a significant stride in a career journey meticulously designed for you. If a shift in the domain of actuarial science is on your horizon, now is the prime time to immerse yourself in our community. Your ideal role could be on the horizon, possibly the one you've dreamt of.Eager to pioneer your path in the realm of actuarial science? Submit your CV without delay and harness the power of the Selby Jennings network. Dive into premier Actuarial Scientist opportunities and stay ahead of the game.

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Insurance-and-Actuarial

The Future of AI in Actuarial Science Services

In the rapidly evolving landscape of finance and services, one technological advancement stands out prominently: Artificial Intelligence (AI). The integration of AI in various industries has been reshaping processes, optimizing outcomes, and revolutionizing the way we conduct business. Actuarial science, a discipline at the crossroads of mathematics, statistics, and economics, is no exception to this transformative wave. In this blog, we will delve into the future of AI in actuarial science services, exploring its potential applications, its impact on jobs, and the pros and cons it brings to the industry.The AI Revolution in Actuarial ScienceAlgorithmic TradingOne of the most visible applications of AI in actuarial science is algorithmic trading. AI-driven algorithms analyze market trends, historical data, and real-time events to make informed trading decisions. This not only enhances the speed and accuracy of trading but also reduces the influence of human emotions, leading to more consistent results.Fraud Detection and PreventionAI's prowess in data analysis and pattern recognition equips it to detect fraudulent activities in financial transactions. Machine learning algorithms can identify unusual behaviors, flagging potentially fraudulent actions for human investigation. As financial transactions become increasingly digital, the need for robust fraud detection systems has never been greater.Risk ManagementAI augments actuarial analysis by processing vast amounts of data to assess and mitigate risks. Predictive modeling powered by AI can estimate potential losses, helping insurers and financial institutions make more informed decisions about risk exposure and pricing.Customer ServiceChatbots and virtual assistants are becoming integral parts of customer service in the financial sector. These AI-driven interfaces offer real-time support, answer frequently asked questions, and guide customers through various processes. This not only enhances customer satisfaction but also allows human agents to focus on more complex tasks.Effects on Jobs and Hiring PracticesJob Displacement and ReskillingThe rise of AI in actuarial science does raise concerns about job displacement. As routine tasks become automated, some traditional roles may become obsolete. However, this also presents an opportunity for professionals to upskill and reskill. Adaptation to new technologies and learning to work alongside AI systems will be crucial for staying relevant in the industry.Explore how to write an actuarial scientist job description.Demand for Specialized SkillsAs AI becomes more prevalent, the demand for professionals with specialized skills in data science, machine learning, and AI will soar. Actuaries who can effectively harness AI's potential to extract insights from data and develop advanced predictive models will be highly sought after.Evolving RolesRather than rendering human roles redundant, AI is likely to reshape job descriptions. Actuaries might transition from routine number-crunching to more strategic tasks such as designing AI algorithms, interpreting AI-generated insights, and making strategic decisions based on AI recommendations.Remote Work and CollaborationAI's integration in actuarial science services has been catalyzed by the global shift toward remote work and collaboration. Cloud-based platforms and AI-powered communication tools enable actuaries to collaborate seamlessly across geographical boundaries, increasing efficiency and expanding the talent pool.Advantages and Disadvantages of AI in the Actuarial Science IndustryAdvantagesIncreased Efficiency: AI automates repetitive tasks, allowing actuaries to focus on higher-value activities, resulting in increased efficiency and productivity.Enhanced Decision-Making: AI's data-driven insights provide actuaries with a more comprehensive understanding of risk factors, enabling them to make more informed decisions.Personalized Customer Experience: AI-powered algorithms can analyze customer data to tailor services, providing a more personalized and satisfying customer experience.DisadvantagesJob Displacement: Automation of routine tasks could lead to job displacement for those unwilling or unable to adapt to the changing landscape.Data Privacy and Security Concerns: The increased use of AI requires handling large volumes of sensitive customer data, raising concerns about data privacy and security.Ethical Considerations: As AI algorithms make critical decisions, concerns about bias, transparency, and fairness in decision-making processes come to the forefront.The future of AI in actuarial science services promises a revolution that will shape the industry's landscape in ways we can't fully anticipate. While there are challenges to address, the potential benefits are vast. As AI becomes an indispensable tool in the actuarial toolkit, professionals who embrace these changes, upskill, and leverage AI's capabilities will be well-positioned to navigate the evolving industry successfully.Are you a business looking to harness the power of AI in your actuarial services? Do you seek expert guidance on integrating AI seamlessly into your operations? Our team of experts is ready to assist you. Request a callback today and let us help you unlock the full potential of AI in the world of actuarial science. The journey ahead is one of adaptation, innovation, and collaboration between human intellect and artificial intelligence.

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Insurance-and-Actuarial

How to Write a Actuarial Scientist Job Description

An Actuarial Scientist is responsible for applying mathematical skills to all areas of the social sciences, in order to evaluate risk and maintain the economic stability of both insurance and financial organizations. A key part of the role is to anticipate future events and take preventive measures to minimize risk and impact. For example, Actuaries carefully analyze past data to determine how much money should be set aside to cover potential financial losses and the consequences that come hand-in-hand with these losses. The role is becoming more and more competitive, with lots of opportunities for strong candidates. The most effective way of hiring and attracting top industry talent is by writing an accurate, well-informed Actuarial Scientist job description. After all, a job description is an essential part of the job application process and will help you determine whether potential candidates are suitable for the role. View our current Actuarial Scientist roles available here.Main responsibilities As an employer, you should always mention the main responsibilities that the successful candidate would be expected to fulfill in the role. An Actuarial Scientist’s main responsibilities may include:Carefully analyzing statistical data Determining potential risks and identifying ways to reduce themWorking in compliance with financial regulationsCommunicating findings to clients and colleagues in a clear and concise mannerPreparing presentations and reportsMonitoring and developing processes and IT systems to ensure they are efficient.The contracted hours the successful candidate will be required to work each day and week should also be clearly mentioned within a job description and, if evening and weekend work is required, this should also be stated. Of course, the main responsibilities of an Actuarial Scientist will vary depending on the organization as well as industry needs and requirements. Clearly stating why our company expects from potential candidates helps streamline the recruitment process and attract applicants that are well-suited to your business. Skill and qualificationsMentioning the skills and qualifications that your vacant Actuarial Scientist position requires will also help to refine candidate selection. A competent Actuarial Scientist should typically possess the following skills:Excellent numeracy skills Sound research and analytical abilityThe ability to analyze complex data A high level of computer literacyExcellent written and verbal communication skillsExcellent organization skills Excellent investigative skills and problem-solving abilitiesAble to apply meticulous attention to detail to all works.The majority of successful Actuarial Scientists have a bachelor’s degree or master’s degree in Actuary Science degree. However, many Actuarial Scientists have also studied finance, mathematics, or statistics. Explore the evolution of Actuarial Scientists and new in-demand skills here.How to write a job description When writing an Actuarial Scientist job description, always mention the job title and job summary. This information should attract, engage, and appeal to your desired candidate. Always outline the core responsibilities and daily duties of the position and what you expect from employees. In addition, you should introduce your company and its culture to show why a candidate should want to work for your organization. Highlighting your business also helps the candidate determine if they share mutual synergy, helping to attract the best candidate for the position. Including a job location and details of work hours and environment will optimize your job search results and applications as candidates will only apply if they are happy to comply. List the hard and soft skills required by your company to fulfill the vacant role. However, be mindful that too many niche requirements could dissuade potential candidates. Finally, mentioning a salary range and work benefits helps you stand out among other employers and attract best-fit applicants. How to hire the best candidateTo hire the best candidate for your Actuarial Scientist position, get in touch with a talent partner today. Talent partners have access to industry-leading talent and are experts in identifying the right candidates for niche positions. To find the talent you need,submit your open vacancy to the Selby Jennings vacancy page or request a call backto elevate your recruitment process.

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Insurance-and-Actuarial

The Evolution of Actuarial Science: New In-demand Skills for the Modern Actuary

In the dynamic world of today, industries are continually evolving to keep pace with emerging trends and technologies. One profession that has experienced notable change over the years is actuarial science. The Society of Actuaries (SOA), the premier professional organization for actuaries in North America, has been at the forefront of this evolution, regularly updating its curriculum and certification requirements to reflect the shifting needs of employers and the insurance industry.Embracing Data Science and Predictive AnalyticsOne of the most significant updates to the SOA's curriculum in recent years has been the introduction of a course on data science and predictive analytics. This is a testament to the growing relevance of these disciplines in the actuarial profession.Data science encompasses a broad array of techniques for extracting insights from data, including machine learning, statistical analysis, and data visualization. Predictive analytics, a subset of data science, involves using these techniques to make predictions about future events based on historical data.For actuaries, these skills are increasingly valuable. The insurance industry is awash in data, from customer demographics and policy details to claims history and risk factors. By applying data science and predictive analytics techniques, actuaries can glean more profound insights from this data, enabling more accurate risk assessments and pricing models. They can also help insurance companies identify trends and patterns that can inform strategic decision-making.The Importance of AdaptabilityIn addition to technical skills, the SOA has also recognized the importance of adaptability in the modern actuary's skill set. As the insurance industry evolves, actuaries must be able to quickly learn and apply new techniques, adapt to changes in regulatory environments, and navigate the complexities of global markets. This is particularly important in today's rapidly changing technological landscape, where advancements like artificial intelligence and blockchain are continually reshaping the industry.To foster adaptability, the SOA's curriculum emphasizes problem-solving, critical thinking, and continuous learning. It encourages actuaries to stay abreast of industry trends and advancements and to be open to new ideas and approaches.Micro-Credentials: A New Path to Professional DevelopmentAnother innovative addition to the SOA's offerings is the introduction of micro-credentials. Unlike traditional certifications, which can take years to earn, micro-credentials are smaller, more focused qualifications that demonstrate proficiency in a specific area.For actuaries, these micro-credentials offer a flexible way to enhance their skills and knowledge. They can pursue micro-credentials in areas like data science, predictive analytics, or business strategy, adding to their professional toolkit without committing to a full certification program.This flexibility is particularly beneficial in today's fast-paced business environment, where the ability to quickly acquire and apply new skills can be a significant competitive advantage.Attracting and Retaining Top TalentThese changes to the SOA's curriculum reflect not only the evolving needs of the insurance industry but also the shifting expectations of top talent. Today's actuaries are looking for opportunities to grow and develop their skills, and they are attracted to employers that can provide these opportunities, as Taylor Carrasco, Executive Director here at Selby Jennings, explains: “To attract and retain these high-performing individuals, employers must offer compelling value propositions. This includes not only competitive compensation packages but also strong benefits, professional development opportunities, and a culture that values innovation and continuous learning.”Taylor also believes due to the evolution of the SOA's curriculum, professionals must adapt to stay relevant in a changing world: “By embracing new skills like data science and predictive analytics, fostering adaptability, and offering flexible learning pathways like micro-credentials, the SOA is ensuring that actuaries are well-equipped to navigate the challenges and opportunities of the modern insurance industry.”​To better understand the evolving landscape of the insurance industry download our latest report here. This comprehensive guide provides deeper insights into the trends that are reshaping the industry, from the rise of data science to the increasing importance of adaptability.If your looking for career progression take a look at our live career opportunities or submit your resume to become discoverable to our Insurance & Actuarial Talent Consultants here at Selby Jennings. This report is an excellent resource for understanding the skills and competencies that employers are seeking. It can help guide you in aligning your professional development efforts with these trends, making you more attractive to potential employers.If you are looking for talent request a call back today. This report offers valuable insights into the changing landscape and how you also retain top actuarial talent. It provides practical tips and strategies for navigating the challenges of the modern insurance industry and creating a compelling value proposition for prospective employees.Download Report

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Insurance-and-Actuarial

The Growing Necessity: Employer Value Proposition in Financial Sciences & Services

In today's highly competitive business environment, financial sciences & services organizations are facing increasing pressure to attract and retain top talent. The competition for talent is fiercer than ever, with companies vying for the best and the brightest to drive innovation, customer satisfaction, and overall growth. One critical aspect that is quickly gaining traction in this landscape is the Employer Value Proposition (EVP). At Selby Jennings, we have explored the importance of EVP in financial sciences & services, why it is becoming a necessity, and how organizations can develop and leverage a strong EVP to attract and retain top talent.The Importance of Employer Value Proposition in Financial ServicesEmployer Value Proposition (EVP) refers to the unique combination of benefits, rewards, and opportunities an employer offers to its employees in exchange for their skills, performance, and commitment. In the financial services sector, a strong EVP is particularly crucial due to the following factors:Intense Competition for TalentThe financial services industry is known for its high demand for skilled professionals. With the rapid pace of digitalization, companies require a diverse range of expertise, from Quantitative Research & Trading to financial technology experts. A strong EVP can help financial institutions stand out and attract top talent in a competitive market. High Employee ExpectationsToday's workforce, expects more than just a competitive salary. They are looking for purposeful work, opportunities for personal and professional growth, work-life balance, and a supportive work environment. A compelling EVP that addresses these expectations can help financial services organizations retain their best employees.The Changing Landscape of Financial ServicesThe financial services industry is undergoing significant changes with the advent of fintech, blockchain, and artificial intelligence. A strong EVP can help organizations adapt to these changes by attracting employees with the required skill sets and fostering a culture of continuous learning and innovation.Creating a Strong Employer Value Proposition in Financial ServicesTo develop an effective EVP that resonates with employees and potential candidates, financial services organizations should consider the following steps:Understand Your Target AudienceBegin by identifying the type of talent you want to attract and retain. This could include specific skill sets, experience levels, or even cultural fit. Once you know your target audience, you can tailor your EVP to address their unique needs and preferences. Assess Your Current OfferingAnalyze your organization's existing rewards, benefits, and opportunities. Identify gaps and areas for improvement, and ensure that your EVP encompasses all aspects of the employee experience, from compensation and benefits to growth opportunities and company culture.Communicate Your EVP EffectivelyA well-crafted EVP is only as effective as its communication. Make sure your EVP is consistently communicated through all recruitment channels, as well as internally to current employees. This includes job postings, career websites, social media, and employee testimonials.Regularly Review and Update Your EVPAs the financial services industry evolves, so should your EVP. Continuously evaluate and update your EVP to keep it relevant and in line with industry trends, employee expectations, and organizational objectives.Selby Jennings excels in presenting Employer Value Propositions (EVP) to candidates, ensuring that businesses stand out in the competitive market. Our team of experts understand the importance of aligning your organization's values, culture, and growth opportunities with top talent. By leveraging our extensive network and industry insights, we're able to effectively showcase your business's unique advantages to attract and retain the best candidates. Don't miss the opportunity to work with a partner who will elevate your hiring process - request a call back today to explore how Selby Jennings can drive exceptional talent to your business.

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Highlights

Phaidon International Findings

​As a leading talent partner, we keep our finger on the pulse when it comes to hiring trends, and 2022 was no exception. It has never been more important for companies to understand what business-critical professionals are thinking when it comes to making career changes, what compensation they’re after, and what benefits they really desire. We surveyed our vast, global network of the best, in-demand professionals, and came up with a number of valuable insights that employers need to know about if they want to attract the best talent, and just as critically, keep them. Discover what is motivating top talent around the world right now with our highlights across Financial Sciences & Services.Download your copy of this report by completing the form below:​

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Insurance-and-Actuarial

Insurance and Actuarial Talent Trends in 2019

​One clear trend emerges in the insurance industry — Artificial Intelligence has arrived. You may have already seen evidence of this such as algorithms in the actuarial back office all the way to chatbots for claims resolution. The AI disruption can be good for talent in this sector, as those who embrace these tools can stand out among the sea of competitors.Using AI to Increase CompetitivenessAI has typically been about using machine learning to automate, iterate and optimizing models. In other words, AI insurance models feed off previous real-world events. The assumption here is that as AI technology matches risk data points to claims data points, future events will emulate the past. What this means is that success depends on talented actuaries to provide data points and using AI in order to create pricing and instigate appropriate checks and balances. Those who embrace AI technology and use it to empower companies could evolve faster and capitalize on creating the best possible product.Actuaries need to embrace AI in order to communicate effectively on how different risks can impact customers and price points. As more data and tools will become available, the industry will still rely on actuaries to process cases.Humans Are Still NeededThere are some who predict that AI technology will eliminate human jobs completely for certain professions, including putting actuaries out of work. While machine learning has taken away certain tasks, current technology is still at a point where it needs humans to step in to intervene and govern. In other words, machines won’t completely eliminate actuarial teams in the foreseeable future.Like mentioned before, we’re seeing trends where actuaries need to embrace these solutions — no matter how crude or incomplete they may be — so that machine learning becomes a tool that helps to enhance the quality of their work and therefore the organization. Companies will look to these skills as AI continues to evolve.Evolved RolesEven though machine learning will get more sophisticated, it cannot replace humans completely. Risk and claims data points are complex and there is no evidence so far that points to machine learning being able to come up with the types of judgment or innovation needed, including asking thought-provoking questions or thinking up worst case scenarios.Machine learning will require actuaries to tackle new problems or create new opportunities for their companies. Instead of analyzing data points as a skill, top talent in the near future could be hired for their critical thinking and problem solving skills such as market price reconstruction or innovative concepts to ensure customer retention.That’s not to say tasks, such as fraud detection and advanced claims handling, will be taken over by AI anytime soon. Companies will still need actuaries who can use their current skill set. However, as more companies embrace machine learning, they’ll be looking towards talent who can keep up with trends and are willing to take on roles where it involves predicting and validate solutions for the future.Get in touch with a Selby Jennings representative today to learn how you can connect with forward-thinking talent.------------About UsSelby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries. Contact us to find out how Selby Jennings can help you.

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Insurance-and-Actuarial

Actuarial Market Update - Life & Annuities

​OverviewAs we move into Q2, our team wanted to highlight a number of trends across the market that are affecting where talent pools are gravitating. We are currently in one of the most buoyant job marketscrossthe U.S. and organizations have started to pull out all the stops to attract and retain the best talent. One method that has become more popular over the past few months is allowing candidates to have the option to work remotely. The other issue that has put a strain on available talent is the appetite for organizations to sponsor visa candidates. With the expedited transfer process recently suspended, more and more companies are relying on organically growing the businesses or focusingon campusrecruiting where candidates will not require any work sponsorship.Roles in DemandGiven the time of year, we anticipate the market to be flooded with new FSA’s in the coming months and most of these candidates are getting a jump on the competition by putting their names out to recruiters and companies prior to exam season, so they are ready to interview once they achieve their next designation. We are days away from the new class of ASA’s being published and with changes to the exams in the coming months, companies are anticipating this class to produce an immense number of new actuaries.From a company perspective, most hiring managers are seeking candidates with strong backgrounds in Modeling and Valuations and demand is coming from organizations both large and small. The 7-10 year mark has been the key level of seniority that everyone is seeking as most have already searched internally for an organic hire, but end up going to market for someone with a deeperskillset.Additionallywe are seeing a recent push for Valuation, Governance and Regulatory talent from the 4-7 year mark, typically with some of the smaller shops. It has been interesting to see candidates who have come from a traditional actuarial background interested in making the switch to a non-traditional role.Apart from the typical hubs in the Midwest and the Northeast, we are seeing a pretty big push for talent in the Texas and Southeast markets. Organizations have realized that irrelevant of location, good candidates are going to achieve competitive salaries even if they in a lower cost of living location. This has helped drive the base salary figures up for candidates in the Midwest, wherecostof living is substantially cheaper than NYC, or more traditional financial hubs. However, even with a more level playing field from a base compensation perspective, candidates have proven to be focused on all in packages rather than just one element. Where companies have recently differentiated themselves has been around the non-financial benefits to sweeten an offer. Thingslike,work lifebalance, remote work capabilities, upward mobility and number of vacation days have proven to be a big deciding factor for about 70% of the candidates we have placed in the past year. On the financial sides of incentives, candidates are focused on bonus potential,long termincentives, and exam support.Hiring and Search AdviceGiven how competitive the market currently is, we recommend that hiring managers start to get a jump on their competition by making sure the interview process is quick and efficient. A number of our clients have lost out to other offers that were able to turn around a full interview process in under 14 days. Additionally, we also adviseto putyour best foot forward from an offer perspective from the get go. Candidates tend to feel more appreciated when they are presented with a strong offer rather than having to go back and forth trying to negotiate.From a candidate perspective, we have seen and continue to recommend that candidates jump into the market a bit early. Even if you have not received your next designation yet, or want to start a search in the summer months, the time is now to start laying the ground work, putting your name in the market and test the waters. We have seen that candidates who may be lighter on experience have a better chance of securing their dream job if they get ahead of the mass rush of resumes that tends to hit the market post bonus and exam season when the competition is extremely fierce.Outlook Moving ForwardWe anticipate that most of the hiring between now and the summer months will lean more towards the larger institutions with a wave of turnover in the middle of May once exam season wraps up. The majority of the roles in demand will remain at the 4-7 and 7-10 year mark with the majority of hires occurring in the Midwest. Overall we anticipate 2018 to continue to be a strong year of hiring regardless of the visa or salary restrictions that most of the country must face.--------------About UsSelby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries. Contact us to find out how Selby Jennings can help you.

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