Pricing Actuary

SUMMARY:
CSE's Actuary will maintain insurance pricing through management and execution of the rate change schedule. Will be responsible for the accuracy of rating plans; will develop new and improve existing rating algorithms for personal lines auto, property and small commercial lines. Includes sophisticated modeling, statistical analysis, development, implementation, and monitoring of state and product level strategies to achieve profitable growth. Also serves as a modeling consultant across the organization.

ESSENTIAL FUNCTIONS/PRINCIPAL RESPONSIBILITIES:

  • Performs all the technical functions required in Actuarial Pricing, including but not limited to predictive modeling, technical segmentation, rate analysis, filings with the Department of Insurance, etc.
  • Works closely with Product Management in implementation of rate revisions and recommendations using internal data, competitive data, and external data. Ensures deadlines are met, changes are accurate, and appropriate regulatory approval is obtained.
  • Works as a modeling consultant to help with analysis across the entire organization.
  • Generates pricing metrics for profitability management, benchmark analytics and modeling.
  • Responsible for determining the relationship of price to risk. Determines factors, formulas, and characteristics of risks as they relate to the policy premium. Develops technical segmentation of loss propensity.
  • Responsibility for information analysis, interpretation and reporting necessary to support contracting initiatives and decisions. This includes statistical analyses and modeling that estimate impacts of proposed product, benefit and/or changes including business practice and business system modifications.
  • Collaborates with internal stakeholders including Underwriting, IT, sales, marketing and underwriting on pricing changes.
  • Assists in all aspects of pricing, including new product pricing, renewals and regulatory filings, compliance, forecasting, and monitoring results of changes.
  • Communicates indications and proposed changes clearly and succinctly. Presents results to executive stakeholders with professional visual analysis and summaries.
  • Mentors junior actuarial candidates.
  • Assists in strategic direction of the Actuarial Pricing unit.
  • Educates company leadership on analytics usage and implementation.
  • Performs other duties as assigned.


KNOWLEDGE, SKILLS, AND BEHAVIORS:
  • Broad understanding of the preferred lines of business including rate indications, pricing, and coverage. This includes an understanding of geographic and regulatory issues and concerns.
  • Ability to perform actuarial analysis to develop rate levels, algorithms, pricing strategies and changes.
  • Data-driven decision maker, able to complete thorough research and investigation, yet make timely decisions.
  • Excellent negotiation, analytical and organizational skills with the ability to balance the strategic and the tactical.
  • Excellent keyboard, written and verbal communication skills. Ability to make presentations to all levels of management and staff using Microsoft PowerPoint or other presentation software. Balances listening and talking, speaking and writing clearly and accurately, influencing others and keeping others informed.
  • Proficient with Microsoft Word, Excel, PowerPoint. Familiarity with rating and database systems (SAS, Emblem).
  • Ability to work effectively as independent contributor and to collaborate and influence in a team-based environment.
  • Ability to build strong working relationships and a positive work environment.
  • Achieves a standard of excellence with work processes and outcomes, honoring company policies and regulatory compliance.
  • Is receptive to feedback and willing to learn, embracing continuous improvement.
  • Willing to work a flexible schedule and occasional overtime when needed.
  • Hands-on experience in Microsoft Office products.
  • Ability to deal effectively with individuals at all levels and attain desired results.
  • Must have the ability to collaborate with cross-functional team to achieve business results .
  • Works well under stress and tight deadlines
  • Effective communication, presentation, negotiation and persuasion skills.
  • Balances listening and talking, speaking and writing clearly and accurately, influencing others and keeping others informed.
  • Achieves a standard of excellence with work processes and outcomes, honoring company policies and regulatory compliance.
  • Team oriented, building strong working relationships and a positive work environment.
  • Is receptive to feedback and willing to learn, embracing continuous improvement.

REQUIRED EDUCATION, WORK EXPERIENCE, LICENSES & CERTIFICATIONS

  • Bachelor's Degree required in a quantitative discipline (math, statistics, economics, etc.). Master's degree preferred.
  • Must be an Associate of the Casualty Actuarial Society.
  • A minimum of 7+ years of actuarial experience within the Property & Casualty insurance industry.
  • A minimum of 5+ years of modeling experience using sophisticated statistical techniques for insurance pricing.
Additional Information


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