What are the responsibilities and job description for the Sr. Actuarial Analyst position at Berkley?
Company Details
At Berkley Alliance Managers, we offer innovative coverage and risk management solutions for our brokers and policyholders. We have a passion for offering fresh ideas and relevant insurance products and services. Our business consists of four target markets – Design Professionals, Construction Professionals, Accounting Professionals and Miscellaneous Service Professionals. Our focus allows us to tailor coverage and create comprehensive risk management programs that enhance profitability and reduce susceptibility to loss.
Responsibilities
The Senior Actuarial Analyst will effectively use, maintain and improve upon processes designed to support all actuarial aspects of one or more lines of professional liability insurance. Actuarial aspects include pricing, reserving, business intelligence, analytics, reinsurance and working with IT.
Key functions include but are not limited to:
- Pricing – Prepare basic rate indications often using assumptions and inputs from competitor filings; update ROE exhibit package on an annual basis; prepare state rate filings including state specific forms and data requirements, pull competitor filings and compare pricing on sample risks; run and report renewal price monitor; maintain and modify pricing models outside the system as needed.
- Reserving – Assist in creating and maintaining reserving models for all lines. Prepare quarterly reserve analyses and document results. Update reserve analysis templates and populate Schedule P templates on a quarterly basis.
- Business Intelligence – Recognize and report data issues to IT; create new and modify existing management reports based on user requirements; identify data elements in policy and claims systems that are not in the reporting environment and work with IT to add them.
- Analytics – Perform one-way statistical tests; gain understanding of GLMs and how to apply them to business problems; perform other analyses as directed. Gather data and perform initial exploratory analysis. Identify potential variables for modeling team. Perform other profitability analyses as requested. Communicate results to both technical and non-technical audiences.
- Reinsurance – Create visual representations of the treaty coverage; build Excel models to calculate net loss and net limits for each treaty; gather and report policy and claims data to the brokers as specified in the contracts; gather and package submission data.
- Work with IT – Perform User Acceptance Testing for new rates or rating elements in the policy system. Compile IT requirements and explain changes to IT. Assist IT in designing solutions to business problems.
- Other: Actively participate in ideation, experimentation, and implementation of new ideas. Ensure SOX compliance for the actuarial department. Assist in training new and entry-level students.
Qualifications
- 4 years of experience in actuarial position(s), preferably in P&C commercial liability lines.
- Completion of preliminary exams (current 1, 2, 3F, 4 and S, or equivalent) and VEEs; completion of online courses and Exam 5 a plus; commitment to pursuing ACAS.
- Sound knowledge of basic actuarial pricing and reserving methods.
- Sound knowledge of Excel, including pivot tables and advanced functions.
- Knowledge of MS Access, R and SQL preferred but not required.
- College degree in Math, Actuarial Science or related fields of study.
- Analytic skills to gather and analyze data and identify significant results.
- Communication skills to explain findings to actuaries and non-actuaries.
- Interpersonal skills to establish good working relationships within all departments.
- Motivation to learn and research concepts as needed.
- Drive to improve processes.
- Attention to detail in documenting processes.
- Commitment to attaining FCAS to better serve the business.
- Gain working independence and begin to anticipate the needs of the business.
Additional Company Details
We do not accept any unsolicited resumes from external recruiting agencies or firms. The actual salary for this position will be determined by a number of factors, including the scope, complexity and location of the role; the skills, education, training, credentials and experience of the candidate; and other conditions of employment.
