The Actuary Sr develops actuarial analyses, with a focus on reserving, in accordance with CAS (Casualty Actuarial Society) principles. These analyses will directly contribute to the overall performance of the actuarial area and other departments across the organization, with the opportunity to improve the overall the results of the company.
As the analyses typically rely upon complex processes, with the potential to change in connection with the organization’s needs, the Actuary Sr will be accountable for ensuring that the processes are kept up-to-date and free of errors. The Actuary Sr therefore acts as the SME (subject matter expert) for the actuarial analyses carried out, detailing the inputs and conclusions to others in the organization and external stakeholders. The Actuary Sr will also be prepared convince both internal and external stakeholders of the correct actions to be taken as a result of the analyses.
If it is believed that foundational changes to existing processes will materially improve performance, the Actuary Sr will recommend such changes to actuarial management. To the extent that such changes are implemented, the Actuary Sr will be responsible for knowing the implications of the changes and being able to communicate them to internal and external stakeholders, ensuring a smooth transition.
The following responsibilities are performed under the direction of the Actuarial Manager:
Reserving Area of Focus
Analysis of losses and loss adjustment expenses to support:
- Quarterly reserve setting - Monthly roll forwards - Annual statutory reserve opinion - Quarterly review of reserves for MAPFRE Puerto Rico
Financial planning analyses to support annual budget preparation.
Various analyses to support MAPFRE SA’s reporting requirements to the EU under Solvency II.
Interacts extensively with external auditors to communicate any changes in process and the impact of those changes.
All Areas of Focus
Performs other actuarial analyses on an ad-hoc basis, as needed
Proposes new actuarial analyses to that would add value to the actuarial area and the organization.
Bachelor's Degree or higher, 6 - 8 years of experience in related roles
Thorough knowledge of Microsoft Office
Thorough knowledge of either SAS or SQL
Thorough knowledge of insurance operations, accounting, and regulation
Experience carrying out complicated quantitative analyses for insurance companies or similar organizations; preferably related to products similar to MAPFRE’s
General knowledge of applicable industry practices, standards, and concepts, reinsurance and its implications on the area of focus, capital management and risk management
Ability to use these skills to modify existing processes or innovate new processes
Credit for at least five exams on the current CAS syllabus
Experience with ResQ (for Reserving) depending on the Actuary Sr's area of focus
Experience with managing new and existing data sources, as well as building complex processes off of them from scratch
At MAPFRE, the safety of our employees matters. We have taken vital steps across all offices from the improvements to our air ventilation, the installation of touch-free devices, to embracing social distancing and requiring medical self-screening to ensure the safety of our employees. We embrace the ability to collaborate with peers in-office, while also offering a flexible work arrangement for many roles in our organization.
If you require an accommodation for a disability so that you may participate in the selection process, you are encouraged to contact the MAPFRE Insurance Talent Acquisition team at firstname.lastname@example.org.
MAPFRE Insurance offers friendly service from over 2,000 professionals focused on taking care of you and your family.
MAPFRE Across the Globe
Part of the MAPFRE Group – a global insurance group doing business in over 100 countries across five continents. MAPFRE has over 36,000 employees serving over 30 million customers worldwide.
MAPFRE in the United States
Offers a wide range of insurance solutions for the home and vehicle
Is the 21st largest Property-Casualty Insurer
Is the 20th largest private passenger auto insurer
Has a network of more than 5000 independent agents and brokers
Has a presence in 14 states
Rated “A” (Excellent) by A.M. Best