Actuary, Commercial Lines

Description

Commercial Lines, Assistant Actuary

Overview:

The Commercial Lines Assistant Actuary applies analytical and creative talents to commercial lines ratemaking and modeling, large account pricing, financial studies, competitor analysis, product development, and other high profile initiatives.

The Company:

"You work for NJM? That's a great company!" If you're hired at NJM, you'll hear it over and over again from friends, family and neighbors. Why? Because NJM is committed to providing its customers with superior service, and great service goes a long way. Why else is NJM called a great company? Because our employees enjoy working here, are appreciated, and are provided with a terrific benefits plan. Employees who are hired at NJM often stay at NJM – many for the duration of their careers.

Responsibilities:

Strategic Thinking:
• Maintains awareness of commercial lines industry and actuarial trends and applies this knowledge to enhance existing products and services and support the creation of new ones.
• Proactively researches and implements actuarial pricing best practices to promote adequate and competitive premium as well as NJM business growth and retention targets.

Productivity:
• Completes all aspects of commercial lines rate and loss cost reviews/filings including ones corresponding to new lines of business and jurisdictions; effectively provides presentations of results to senior and executive management.
• Conducts large account pricing and financial analyses.
• Introduces actuarial methodology and data extraction enhancements and efficiencies and maintains clear and detailed documentation of all pricing/financial analysis projects.
• Directly oversees the evaluation of ISO’s new commercial auto class plan and its potential incorporation within NJM’s rating plan.
• Creates and implements commercial lines pricing predictive models; works closely with underwriting and actuarial staff to obtain additional insight and develop transparent and user-friendly models thereby gaining underwriter acceptance.
• Develops profitability and competitor analyses; crafts and monitors individual risk rating plans such as schedule rating.
• Provides workers compensation TPA pricing insight and support.
• Accommodates ad hoc research requests from NJM staff, clients, and brokers.
• Partners with Commercial Lines sales staff when conducting presentations that help clients develop optimal insurance risk management decisions.
• Educates staff about the pricing/rating of new products and creates clear and informative management reports as needed.

Required Qualifications:

Education and Experience:
• BA or BS in Mathematics, Statistics, Finance, or a related discipline.
• Five to ten years of commercial lines pricing experience within the property/casualty primary insurance industry.

Skills, Knowledge, and Abilities:
• Steady progress towards the ACAS designation.
• Deep understanding of NCCI and ISO ratemaking methodologies.
• Comprehensive primary insurance company ratemaking, rate and loss cost filing, and large account pricing experience for the following lines of business/products, preferably for several Mid-Atlantic states:
- workers compensation including large deductible and sliding scale dividend plans
- commercial auto including the new ISO class plan
- general liability and commercial umbrella/excess
• Additional pricing experience corresponding to BOP and commercial property insurance as well as workers compensation TPA programs ideal, but not required.
• Direct experience in creating and implementing commercial lines predictive models (especially commercial auto and workers compensation), overseeing individual risk rating plan development, and conducting profitability and competitor analyses.
• Advanced user skills in Microsoft Office Suite and SAS.
• Service-oriented self-starter possessing an excellent professional demeanor and interpersonal skills; accountable for accurate and timely work products.
• Team-builder and strategic planner with experience collaborating with underwriting, sales, product development staff, and the broker market.
• Exceptional verbal and written communication skills; outstanding ability to clearly explain and document technical concepts and conduct presentations to senior and executive management, clients, and brokers.

NJM is proud to be an Equal Opportunity Employer. We are committed to attracting, retaining and promoting a diverse and inclusive workforce that is fully representative of the diversity that exists in the communities in which we do business