Associate Actuarial Analyst

Job Summary

The Actuarial Associate Analyst, working under the close supervision of Actuarial Managers, assists with conducting analyses, providing recommendations, and participating in actuarial projects. They are the entry-level analysts who aim to develop actuarial skills and assist with a variety of actuarial duties. The role extracts, transforms, and prepares data for analysis, performs rating, reserving and other financial analyses, and develops ad hoc reports.

Job Responsibilities

• Supports actuarial assignments under the close supervision of seniors by following standard processes in areas like Pricing, Loss Reserving, Research and Development, etc.
• Works on assigned projects under the direction of more experienced actuarial team members and completes research, ensures accuracy of calculations and analyses, and meets project deadlines.
• Extracts, organizes, and validates data in support of actuarial analysis.
• Learns relevant tools, technologies, and techniques to perform analysis.
• Performs analysis to share input on pricing of new and existing products, collaborates with Underwriting and Product team to determine loss and loss expense reserve recommendations.
• Assists actuarial team in gathering information, prepares project reports and creates datasets following already documented processes in support of the Actuarial Department.
• Assists in the development of collateral for defending state filing materials, estimates unpaid loss and loss expense liabilities, provides support to Finance Reporting and partners with the IT team to implement rate and rule changes in rating.
• Supports in the on-going review and improvements of pricing and processes for greater automation, accuracy, and rate adequacy.
• Learns the operation of rating systems, makes changes to rates, rating plans and rate change process.
• Partners with IT to implement rate and rule changes in rating or policy administration systems.
• Supports to develop actuarial models for insurance products, using statistical and mathematical techniques and monitors the effectiveness of pricing strategies, adjusting as needed to achieve the desired results.
• Supports in researching market changes, emerging trends and supports the analysts in making rate recommendations and creates supporting documentation to ensure strong profitable revenue growth.

Job Qualifications

• 0-2 years of experience in Actuarial or a related field.
• Bachelor's degree in Mathematics, Actuarial Science, Statistics, or a related field and/or commensurate work experience.

Behavioral Competencies

• Collaborates
• Customer focus
• Communicates effectively
• Decision quality
• Nimble learning

Technical Skills

• Data Analysis and Reporting
• Statistical Modeling Software
• Technical Documentation
• Predictive Analytics
• Market Research
• Statistical Analysis
• Pricing Modelling
• Risk Management
• Corporate Reserving
• Insurance Industry Knowledge

This job description describes the general nature and level of work performed in this role. It is not intended to be an exhaustive list of all duties, skills, responsibilities, knowledge, etc. These may be subject to change and additional functions may be assigned as needed by management.