Internal Reference Number: R1022320
Summary Maintains actuarial reporting systems, analyzes actuarial reports, summarizes reports, and provides recommendations.Description
- Compiles monthly and quarterly actuarial reports. Extracts mainframe data into spreadsheet form. Performs profitability analysis and determination of appropriate level and rates for various lines of business. Reviews rating bureau changes, making premium comparisons with competing companies and adjusting prior company experience to reflect future contingent liabilities for the purpose of pricing a revision to an existing product or rate level.
- Correctly prepares and documents rate filings and other submissions to state regulatory authorities. Files rate, rule, and form revisions along with annual required filings. Completes ad hoc reporting for financial and insurance data by state insurance departments, and provides input to state insurance departments on proposed legislation.
- Develops actuarial computer models and technically supports the actuarial staff. Serves as a liaison to the information systems department.
- Accurately determines bulk loss and loss expense reserves for reported and unreported liabilities. Establishes the review of various methodologies used to promulgate these reserves as well as provides both written and oral support of carried reserves to regulators, independent actuaries and auditors, and other examiners. Recommends follow-up studies as needed.
Required Work Experience:
- Five Years Actuarial experience.
- Bachelor's degree Statistics/Biostatistics, mathematics, accounting, finance, economics, or other related field. OR
- Four years work experience as an Associate of the Society of Actuaries (ASA) or Associate of the Casualty Actuarial Society (ACAS).
- Associate of the Casualty Actuarial Society or the Society of Actuaries.
Skills and Abilities:
- Analyzes trends and claims activity to assist with competitive pricing decisions
- Develops, maintains, and augments actuarial rating models
- Develops reporting for new product types and managerial oversight
- Analyzes proposal, renewal, and benefit data to assist Underwriting in determining rate changes
- Performs profitability analysis to determine appropriate manual rates for the Major Group business
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