Actuary & AVP - Lexington Property Pricing

Actuary & Assistant Vice President - Lexington Property Pricing

At AIG, we are reimagining the way we help customers to manage risk. Join us as a Actuary & Assistant Vice President - Lexington Property Pricing to take on key responsibilities within a world-class actuarial function.

Make your mark in Actuarial

Our Actuaries are on the front lines, quantifying risk, pricing insurance and reserving losses for AIG's major insurance operating companies, globally. We collaborate with Finance, Claims, Operations, Marketing and Risk Management, among other functions. As an AIG actuary, you will be challenged and encouraged to reach your greatest potential to help improve how we predict, manage and mitigate risk.

How you will create an impact

We are seeking an actuarial professional with industry expertise to lead the Lexington Property pricing team. The individual will partner with the business and support teams on strategy, risk selection, pricing, and portfolio construction. They will also partner with other pricing actuaries in implementing best practices analytical techniques, catastrophe modelers to incorporate results into pricing and quantify portfolio risk, and reserving actuaries in assessing the impact of loss trends and claims emergence.

Responsibilities include:

• Responsible for the success of the Lexington Property pricing team in meeting their goals and objectives, including staff development and project prioritization.
• Be accountable for the Lexington Property results and in partnership with the business develop and execute on strategic actions based on actuarial analysis focusing on profitability and organizational goals while anticipating business implications.
• Work closely with underwriting to develop pricing and underwriting strategies and identify pockets of opportunity for profitable growth as well as profitability-challenged areas.
• Supervise the review of the parameters in the pricing systems, manage projects to improve the pricing systems, and monitor underwriter adherence to pricing procedures and methodologies
• Coordinate pricing, planning, and accumulation management efforts with cat modeling team to ensure adequate risk-adjusted returns contemplating expected loss, reinsurance costs, and increased capital needs associated with cat-prone business
• Develop analytical tools to help underwriters assess the risks posed by insureds, aligning the pricing framework across the different underwriting platforms and business classes written in Lexington's property operations.
• Work closely with reserving actuaries to understand sources of reserve development and ensure appropriate recognition of pricing and underwriting actions impacting those estimates. Ensure underwriters are informed of and considering trends observed in analyses.
• Provide recommendations on rating methodologies, parameters and tools to improve accuracy of technical pricing reflecting latest market and economic conditions and product offerings.
• Work closely with the global property actuarial leads to ensure alignment of tools, reporting metrics and goals to optimize team efficiency while maximizing value and consistency across the property portfolios
• Take part in and lead components of efforts to transform the actuarial data, tools, and broader capabilities as a part of a department-wide initiative focused on improved analytics and increased efficiencies in a cloud-based environment.
• Organize proper training and support for pricing tools and strategies for underwriters.
• Monitor trends, relevant industry dynamics, & catastrophe model enhancements; effectively communicate impact to underwriters and actuarial management.
• Ensure that all pricing and other actuarial requests are managed and completed in a timely and professional manner, monitoring adherence to appropriate procedures and methodologies.

What we are looking for

The candidate should possess strong technical and business expertise with the ability to build sustainable, collaborative relationships, influence business stakeholders, and lead, motivate and gain commitment from key constituents.

Additional requirements include:

• Fellow of the Casualty Actuarial Society with at least 10 years of commercial lines actuarial experience, preferably with significant commercial property pricing experience.
• Experience leading a team, with the capacity to enforce accountability and learn the strengths and development opportunities of the team to put people in a position to succeed while fostering a culture that promotes collaboration, diversity and inclusion
• Exceptional communication skills, including ability to develop and present clear and concise analysis and recommendations to senior management.
• Ability to dive into technical and execution level details, do hands-on work, connect the dots while thinking strategically and serve as strong thought partner of cross functional leaders.
• Willing and able to continuously learn and adapt in a dynamic and fast changing environment.
• Comprehensive awareness of the business, regulatory environment, competitors, market cycle, technology and legislative trends.
• Not afraid to take charge of a situation and can overcome resistance to change, taking unpopular stands when necessary.
• Timeliness and attention to detail.

Opportunity can be located either in NYC, NY, Parsippany, NJ, Chicago, IL, Philadelphia, PA, or Boston, MA

For positions based in New York, the base salary range is $199,000-$235,000, for the positions based in New Jersey, the base range is $190,000-$230,000, and for positions based in Illinois, the base range is $182,000-$230,000. In addition, the position is eligible for a bonus in accordance with the terms of the applicable incentive plan. In addition, we're proud to offer a range of competitive benefits, a summary of which can be viewed here: US Benefits Overview