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.
Salary commensurate with experience $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
Required
· Bachelor’s Degree or higher
· 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 and insurance accounting
· General knowledge of insurance regulation
· 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
Soft Skills
· 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:
Pricing Area of Focus
- 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).