Insurance Actuary Associate

1 month ago

Hartford, Connecticut, United States State of Connecticut Full time
Introduction

Are you an Actuary looking for a new opportunity?

If so, read below & apply today

The Connecticut Insurance Department (CID) is currently accepting applications for an Insurance Actuary Associate position.

WHAT WE CAN OFFER YOU
  • Visit our new State Employee Benefits Overview page
  • The opportunity to work for a Forbes top company: 'Forbes' State of Connecticut Ranked One of the Best Employers of State of CT Receives National Recognition for Offering Job Growth, Competitive Benefits, and Flexible Schedule.
  • Professional growth and development opportunities.
  • A healthy work/life balance to all employees.
POSITION HIGHLIGHTS
  • Full Time, 40 hours per week
  • Location: 153 Market Street in Downtown Hartford, easily accessible for all commuters.
  • Monday - Friday
  • 8:00 AM to 4:30 PM
  • Hybrid (combination of in-office/telework)
THE ROLE
As an Insurance Actuary Associate within the Actuarial Division, you will play a vital role in our mission. You will collaborate with a team of dedicated professionals to analyze insurance data, assess risk, and make critical recommendations. Your expertise will help us ensure that insurance rates are fair and adequate, and that insurance companies are financially stable.

The Insurance Actuary Associate will perform the following functions with guidance from Insurance Actuary, Insurance Actuary Supervisor, and Chief Insurance Actuary:
  • Analyze insurance data and perform actuarial calculations to determine risk and pricing for various insurance products
  • Conduct research and evaluate insurance industry trends to inform pricing strategies and rate filings
  • Assist in developing and maintaining actuarial models and tools to support business decisions
  • Create reports and presentations to effectively communicate actuarial findings and recommendations to relevant individuals or groups.
  • Collaborate with cross-functional teams to support the implementation of actuarial initiatives and projects
  • Stay updated on regulatory changes and industry standards to ensure compliance and drive continuous improvement.
ABOUT US

Our mission at the State of Connecticut, Connecticut Insurance Department (CID) is consumer protection. The department carries out its mission by enforcing state insurance laws to ensure policyholders are treated fairly, by providing assistance, outreach, and education to help consumers make sound choices, and by regulating the industry in a fair and consistent manner that fosters market competition for the availability of insurance.

Watch the video below to see what it's like to be a State of Connecticut employee

Selection Plan

TO APPLY
  • In order to be considered for this job opening, you must meet the Minimum Qualifications as listed on this job opening. You must specify your qualifications on your application.
  • The minimum experience and training requirements must be met by the close date on the job opening, unless otherwise specified.
  • In order to receive educational credits toward qualification for this job posting, the institution must be accredited. If the institution of higher learning is located outside of the U.S., you are responsible for providing documentation from a recognized USA accrediting service which specializes in determining foreign education equivalencies to the recruiter listed on this job posting.
  • For current state employees, salary calculations are not necessarily comparable from one of the three branches of state government (i.e., Executive, Legislative, Judicial) to the other.
  • Ensure that your application is complete and detailed before submitting it. In order to comply with Public Act 21-69, the State of Connecticut is no longer asking for resumes during the initial application process. You will not be able to make revisions once your application is submitted into the JobAps system.
  • Please select all location(s) and shift(s) you are willing to work on your application. Failure to do so may result in not being considered for vacancies in that specific location or shift.
  • All application materials must be received by the recruiting agency by the time specified on the job opening for the position for which you are applying. Late applications may not be submitted and will not be considered. Exceptions are rare and limited to documented events that incapacitate a candidate during the entire duration of the job posting time period. It is the candidate's obligation and responsibility to request an exception and provide a legally recognized justification to accommodate such exception. Requests should be made to
FOR ASSISTANCE IN APPLYING
  • Please read or watch our Applicant Tips on How to Apply.
IMPORTANT INFORMATION AFTER YOU APPLY
  • This posting may require completion of additional referral questions (RQs). You can access these RQs via an email that will be sent to you after the posting's closing date or by visiting your JobAps Personal Status Board (Certification Questionnaires section). Your responses to these RQs must be submitted by the questionnaire's expiration date. Please regularly check your email and JobAps Personal Status Board for notifications. Please check your SPAM and/or Junk folders on a daily basis in the event an email provider places auto-notification emails in a user's spam.
  • Although applicants will receive correspondence via email, as a backup they are also encouraged to sign on to their Personal Status Board on a daily basis to monitor their status, view all emailed notices and complete tasks required in the recruitment process.
  • Note: At any point during the recruitment process, applicants may be required to submit additional documentation which support their qualification(s) for this position. These documents may include: a cover letter, resume, performance reviews, attendance records, supervisory references, licensure, etc., at the discretion of the hiring agency.
  • Interviews will be limited to candidates whose experience and training most closely meet the requirements of the position.
  • Read through this helpful link to prepare for your interview.
  • The immediate vacancy is listed above, however, applications to this recruitment may be used for future vacancies in this job class.
CONNECT WITH US
  • Due to the large volume of applications received, we are unable to provide confirmation of receipt or status during the recruitment process. Updates will be available through your JobAps portal account. Should you have any questions pertaining to this recruitment, please contact Brittney Woodley at
PURPOSE OF JOB CLASS (NATURE OF WORK)

In the Department of Insurance this class is accountable for independently performing a full range of tasks in actuarial work involving casualty or life and health insurance, and conducting research and special studies.

EXAMPLES OF DUTIES
  • Conducts analytical studies of insurance rate filings, rating plans, and various special programs;
  • Provides support for the approval or disapproval of requests made by insurance companies and rating organizations for changes in rates and rating plans;
  • Reviews insurance company's loss and loss adjustment incurred but not reported reserves and insurance valuations;
  • Reviews actuarial opinions, actuarial reports and actuarial memorandum;
  • Prepares and reviews reports and agreements;
  • Reviews fields exams regarding actuarial subjects;
  • Participates in committees;
  • Performs related duties as required.
KNOWLEDGE, SKILL AND ABILITY
  • Knowledge of
    • relevant federal and state laws and regulations pertaining to insurance companies;
    • actuarial principles, standards and methods;
    • statistical methods and computer models as they relate to insurance rates and rating procedures;
    • the operation of relevant insurance programs;
    • the methods used by other states in the regulation of insurance companies;
    • relevant insurance coverages, rates, rating plans and special programs;
    • insurance company financial statements;
  • Considerable
    • interpersonal skills;
    • oral and written communication skills;
MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE

Seven (7) years of experience as an actuary with an insurance company, an insurance regulatory agency, or in a consulting actuary's office performing actuarial insurance work.

MINIMUM QUALIFICATIONS - SUBSTITUTIONS ALLOWED
  • College training in mathematics, actuarial sciences, statistics or a related field may be substituted for the General Experience on the basis of fifteen (15) semester hours equalling one-half (1/2) year of experience to a maximum of four (4) years.
  • A Master's degree in mathematics, actuarial sciences, statistics or a related field may be substituted for one (1) additional year of the General Experience.
PREFERRED QUALIFICATIONS
  • Actuarial experiences in both actuarial pricing and/or reserving.
  • Fellow of the Casualty Actuarial Society (FCAS), Associate of the CAS (ACAS), or near ACAS actuarial students.
  • Experience with P&C rate making in Personal Lines and/or Commercial Lines.
SPECIAL REQUIREMENTS

An Associate membership, by examination, in a relevant actuarial society. For Property and Casualty, membership in the Casualty Actuarial Society is required. For Life and Health area, membership in the Society of Actuaries is required.

Conclusion

AN AFFIRMATIVE ACTION/EQUAL OPPORTUNITY EMPLOYER
The State of Connecticut is an equal opportunity/affirmative action employer and strongly encourages the applications of women, minorities, and persons with disabilities.

ACKNOWLEDGEMENT

As defined by Sec of the Connecticut General Statutes, a job class is a position or group of positions that share general characteristics and are categorized under a single title for administrative purposes. As such, a job class is not meant to be all-inclusive of every task and/or responsibility.

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