The Actuary II develops actuarial models in accordance with CAS (Casualty Actuarial Society) principles. These models focus on Auto and 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. The Actuary II will be accountable for ensuring that the models are kept up-to-date and free of errors. The Actuary II therefore acts as the SME (subject matter expert) for the actuarial models built, detailing the inputs and conclusions to others in the organization.
Position can be at a higher level commensurate with experience. Salary range $85,000 – $110,000 yearly
Knowledge, Skills and Abilities
Education: Bachelor’s plus Certificate, e.g. INS 21, 22, 23, or equivalent, related experience.
Experience: 4 – 6 years – or Associates Degree equivalent plus 6 – 8 years.
Knowledge: General knowledge of industry practices, standards, and concepts within field of work. Applies them to perform work requiring analytical business skills.
Decision Making: Makes decisions related to a wide variety of situations within management limits. Interprets guidelines and procedures, applying judgment and discretion. Decisions influence portions of a project, client relationships and/or expenditures.
Supervision Received: Works independently under general supervision. Work is reviewed for overall adequacy in meeting objectives.
Leadership: May provide training and guidance to less experienced staff.
Problem Solving /Operations/Direct Work Involvement: Develops solutions to complex problems which require the regular use of innovation. Ensures that solutions are effective in meeting organizational objectives. Questions problem definition to address underlying issues.
Client Contacts: Manages difficult complex situations and or high impact internal external relationships. Serves as consultant to management on high impact and complex projects and may also be an external spokesperson for the organization on significant matters pertaining to policies, plans, and objectives. Interaction frequently includes senior internal and external personnel often requiring complex coordination between organizations.
Additional Knowledge, Skills and Abilities
· 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 either SAS or SQL
· General knowledge of insurance operations and insurance regulation
· Ability to use these skills to modify existing processes or innovate new processes
· Credit for at least four exams on the current CAS syllabus
· Experience with Python, R, Earnix, Radar or Emblem
· Programming ability in SAS, SQL, R or Python
· Experience with cloud-based platforms such as AWS
· Experience with developing and implementing multivariate predictive models using GLMs
· Works independently under general supervision
· Makes decisions related to a wide variety of situations within management limits. Interprets guidelines and procedures, applying judgment and discretion
· Proactive in recognizing existing or emerging problems with analysis processes and remediating the problems
· May provide training and guidance to less experienced staff
· Manages internal and external relationships
· Represents actuarial area as prime contact for completed analyses
· Ability to communicate with senior management and external personnel
Essential Duties and Responsibilities
The following responsibilities are performed under the direction of the Actuarial Manager:
Modeling Area of Focus
Builds predictive models with a focus on Auto for selected property and casualty insurance products offered by MAPFRE Insurance. Such models include loss cost, retention, and conversion models.