What are the responsibilities and job description for the Actuarial Analyst position at Westfield Insurance?
The Actuarial Professional conducts analyses, provides recommendations, and participates in special actuarial projects while working under general supervision. The role applies and advances the actuarial acumen and skill set in completing assignments and works to improve processes in the actuarial department. The role researches and develops best practices pricing techniques to be implemented across the business, updates assumptions on a periodic basis, provides general expertise on market trends and product performance, and adheres to internal and external compliance requirements/standards.
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- 0-3 years of experience in Actuarial or a related field.
- Bachelor's degree in mathematics, actuarial science, statistics, or related field and/or commensurate work experience.
Location
Hybrid defined as three or more days per week in the office.
Behavioral Competencies
- Collaborates
- Communicates effectively
- Customer focus
- Decision quality
- Nimble learning
- Applies actuarial skills and knowledge along with an understanding of the Company's insurance products and operations to assist and/or direct actuarial projects.
- Works on assigned projects under the direction of more experienced actuarial team members and completes research, ensures accuracy of calculations and analyses, and meets project deadlines.
- Completes all actuarial assignments by following standard processes in areas like Pricing, Loss Reserving, Research and Development, etc.
- Provides input on the pricing of new and existing products, collaborates with the Underwriting and Product team, and determines loss and loss expense reserve recommendations.
- Assists in developing management reports that are used to monitor performance, behavior, and results of company goals and objectives.
- 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.
- Gathers information, prepares required reports, and creates datasets following already documented processes in support of the Actuarial Department.
- Prepares collateral for defending state filing materials, estimates unpaid loss and loss expense liabilities, provides support to Finance Reporting, and partners with the IT team to implement rate and rule changes in rating.
- Provides ongoing review and improvements of pricing and processes for greater automation, accuracy, and rate adequacy.
