Actuarial Specialist

2 weeks ago

Westfield, United States Westfield Full time
Job Description

The Actuarial Specialist is a technical subject matter expert and a thought leader for the actuarial department, provides recommendations, and leads special actuarial projects. The role applies advanced technical actuarial acumen and skill set to design and implement new rating algorithms on Westfield systems and works to improve processes in the actuarial department. The role researches and develops best practices pricing techniques to be implemented across the business, estimates unpaid loss and loss expense liabilities using advanced reserving methodologies, and collaborates with analysts on complex analytical projects.

Responsibilities

  • Directs actuarial projects while applying actuarial skills and knowledge of the Company's insurance products and operations.
  • Completes research, ensures accuracy of calculations and analyses, and meets project deadlines.
  • Drives stakeholder engagement effectively, communicates complex analytical business concepts and content to Actuarial leadership and business partners, and provides insights and recommendations.
  • Leads pricing of new and existing products, collaborates with the Underwriting and Product team, and determines loss and loss expense reserve recommendations.
  • Applies advanced actuarial methods to estimate expected losses, cash flows, and risk aggregations.
  • Provides actuarial input into portfolio monitoring, business planning, and projections.
  • Prepares and reviews profit analysis and identifies innovative approaches to improve product profitability.
  • Communicates product development progress and summarizes information to the local, regional, and global senior management.
  • Leads the development of management reports that are used to monitor performance, behavior, and results of company goals and objectives, reviews the reports created by less experienced team members, and oversees the reporting process.
  • Develops and maintains adequate knowledge and awareness of industry activities through attendance at seminars, reading trade journals and magazines, and through personal contact with other insurance companies, state regulatory bodies, and professional affiliations.
  • Leverages extensive knowledge and experience with relevant tools, technologies, and techniques to perform moderate to advanced analyses and identifies opportunities for process improvement.
  • Performs ongoing review and improvements of pricing and processes for greater automation, accuracy, and rate adequacy.


Qualifications

  • 6+ years of Actuarial work experience, with the majority from Personal Lines pricing
  • An Associate of the Casualty Actuarial Society.
  • Bachelor's degree in Mathematics, Actuarial Science, Statistics, or a related field and/or commensurate work experience.

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