Actuarial Analyst (Rate Specialist)
Rural Mutual Insurance
Madison, WI US
Posted ago
Rural Mutual Insurance

Join a highly successful property and casualty insurance company in a pricing/data analytics role. Remote/hybrid work options are available.

Responsibilities

  • Complete rate indications for each line of business quarterly
  • Review product rate levels to support revision of rates and develop supporting filing materials to file with the Office of the Commissioner of Insurance. The review contemplates both experience and competitive considerations. Review ISO updates to develop a plan for implementation
  • File rates with the state insurance department to ensure compliance of rates and rating plans with regulatory bodies
  • Research and maintain knowledge of competitor rate plans available in the marketplace
  • Evaluate products and rate plans to develop proposals for rate revision. Shares proposals and works with management in underwriting, sales, and claims, to develop a comprehensive proposal to accomplish desired outcome
  • Analyze new data variables to develop cost/benefit analysis of implementing new rating variables in the rate plan
  • A key team member involved with the implementation and testing of rate changes. This includes rate table setup, discussions with information systems to develop specifications and requirements, quality assurance testing, overseeing implementation, and monitoring impact post-implementation
  • Review loss and loss adjustment expense reserves quarterly utilizing actuarial estimation techniques
  • Provide actuarial support and data management support on ad hoc basis for management and other departments, as needed
  • Opportunity to be part of the team that develops analytical dashboards and designs data analytics projects. Assist in verification of ongoing development of new databases and create PowerBI dashboards for monitoring results
  • Other duties as assigned

Qualifications

  • Bachelor’s degree or advanced degree in actuarial science, statistics, mathematics, or equivalent work experience
  • One or more years of work experience working in an actuarial department for a property/casualty insurance company is preferred but not required
  • Analytical skills, interest, and eventual proficiency in working with data analytics tools such as Microsoft Excel, Microsoft PowerBi, or other statistical software
  • The candidate will be a team member helping to verify new relational databases for use in analytics. The candidate will also develop skills in PowerBI and Excel to create new dashboards for management reporting
  • Interest and ability to work with several different lines of property/casualty business and become proficient in the rating and design of each. The lines of business include personal auto, homeowners, farm owners, commercial package, business owners, commercial auto, and workers compensation
  • Ability to work as a team player with product specialists, underwriting, sales, operations, and claims to understand how products and systems impact each area of the company to find the best solution
  • A goal to become the expert in pricing for each line of business and work toward increasing levels of independence
  • Pursuit of actuarial exams is open for discussion depending on the interest of the candidate. Actuarial exams are not required

About Rural Mutual Insurance

Rural Mutual is a Wisconsin-based property and casualty company, known for strong financial performance and strength. Our success and recognized reputation in the marketplace create stability and opportunities for our employees. We are employee and family-oriented and offer a variety of benefits, which promote a healthy balance of work and home life.

Rural Mutual has been recognized by the Ward Group as one of the top 50 property and casualty insurance companies in the country for the 13th consecutive year and is rated “A+” by AM Best.

We have also been named one of Madison Magazine’s “Best Places To Work”.

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