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.
