Insurance Actuary

Introduction

Are you a motivated and meticulous professional who is deeply committed to ensuring insurance policy holders are treated fairly and make sound choices? If so, this is the perfect opportunity for you The State of Connecticut Insurance Department () Actuarial Insurance Division is seeking a highly skilled and ambitious to join our team in Hartford, CT. WE CAN OFFER YOU: Visit our new page The opportunity to work for a Forbes top company: 'Forbes' - State of CT Receives National Recognition for Offering Job Growth, Competitive Benefits, and Flexible Schedule. Professional growth and development opportunities. A healthy to all employees. POSITION HIGHLIGHTS Full time, 40 hours per week Monday through Friday First shift Located at 153 Market Street in Downtown Hartford, easily accessible for all commuters This position is eligible to apply for telework in accordance with the Telework Policy. The Policy can be found . THE ROLE As an Insurance Actuary, you will play a crucial role in determining insurance rates, evaluating risks, and ensuring the financial stability of our insurance programs. This is a unique opportunity to work in a government role while making a significant impact on the lives of Connecticut residents. RESPONSIBILITIES INCLUDE: Developing and maintaining actuarial models to determine insurance rates and premiums. Analyzing and evaluating insurance risks and develop strategies to mitigate potential losses. Monitor insurance program performance and provide recommendations for improvement. Collaborating with cross-functional teams to ensure flawless execution of insurance programs. Conduct research and analysis to support the development of new insurance products. Offer actuarial expertise and guidance to management and other key individuals involved in the decision-making process. WHO WE ARE Our mission at the Connecticut Insurance Department is consumer protection. The department carries out its mission by enforcing state insurance laws to ensure policyholders are treated fairly, 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.

Selection Plan

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. 

PLEASE ENSURE THAT YOU LIST ANY JOB-RELEVANT LICENSES OR CERTIFICATIONS IN THE “LICENSES AND PROFESSIONAL CERTIFICATIONS” SECTION OF YOUR APPLICATION.

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. For Bridge positions, a respirator test may be required for certain locations. Ensure that your application is complete and detailed before submitting it. In order to comply with , 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. 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.

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 .

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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. The immediate vacancy is listed above, however, applications to this recruitment may be used for future vacancies in this job class. Read through this helpful link to  .

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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 .  Follow the State of Connecticut on .

PURPOSE OF JOB CLASS (NATURE OF WORK)

In the Department of Insurance this class is accountable for performing the most complex tasks in work involving casualty or life and health insurance, and conducting research and special studies.

EXAMPLES OF DUTIES

Conducts analytical studies of insurance and health care center rate filings, rating plans and various special programs (such as experience rating, retrospective rating, and participating programs) and recommends action;  Conducts and reviews periodical examinations of rating organizations;  Reviews rates, rating plans, and self-insurance program;  Provides consulting service with respect to the approval or disapproval of requests made by insurance companies and rating organizations for changes in rates and rating plans;  Initiates recommendations with respect to improvements in rating plans and techniques;  Participates in Department hearings in connection with appeals of insureds regarding classifications and other rating matters;  Reviews insurance and health care reserves including cash flow testing of liabilities and asset adequacy testing;  Reviews reinsurance agreements;  Supervises the handling of complaints and inquiries concerning rates and related matters from the public, insurance companies, agents, brokers and rating organizations;  Serves as advisor on actuarial and related matters;  Prepares accurate and comprehensive reports containing findings, conclusions and recommendations;  Participates in committees; May participate in technical and professional conferences;  May review an insurer’s loss experience;  Performs related duties as required.

KNOWLEDGE, SKILL AND ABILITY

Considerable 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; Knowledge of 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; Supervisory ability.

MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE

Eight (8) 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 - SPECIAL EXPERIENCE

One (1) years of the General Experience must have included experience setting insurance rates and/or reserves for insurance companies or health care centers.

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

Experience in Property and Casualty in actuarial pricing functions. Experience with pricing and Reserving techniques of the actuarial standards of practice. Experience with Property and Casualty insurance products. Experience in reviewing rate filings or supporting actuarial rate-making functions. Designation of Fellow of the Casualty Actuarial Society or Member of the American Academy of Actuaries (MAAA).

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. 5-196 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.

Overview

Employee Benefits As a State of Connecticut employee you may be entitled to a host of benefits that are not only attractive, but also may be portable should your career bring you to other avenues of state service. From 13 paid holidays to accruing vacation time, being a State of Connecticut employee not only gives you the opportunity to make a difference in someone’s life, but the time to enjoy your own. Listed below are just some of the benefits the State of Connecticut offers depending on the position you hold: Health & Dental Insurance Accrued Vacation, Personal and Sick Leave (Subject to the appropriate bargaining union contract or state statute and regulations.) Retirement Plan Group Life Insurance Supplemental Benefits Voluntary Defined Contribution Plans Flexible Spending Accounts (Dependent Care Program, Medical Flexible Spending, and Qualified Transportation) Supplemental Benefits Programs (Auto and Home Insurance, plus Short and Long Term Disability) Life Insurance State of CT Tuition Reimbursement Program Holidays

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