Actuarial Analyst I - Pricing
Starting salary $59,966-$69,960, Depending on Experience
This start date for this position is Spring of 2024.
Our Company:
Since 1887, Armed Forces Insurance (AFI) has existed with a single, unwavering purpose: To protect the people who protect our nation. For more than 135 years, we’ve provided home insurance, renter insurance and auto insurance and much more to our members. We proudly serve active, retired and former military personnel, their families and civilian Department of Defense employees.
AFI is a family friendly organization offering competitive compensation, an outstanding work environment and great benefits. AFI is headquartered in Leavenworth, Kansas approximately 20 minutes from the Legends.
SUMMARY
This is an entry level actuarial analyst position on the Pricing team. This person supports pricing of personal lines insurance using accepted actuarial standards, methods, and knowledge gained through the Casualty Actuarial Society exam process. He/She works closely with their manager to develop appropriate pricing, planning and product strategies of basic complexity to support business goals.
KEY ACCOUNTABILITIES
- Completes basic actuarial functions and analysis used in determining the rate level need for all lines of business.
- Develops, maintains, and analyzes basic tools and models for review of AFI and industry products and rate structures including review and evaluation of the appropriateness of basic actuarial formulae.
- Completes assigned rate reviews, product reviews and statistical requirements in an accurate and timely manner to assure regulatory compliance and adherence to standard actuarial practices.
- Performs and evaluates basic analysis (e.g., competitor analysis, risk management, financial, business strategy, retention, etc.).
- Adheres to internal and external compliance requirements/standards including actuarial and regulatory/legislative practices.
- Actively participates in actuarial development within the department.
- Forecasts and communicates short-term and long-term project deliverables and status with assistance.
ESSENTIAL FUNCTIONS
- Develops, uses, and maintains internally developed and vendor provided software applications to analyze and develop rate proposals.
- Develops and maintains effective working relationships within the unit and with other AFI departments. Coordinates efforts with other units to support accomplishment of organizational goals and objectives.
- Provides guidance relative to AFI pricing strategies, internal policies and methods.
- Assists in guiding the development of unit employees. Directs technical instruction relative to rate structure analysis (AFI and competitors), form and filing completion. applicable query software, research techniques, and statistical reporting and documentation requirements.
- Performs or assists in basic actuarial analysis (e.g. competitor analysis, risk management, business strategy, retention, predictive modeling).
QUALIFICATIONS
EDUCATION
Bachelors Degree required – preferably in a relevant discipline such as Mathematics, Statistics, Actuarial Science, Economics, Engineering, Computer Science or other directly relevant discipline
EXPERIENCE
Entry-level position, prefer one or more internships in a property/casualty insurance company. Actuarial examination or education may substitute for work experience.
LANGUAGE SKILLS
Excellent verbal communications skills, to include the ability to conduct efficient unit meetings and/or training sessions
Excellent written communications skills, to include the ability to the ability to produce well-documented recommendations for management, policy and procedure statements, and correspondence with external professional contacts (regulators, other insurance company staff, etc.)
Working knowledge of MS Outlook and Word
Working knowledge of MS Excel, Access and SQL Server
Ability to learn mapping software (e.g. MapInfo, MapMarker, SpatialKey) and loss analysis software (e.g. ReservePro)
Ability to learn to utilize AFI’s computer systems and complex query tools for data access, manipulation, and segmentation
MATHEMATICAL SKILLS
Ability to perform complex mathematical functions which may include statistical and regression analysis, modeling, and variance analysis.
REASONING ABILITY
Ability to gather and analyze relevant facts and information needed to determine appropriate actions or recommendations to management
Demonstrates excellent negotiation skills
Demonstrates sound judgment and decision-making skills
Ability to prioritize tasks with only general guidance
PROFESSIONAL CERTIFICATIONS, LICENSES, REGISTRATIONS
Entry-level actuarial student pursuing actuarial designation, preferably completion of CAS Exams 1 & 2, and completion of CAS Online Course 1 & 2 within 33 months in the position.
PHYSICAL DEMANDS / WORK ENVIRONMENT
The work is primarily sedentary. The employee will generally be seated to perform the work, but will also do some walking, standing, bending, and carrying of light items (less than 10 lbs.).
The noise level of the work is low. The area is adequately lighted, heated, and ventilated.
This position is classified as Exempt under the Fair Labor Standards Act. The working hours will generally be traditional business hours. However, the incumbent must be available to work extended and/or flexible hours as necessary to accomplish assigned tasks.
We’ve got you covered…
- Full benefits package including health, dental, vision, life & disability insurance including an employee assistance program (EAP)
- 401(k) including employer match & safe harbor contributions
- Generous paid time off policy, medical leave, volunteer time off and 9 paid holidays
- We support employee training and professional development opportunities with a tuition reimbursement program and continuing education and re-certification opportunities
- Volunteering and community engagement opportunities