Job Summary:
This position is responsible for developing and justifying new rating plans, adjusting existing rating plans, and working with the Product team to develop new products, coverages, and endorsements. This position will also promote the use and application of advanced analytics across the organization. The outcomes of this position help the company manage and price risk, determine cost structures, reduce costs, and increase profits. The position may also provide oversight on the pricing work & analysis performed by Jr. Actuarial Analyst staff. This position works with all management levels across the organization and is a direct report to the Manager of Products & Analytics.
Principal Duties and Responsibilities:
Pricing and Profitability
Develop and enhance rating plans using predictive modeling and other actuarial techniquesAnalyze and quantify rating parameters and how the implementation of these will lead to positive resultsNegotiate rate adjustments and product changes to improve profitability; prepare and present rate dislocation and justification analyses to support such changesPrepare rate filings/exhibits and respond to rate-related state objections with the goal of expediate approvalDetermine deviation from target/projections and determine potential source of material deviations in results from expectationEnhance and refine existing pricing models and develop new pricing models to support company™s strategic objectives regarding innovationIdentify and propose actions to improve profitability of products and accountsRisk Management and Rate Compliance
Develop tools and use analytics to aid underwriting, operational, and fraud prevention strategiesPromote the use of predictive analytics throughout the organization, beyond just a pricing contextBuild and improve actuarial files, models, and algorithms to support day to day pricing and underwriting activitiesConduct periodic audits of underwriting files to determine if pricing models are appropriately employedUtilize actuarial tools and develop ad hoc tools as necessary to quantify risks presented by a product and accountCoordinate with internal staff to address risk and profitability concernsResearch and Product Development
Assist with the development of new insurance products and advise underwriters in making profitable decisionsMonitor and interpret competitor filings to identify any new coverages, rates, and rating variables in the marketDevelop understanding of state filing requirements and how these differ among statesResearch, develop, and apply new analytical techniques that are applicable to the business and share knowledge with peers and teammatesResearch, compile and analyze historical actuarial dataRequired / Desired Knowledge, Experiences and Skills:
Predictive modeling experience using R and/or Emblem requiredMinimum two years actuarial work experienceRate filing experience strongly preferredExperience employing and understanding standard concepts, practices, regulations, and laws within the insurance and actuarial fields preferredIntermediate level skills in SQL and Excel requiredTravel Insurance experience a plusEducation/Certifications:
Bachelor's degree (B.A.) in mathematics, actuarial science, economics, finance or similar degree from an accredited college or universityPhysical Working Environment:
While performing the duties of this job, the employee is required to stand; walk; sit for long periods of time; use of hands to grasp, handle, or feel; reach with hands and arms; finger dexterity; talk; hear. The employee is occasionally required to climb or balance and stoop, kneel, crouch, or crawl. The employee must frequently lift and/or move up to 10 pounds and occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision, distance vision, peripheral vision, depth perception and ability to adjust focus.
The above statements are intended to describe the general nature of work being performed by people assigned to this classification. They are not to be construed as an exhaustive list of all responsibilities, duties and skills required of employees so classified.
Trip Mate is an Equal Opportunity Employer M/F/Disability/Veteran
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