What are the responsibilities and job description for the Associate Actuarial Analyst position at Westfield Insurance?
Job Description
The Actuarial Associate Analyst, working under the close supervision of Actuarial Managers, assists with conducting analyses, providing recommendations, and participating in actuarial projects. They are the entry-level analysts who aim to develop actuarial skills and assist with a variety of actuarial duties. The role extracts, transforms, and prepares data for analysis, performs rating, reserving and other financial analyses, and develops ad hoc reports.
Responsibilities
Equal Opportunity Employer
Westfield celebrates diversity and is committed to inclusion. All qualified applicants receive consideration for employment without regard to race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, or status as a protected veteran.
The Actuarial Associate Analyst, working under the close supervision of Actuarial Managers, assists with conducting analyses, providing recommendations, and participating in actuarial projects. They are the entry-level analysts who aim to develop actuarial skills and assist with a variety of actuarial duties. The role extracts, transforms, and prepares data for analysis, performs rating, reserving and other financial analyses, and develops ad hoc reports.
Responsibilities
- Supports actuarial assignments under the close supervision of seniors by following standard processes in areas like Pricing, Loss Reserving, Research and Development, etc.
- Works on assigned projects under the direction of more experienced actuarial team members and completes research, ensures accuracy of calculations and analyses, and meets project deadlines.
- Extracts, organizes, and validates data in support of actuarial analysis.
- Learns relevant tools, technologies, and techniques to perform analysis.
- Performs analysis to share input on pricing of new and existing products, collaborates with Underwriting and Product team to determine loss and loss expense reserve recommendations.
- Assists actuarial team in gathering information, prepares project reports and creates datasets following already documented processes in support of the Actuarial Department.
- Assists in the development of collateral for defending state filing materials, estimates unpaid loss and loss expense liabilities, provides support to Finance Reporting and partners with the IT team to implement rate and rule changes in rating.
- Supports in the on-going review and improvements of pricing and processes for greater automation, accuracy, and rate adequacy.
- Learns the operation of rating systems, makes changes to rates, rating plans and rate change process.
- Partners with IT to implement rate and rule changes in rating or policy administration systems.
- Supports to develop actuarial models for insurance products, using statistical and mathematical techniques and monitors the effectiveness of pricing strategies, adjusting as needed to achieve the desired results.
- Supports in researching market changes, emerging trends and supports the analysts in making rate recommendations and creates supporting documentation to ensure strong profitable revenue growth.
- 0-2 years of experience in Actuarial or a related field.
- Bachelor's degree in Mathematics, Actuarial Science, Statistics, or a related field and/or commensurate work experience.
Equal Opportunity Employer
Westfield celebrates diversity and is committed to inclusion. All qualified applicants receive consideration for employment without regard to race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, or status as a protected veteran.
