Actuarial/Product Analyst

Job Description

Job Description

Description:

The Actuarial/Product Analyst will support pricing indications, reserve analyses, product and competitor research, and state filings through data and competitor analysis and industry research. You will translate pricing indications into filing support, business needs into clear requirements for system implementation, support product implementation and communicate results of analysis across business stakeholders. 

The role requires strong analytical thinking, and familiarity with insurance data and systems.

Reports To: Vice President of Product and Pricing

Duties/Responsibilities

• Pricing: Participate in rate indications review process to quantify the rate need across products and jurisdiction and communicate observations and findings to key business stakeholders. 
• Reserving: Participate in quarterly estimates of unpaid claim liabilities and provide insight into actual versus expected loss emergence to key business stakeholders. 
• Competitor analysis: Pull and review competitor filings and manuals to determine opportunities for product improvement and changes. 
• Product and Policy: Contribute to new product and policy development and changes to enhance existing product offerings and manage risk. Gain understanding of rating algorithms and produce rate impact calculations of new products and changes to existing products.
• Data: Work with IT to create and improve data processes and workflows used in the product and pricing department to add efficiency to workflows. Prepare reports for rate monitoring and performance tracking for use within the product and pricing department.
• Filings: Prepare manuals and actuarial support to file rate and product changes with state departments of insurance. Draft responses to objections from state departments of insurance for supervisor review and submission. 
• Compliance: Support regulatory and compliance data calls, ensure filings adhere to the requirements of each individual jurisdiction.
• Requirements: Assist in drafting requirements for the implementation of filed rate changes, rating algorithm changes and new product implementation.

Skills/Abilities

• Strong mathematical and analytical skills
• Familiarity of commercial lines products. 
• Strong documentation and communication skills.
• Insurance product, underwriting, or pricing experience.
• Familiarity with insurance data sources and report creation.
• Experience with requirements gathering and process mapping.
• Proficiency with Microsoft suite of tools and additional data processing tools such as SQL, Python or R. 

Education and Experience

• Bachelor's degree in Statistics, Applied Mathematics, Analytics, Finance or Insurance.
• 2 years of insurance experience, preferably in an actuarial or product role.

Additional Information

• Title is dependent on whether exams from the Casualty Actuarial Society are being taken.
• Hybrid in office 3 days per week preferred but full time remote available depending on candidate experience

Physical Requirements

This position requires the ability to sit for extended periods while working at a computer, both in a home and office environment. The role involves frequent use of a headset, keyboard, mouse, and other standard office equipment. Occasional movement within the office may be required, such as walking to meetings or accessing shared equipment. 

Pay Range:

The listed annualized base pay range is primarily based on analysis of similar positions in the external market. Actual base pay could vary and may be above or below the listed range based on factors including but not limited to performance, proficiency and demonstration of competencies required for the role. The base pay is just one component of Utica First’s total compensation package for employees.