Job Summary Assists with the development and implementation of rates, rating plans, pricing strategies, and financial forecasts to achieve the company objectives for profitability and growth. Services provided include: evaluation of existing rate levels and rate structures, individual accounts pricing, and design of rating plans; forecasting and interpretation of underwriting results; and the maintenance of a database uniquely suited to the analysis of pricing issues. Manages or participates in key projects. Provides advice and direction to less experienced staff. May supervise junior level staff.
Marketing Description This position will help profitably grow the Northland Transportation business unit. This role requires strong, creative analytical skills in support of the $500M business. You will work closely with other actuaries in the business unit as well as Northland’s business leaders. We are looking for candidates with the ability to explore and implement creative new approaches to class plan analysis and rate adequacy.
This role will be responsible for core and strategic tasks in support of the business including:
Ownership of rate plan management. Work with the regional vice presidents to determine the rate filing strategy for each state. Coordinate rate and factor decisions with the regulatory group that prepares the state filings. Assist as needed in regulatory responses to DOI objections.
Oversight of the monthly reporting process. Maintain and enhance the tools used to prepare our monthly results. Communicate the results to Northland’s leadership.
Development of rate plan effectiveness metrics, establishing ongoing cadence to continually improve Northland’s proprietary rate plan. Team up with BI R&D to monitor and recommend enhancements to our proprietary, modelled class plan. Communicate results and recommendations to Northland leadership.
Development of hit ratio analysis to inform rate changes and other strategic decisions.
Ownership of rate adequacy analysis, seeking out opportunities to improve the estimates. Share results and recommendations with Northland leadership.
May supervise a summer intern.
Non-credentialed candidates are encouraged to apply.
Primary Job Duties & Responsibilities
Assist in the development and implementation of sound rates and/or rating plans/models.
Assist in the development and pricing of new products.
Provide analysis of trends/factors/issues impacting Underwriting results.
Work with regulatory unit to make filings.
Reserving: Prepare statistical studies to meet underwriting strategies and reserve analysis needs. Produce estimates of our loss and loss expense liabilities.
Planning/Forecasting: Assist in the forecasting and interpretation of underwriting results to aid management in planning process. Analyze and interpret trends. May participate in discussions regarding underwriting strategy. Execute directed strategy or recommend strategy to improve profitability of the business.
Management Info: Assist in the development of data retrieval, categorization, and reporting systems. Develop reports needed by senior management and Underwriting to monitor progress in improving profitability and implementation of business Recommend solutions for process inefficiencies.
Technology: Preview, test and utilize vendor products and data. Integrate into the business decision making process. Work with IT on modeling, developing, testing and integrating new systems or technologies
Research: Compile data as requested by supervisor. Complete analysis and summarize results. Assist in putting together recommendations for Business Unit Leadership. Assist with the implementation of actions decided upon through research. May work with predictive modeling concepts.
Project Mgmt: Manage or participate in key actuarial projects. Present projects to underwriting and actuarial management.
Leadership/Mgmt: May supervise actuarial function and/or staff. Develop and motivate staff to achieve technical excellence and ensure effective performance.
Other duties as assigned.
Minimum Qualifications Bachelors degree or equivalent education required. 2 years analytics experience required. General knowledge of quantitative analysis required.
Education, Work Experience & Knowledge
College Degree in actuarial science, mathematics, economics or statistics or equivalent preferred.
3+ years of Actuarial/Analytical experience preferred.
Demonstrate base knowledge in wide range of actuarial functions, including but not limited to, reserving, pricing, business planning, financial reporting, management information, product development, reinsurance and database management.
Independent analysis of challenging business issues.
Basic understanding of financial reporting, both GAAP and Stat.
Strong understanding of income statements and balance sheets.
Strong understanding of insurance products and marketplace conditions and how they impact financial models and results.
Strong PC skills – Excel, Access, PowerPoint & Word.
Sound understanding of databases and data extraction.
Developing ability to deliver crisp and confident communication of analysis.
Physical Requirements - Operates standard office equipment. Sitting (can stand at will). Use of Keyboards, Sporadic 10-Key.
Licensing or Certificates - Associate Actuarial Credential required.
Equal Employment Opportunity Statement - Travelers is an equal opportunity employer.
Internal Number: 19125BR
Solid reputation, passionate people and endless opportunities. That’s Travelers. Our superior financial strength and consistent record of strong operating returns mean security for our customers – and opportunities for our employees. You will find Travelers to be full of energy and a workplace in which you truly can make a difference.