New York/Albany, New York
Posted: 19-Jan-23
Location: Webster, Massachusetts
Type: Full Time
Salary: $85,000 - $105,000
Categories:
Salary Details:
The Actuary II develops actuarial analyses, with a focus on pricing in accordance with CAS (Casualty Actuarial Society) principles. These analyses will directly contribute to the overall performance of the actuarial area, with the potential to positively impact other departments across the organization and 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 II will be accountable for ensuring that the processes are kept up-to-date and free of errors. The Actuary II therefore acts as the SME (subject matter expert) for the actuarial analyses carried out, detailing the inputs and conclusions to others in the organization.
- Performs pricing analyses and provides recommendations for selected property and casualty insurance products offered by MAPFRE Insurance.
- Such analyses include: Loss and adjustment expense development trends; Analysis of other expenses, including trends; Analysis of other components of actuarially sound rates, including investment income, profit allowances, and contingency allowances.
- Quantifies the competitiveness of rates, including analyzing the impact on insureds of proposed rate changes, through the development of policy premium scenarios and other analyses.
- Performs analysis, and develops recommendations, relative to the pricing of new or revised coverages, and relative to potential structural changes in product pricing (class plans, amount of insurance relativity curves, etc).
Position can be at a higher level commensurate with experience. Hybrid in Boston or Webster MA or Remote
Required:
· Bachelor's Degree or higher plus Certificate, e.g. INS 21,22,23 or equivalent
· 3 - 6 years of experience in related roles
· Thorough knowledge of Microsoft Office
· 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
· General knowledge of either SAS or SQL
· General knowledge of insurance operations, insurance accounting and insurance regulations
· Ability to use these skills to modify existing processes or innovate new processes
Preferred:
· Credit for at least four exams on the current CAS syllabus
· Experience with Emblem (for Pricing) depending on the Actuary II’s area of focus
· Experience with Earnix, R, or Insure Quote preferred for pricing area of focus
· General knowledge of reinsurance and its implications on the area of focus
· General knowledge of capital management and risk management
