Primary Duties and Responsibilities:
Develops pricing for current or new property/casualty insurance coverage and products. Coordinates and executes scheduled rate reviews and indications to ensure rates are adequate, not excessive or unfairly discriminatory, and internally consistent with experience. Provides senior level analysis and preparation of competitive product and rate comparison reports. Formulates and interprets mathematical ratemaking models using available tools. Analyzes data, develops material and prepares appropriate communications.
Provides recommendations for improving methods, analysis and data gathering techniques used by the actuarial team. Works with Actuarial Support in gathering and verifying data for rate indications, rate revisions and special projects. Manipulates data for actuarial review using standard software packages. Determines relevant factors and researches suitable trend indications for analysis, providing material and oral support to recommendations made to management. Performs actuarial adjustments to meet the analysis purpose. Analyzes competitor's rate structures and coverage. Develops and prepares competitor rate manual analysis. Prepares reports, proposals, system documents and documentation as required. Provides support/oversight to projects as required.
- Bachelor's degree in Mathematics, Actuarial Science, Statistics or a related field.
- Successful completion of four or more actuarial examinations and a minimum of three or more years of experience in an actuarial environment.
- Maintain eligibility in the Actuarial Professional Development Program following department guidelines.
- Preparing quarterly rate indications
- Formulating and interpreting mathematical rate making models
- Preparing property and casualty rate filings
- Preparing competitive product and rate comparison analysis reports
- Calculating reserves
- Pricing property and casualty insurance products
- Completing actuarial research relating to insurance operations
- Coordination and execution of projects
- Use of statistical tools and software applications to complete assignments
- Preparing reports and exhibits for management review
- Analysis of technical studies and data and draw sound conclusions
- Make oral presentations to business units and management
- Represent the department on inter-department teams
- Preferred Qualifications
- Master Degree in Mathematics, Actuarial Science, Statistics or related field.
- Experience in pricing for peril homeowners product
- Ability to manage and merge large volume of internal/external data for analysis
- Experience in pricing homeowners product in the coastal states