United Fire Group

  • Pricing Actuary

    Posted Date 11 months ago(11 months ago)
    Job ID
    2017-1619
    # of Openings
    3
    Job Locations
    US-IA-Cedar Rapids
    Category
    Enterprise Analytics
    Travel
    None
    Company Car Provided?
    No
  • Overview

     

    The UFG Enterprise Analytics Department is focused on delivering strategically-impactful results by building analytically based solutions that integrate a wide range of internal and external data assets. The ultimate objective of the Enterprise Analytics organization is to help UFG gain and maintain a competitive advantage in how it prices risk and identifies potential loss.

     

    We are seeking a Pricing Actuary to drive the development of actuarial pricing, data analytic, and state filing projects for UFG’s Commercial Property & Casualty’s segment. This individual will work closely with Underwriters and Data Scientists to develop and implement pricing strategies that drive towards profitable growth of our P&C segment. The ideal candidate will possess strong technical and communication skills. We are looking for an individual who is internally motivated, intellectually curious, has the ability to manage multiple projects, and is driven to enhance existing processes.

     

    The Pricing Actuary supports the pricing and reserving of new/renewal business and development of effective premium/rating structure and strategies in support of business objectives. Calculates profit margins on new and renewal business. Coordinates, prepares and performs actuarial analysis or analyzes loss and expense reserves. Provides consultation on actuarial models and risk issues. Supports Underwriters on pricing decisions. May oversee the work of less experienced actuaries.

     

    This position must be based in our corporate headquarters in Cedar Rapids, IA. Relocation package is available.

     

     

    Responsibilities

     

    • Support the annual profitability review process
    • Lead junior actuaries in the review of portfolios’ historical financial performance as well as support the identification and quantification of underwriting actions
    • Communicate information and results to a variety of technical and non-technical audiences across the organization
    • Make informed actuarial recommendations based on professional judgment and experience; effectively challenge and/or escalate issues within business decisions or processes that are not able to be supported from an actuarial standpoint
    • Assist with preparation of rate and actuarial memorandums to support rate filing
    • Respond to objections and regulatory requests
    • Support experience and rate indication studies to assess rate adequacy
    • Support improvements efforts in order to increase consistency, efficiency, and compliance with internal standards
    • Collaborate with Underwriting in large account pricing
    • Assist with financial projections and reporting
    • Develop underwriting rating tools and engines
    • Support junior actuaries and provide mentorship as necessary
    • Other special projects

     

    Qualifications

    • BS in Mathematics, Actuarial Science, Statistics or related field. Advanced degree preferred.
    • ACAS or FCAS Designation Preferred
    • 5+ years of related commercial P&C experience
    • Skills with Excel, Power Point, SQL
    • Knowledge of SAS, R, and data visualization software a plus
    • Strong verbal and written communication skills

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