Assistant Actuary

  • 38611
  • Non-Life - Actuarial
  • |
  • Michigan, United States
  • |
  • Nov 16, 2020
Insurance
RESPONSIBILITIES
  • Coordinates and develops pricing for current or new property/casualty insurance coverage and products.
  • Coordinates and executes scheduled rate reviews to ensure rates are adequate, not excessive or unfairly discriminatory, and internally consistent with experience.
  • Analyzes and reviews competitive product and rate comparison reports.
  • Formulates and interprets complex mathematical ratemaking models using a variety of software and actuarial tools.
  • Provides support to other areas in the interpretation of rating data.
  • Acts as a project lead on actuarial projects, task forces, studies and pricing policies.
  • Assists management in the development of short and long term forecast to ensure meeting corporate profitability and growth goals.
  • Assists management in training and mentoring less senior staff.
  • Provides recommendations for improving methods, analysis and data gathering techniques used by the actuarial team.
  • Assesses the impact of assigned projects on the organization in terms of underwriting, claims, marketing, finance and other business areas.
  • Keeps current on new legislation/requirements.
  • Provides management with sound recommendations regarding changes to product design or rating structure and provides follow-up on system modifications.
  • Keeps current on actuarial issues, software tools and emerging issues affecting product lines.
  • Leads the economic capital modeling function for current or new insurance, banking, or member services and products.
  • Coordinates and executes scheduled capital model updates to ensure capital adequacy and appropriate returns on capital.
  • Develops, updates, and maintains the company’s stress testing framework.
  • Provides support to other areas in the interpretation of capital modeling data.
  • Acts as an actuarial lead on projects within Enterprise Risk Management.
QUALIFICATIONS
  • Master or Doctoral Degree in Mathematics, Actuarial Science, Statistics or related field.
  • Experience in personal lines Property and Casualty with specific focus on actuarial pricing or research.
  • Experience within the Enterprise Risk Management function in the financial services industry.
  • Professional Designation such as: Certified Financial Analyst, Chartered Enterprise Risk Analyst, Financial Risk Manager, etc.
  • Knowledge of NAIC ORSA, Solvency II, Basel, and broader insurance and banking regulatory environment.
  • Designation of Associate of the Casualty Actuarial Society and a minimum of five years’ experience in an actuarial environment.
  • Maintain eligibility in the Actuarial Professional Development Program following department guidelines.
  • Extensive experience in/with:
  • Coordination and execution of projects.
  • Use of statistical tools and software applications to complete assignments.
  • Preparing reports and exhibits for management review.
  • Analysis of technical studies and data and draw sound conclusions.
  • Modeling and quantitative analysis.
  • Make oral presentations to business units/management.
  • Represent the department on inter-department teams.
  • Experience in five or more of the following:
  • Preparing quarterly rate indications.
  • Formulating and interpreting mathematical rate making models.
  • Preparing property and casualty rate filings.
  • Preparing competitive product and rate comparison analysis reports.
  • Calculating reserves.
  • Pricing property and casualty insurance products.
  • Completing actuarial research relating to insurance operations.
  • Developing, improving and maintaining economic capital models.
  • Incorporating economic scenario generators into asset modeling.
  • Analyzing and interpreting catastrophe model output.
  • Modeling of financial risks, including credit, market, liquidity, and operational risks.