The Actuarial Analyst will effectively use, maintain and improve upon processes designed to support all actuarial aspects of one or more lines of professional liability insurance. Actuarial aspects include pricing, reserving, business intelligence, analytics, reinsurance and working with IT.
Key functions include but are not limited to:
- Pricing: Assist in creating, reviewing, enhancing, and maintaining pricing models. Prepare rate indications and collaborate on pricing strategies. Support state rate filings for admitted products and work with state insurance departments to obtain approval. Assist in preparing competitive analyses to price new product offerings. Act as a primary SME and UAT for all rating put into the policy system(s). Assist in creating, enhancing, and maintaining models for assessing true rate change on renewals.
- Reserving: Assist in creating and maintaining reserving models for all lines. Prepare quarterly reserve analyses and document results. Support finance in preparing journal entries for booking IBNR and Schedule P entries. Ensure reconciliation to the general ledger.
- Business Intelligence – Recognize and report data issues to IT; create new and modify existing management reports based on user requirements; identify data elements in policy and claims systems that are not in the reporting environment and work with IT to add them.
- Analytics: Assist in data gathering and initial exploration. Identify potential variables for modeling team. Communicate results to both technical and non-technical audiences.
- Reinsurance: Gather and report policy and claims data and report to brokers.
- IT: Perform User Acceptance Testing for new rates or rating elements in the policy system.
- Other: Actively participate in ideation, experimentation, and implementation of new ideas. Ensure SOX compliance for the actuarial department.