Actuarial Analyst - P/C-9098
Client looking to add an Actuarial Analyst with some experience preferably on the pricing side. Would prefer some experience, but open to fresh grad if super sharp and have exceptional Excel skills. This role will be an integral part of the sales team and responsible for providing actuarial and underwriting expertise in the pricing of products and coverages while evaluating policies with regards to company’s underwriting standards: preparing rate quotes for new business using rate manual; conducting in-depth analysis of pricing; preparing rates and rating factors; analyzing pricing and underwriting variables; performing profitability analysis; developing pricing models; collaborating with carrier partners to obtain regulatory approval of rates and rate changes; developing tactical plans to meet departmental objectives; processing business and endorsements for accounts; performing underwriting analysis; detailing risk assessments; assisting with issuance of policies and billings; making recommendations for improved profitability and resolving issues based on product, marketing, and pricing/ underwriting needs. The ability to meet deadlines and detailed follow through will be the keys to success in this role. Improve the efficiency of existing quoting processes; develop rates, rating factors and parameters for new and existing programs in line with business requirements based on product, marketing, and underwriting needs. Prepare data analysis using various modeling of data and statistical techniques. Conduct analysis of profitability of accounts and business segments, as required. Analyze pricing, develops/ maintains pricing models, make recommendations, and synthesize results to improve profitability. Identify data requirements for analysis, develop pricing tool and methodologies, while ensuring effective use to reach profit and growth objectives. Update databases and methodologies for actuarial reviews, understand the company’s underwriting and claims process, business environment and their incorporation in data resources and analyses performed. Understand market development and ensure that loss trends are understood and reflected in underwriting activities. Prepare analyses for rate related decisions and present the actuarial work in a non-technical way when needed, incorporating input from various aspects of insurance disciplines, and facilitating agreement on rate actions, adjustments, new programs, etc. Coordinate with different partners to prepare, file, and obtain regulatory approval of rates and rate changes. Develop and maintain Profitability Reports and linkage of actuarial pricing systems with underwriting reporting systems. Compile portfolio-level statistics, premium, loss ratio, combined ratio, and distribution of accounts by various segments. Process new business/renewals and endorsements for assigned accounts and perform underwriting analysis for some routine new and renewal busines. Assist with the issuance of policies, endorsements, and billing. Evaluate policies with regards to the company’s underwriting standards and prepare reports that detail risk assessments. Determine risk assessment in all circumstances and finalize policies as agreed upon by clients. Ideal candidate will have relevant pricing experience and pursuing ACAS/FCAS designations.