We build products and knowledge to help business leaders make better, data-driven decisions. The Advanced Technology Group requires analytic agility, the ability to quickly learn new techniques, and a desire to provide innovative solutions and creatively solve problems that optimize the business.
This role reports to the Director of Research and Development and is responsible for finding solutions that leverage data and insights to find risk correlation, along with using actuarial models for pricing and segmenting risk, and working closely with data scientists to develop and implement pricing and product strategies to support organizational goals. This position will manage all ratemaking and reserving analyses and all other actuarial projects in support of company goals and objectives for all insurance programs.
The ideal candidate will be confident in their skills with the ability to communicate findings to clients.
Utilizes actuarial modeling for pricing, valuation, and risk management to develop new products, project future results, and reprice existing products. Tests pricing assumptions and the appropriate premiums, interest margins, and reserves for new Makes adjustments and improvements to models.
Uses appropriate actuarial assumptions (e.g., trend, development, etc.) in compliance with regulations, to project premiums, losses and Proper use of credibility, including determining the appropriate standard for full credibility, the rule for partial credibility and the complement of credibility.
Pulls, aggregates, and queries ratemaking data; and quantifies, validates, and prepares proposed Aligns the pricing process with improved capture and modelling of exposures to better inform the technical rating process.
Supports state filing process with actuarial memorandum, actuarial filing forms, correspondence with regulators, measurement of rate impacts, and documentation of analysis. Coordinates on the filing of product forms, manuals, rules, and guidelines.
Delivers production rates timely and Loads and tests rates to ensure precision of rates in production. Validates results for consistency and explains deviations. Monitors performance to determine model life cycle.
Develops underwriting rating tools and engines, explains the output from pricing tools, and reviews the pricing and structure of individual deals that are larger or unusual risks.
Continuously develops and applies improved procedures to increase accuracy and efficiency, and alerts team members to deficiencies in data, processes, and results.
Prepares miscellaneous reports to aid in monitoring performance of clients, products, and sub-producers. Prepares actuarial proposals for management and business partners. Reports performance at granular level (account and rating factor) for optimization.
Monitors competitive market, industry trends, and professional research to maintain knowledge of current activities related to products, regulations, market conditions, and innovative alternatives to achieve goals.
Produces exhibits for financial reporting and Prepares IBNR information for accounting allocation, prepares audit triangle files, and assists with auditor testing.
Maintains, enhances, and develops templates for ratemaking, reserving, and modeling. Creates clear and concise documentation of ratemaking, reserving, and modeling methods and activities.
Complies with regulatory and risk management procedures. Implements best practices.
Candidates who meet most but not all of the requirements are encouraged to apply. Actual job offer and title are based on level of experience and skillset.
A bachelor's degree in actuarial science, mathematics, statistics, or related quantitative field.
Minimum of seven (7) years of actuarial experience in the property & casualty insurance industry for a primary insurance company or consulting firm. Prefer at least five (5) years of experience in commercial lines ratemaking and at least three (3) years of experience in reserving.
Associate (ACAS) or Fellow (FCAS) of the Casualty Actuarial Society (CAS) required.
Good understanding of commercial and/or personal auto insurance and the applicable regulations and actuarial guidelines.
Experience preparing insurance department filings and responding to regulator filing questions.
Experience aggregating and analyzing big data (telematics, generalized linear models, machine learning, predictive modeling, etcetera.)
Programming experience in R or Python.
Strong communication skills with the ability to convey complex statistics and technical concepts to non-technical audiences. including executive management.
Ability to interact and work within a team environment and approach actuarial work as collaborative product.
Applicants must be legally authorized to work permanently in the U.S. at the time of application.
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this Duties, responsibilities, and activities may change at any time with or without notice.
We offer robust benefits, including health, dental, vision and generous paid time off and 401(k) with a company match, which is fully vested on day one!
Free catered office lunch and office.
Health and wellness focused work environment.
Opportunities to participate in charitable events and give back to the community.
A relaxed dress code; and
Training and development to invest in you and take you from great to Greater!
The preceding job description is not intended to be all inclusive of the multitude of tasks that may be assigned, but rather to provide a general overview of the expectations and responsibilities of this position. As the nature of business demands change, so may the functions of this position. Additional duties and responsibilities may be assigned.
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, protected veteran status, or disability status.
AIS is an Equal Opportunity Employer:
For an accommodation or special assistance with applying for a posted position, please contact our Human Resources department at 469-391-0527.
Aioi Insurance Services USA is part of the MS&AD Insurance Group, which is the 5th largest insurance company by market capitalization and the Advanced Technology Group within Aioi Insurance USA specializes in Research and Development of new technologies that can be used by both the automotive and insurance industries. We build products and knowledge to help business leaders make better, data?driven decisions.