Job Description
Company Details:
"Our Company provides a state of predictability which allows brokers and agents to act with confidence."
Founded in 1967, W. R. Berkley Corporation has grown from a small investment management firm into one of the largest commercial lines property and casualty insurers in the United States.
Along the way, we've been listed on the New York Stock Exchange, seen our revenue soar well past $7 billion, and become a well-respected Fortune 500 Company.
Today, the Berkley brand comprises 53 Berkley companies worldwide. Still managed by our Executive Chairman, founder and largest shareholder, W. R. Berkley Corporation is well-positioned to respond to opportunities for future growth.
In April 2017, W. R. Berkley Corporation celebrated the 50th anniversary of its founding.
Responsibilities:
We are seeking a skilled and motivated Actuarial Analyst to work from our downtown Chicago or Naperville office to perform pricing analyses and provide actuarial support for state regulatory filings.
This Actuarial Analyst position is part of the Enterprise Product Support Services (EPSS) organization, which provides product support services for several decentralized operating units within the W.R. Berkley Group. The Actuarial Analyst works closely within an internal team of actuaries, regulatory filing analysts, product managers, data consultants, and policy systems administrators to develop and maintain appropriate pricing and product support on behalf of the supported operating units. This position reports to the Vice President and head actuary of EPSS.
The Actuarial Analyst has an essential role in the state filing process by producing rate indications, actuarial analyses, actuarial memoranda, and actuarial filing forms and applications; by providing measurements of rate change impacts; and by corresponding with regulators.
Preferred candidates are pursuing an actuarial credential (ACAS/FCAS), if not yet attained.
Responsibilities - Primary Duties
Provide support for filing of rates and rules of affiliated insurance companies for various commercial lines of business in all U.S. jurisdictions
Use traditional ratemaking methods to develop and support indicated rate changes
Complete rate change applications, actuarial exhibits, calculation of loss cost multiplier worksheets, and transmittal forms for state regulatory filings
In association with others, reform rate/rule manuals and filing documents and formulate responses to address state insurance regulators' objection letters to rate and rule filings
Use various databases and websites to access information from rating bureaus' manual pages, circulars, and filings, and from affiliated insurance companies' manuals, filings, and financial statements
Use SQL to retrieve company data from relational databases needed for actuarial analyses and reports
Analyze rate impacts of rating bureau loss cost / rate changes and prepare recurring reports for operating units
Perform research and analysis of rating bureau programs and filings, industry practices, and competitor filings for the development of programs, rating plans, rates, rules, and forms
Assist in developing, maintaining, and overseeing various templates, databases, and other technology tools in support of the operations of EPSS and affiliated companies
Develop effective working relationships with the internal team of regulatory filing analysts, product managers, data consultants, and policy systems administrators and extended teams of supported operating unit underwriters and actuaries through demonstrated technical expertise, insurance product knowledge and professionalism
Conduct actuarial analyses, reports, and presentations as needed
Qualifications:
Education, Knowledge and Technical Skills
Bachelor's degree; preferably in mathematics, statistics, actuarial science, data analytics, or business
Minimum 3 years' experience in actuarial analysis
Demonstrated progress with passing CAS actuarial examinations
Proficiency with Microsoft Excel and other Microsoft Office applications
Proficiency at accessing relational databases / practical skills with SQL
Knowledge of actuarial concepts and ratemaking practices and techniques
Knowledge of P&C commercial lines insurance coverages (e.g., ISO, NCCI, AAIS products)
Knowledge of insurance company operations
Knowledge of NAIC Annual Statement
Knowledge of U.S. insurance regulatory environment
Excellent analytical skills
Strong written and verbal communication skills
Strong organizational and time management skills
Ability to manage multiple projects within deadlines
Compliance mindset and attention to detail
Ability to think creatively to solve problems
Pride of ownership when dispatching assignments with a focus on results