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About the Role
The Associate Actuary role will have a significant supporting role in the pricing and monitoring of the Wholesale & Specialty Insurance (WSI) business.
Responsibilities
- Support the launch of new products and expand the capabilities of existing products for the Wholesale & Specialty Insurance (WSI) lines of business.
- Develop and maintain pricing tools for account pricing and portfolio steering.
- Prepare and complete pricing analyses, including the development of rates, ultimate loss projections and communication of results.
- Participate in development and update of Actuarial models and databases through formula development, research on methodologies, and collaboration on technical teams.
- Support result monitoring, pricing and portfolio management projects that will assist underwriters and management in managing and steering business.
- Document and communicate assumptions, results, and alternatives to actuarial staff and internal clients.
- Identify data issues requiring specialized actuarial attention.
- Provide actuarial insight and expertise as a participant on a Line of Business Expert Group.
- Participate in training of others (underwriters, client managers, risk analysts, accountants, and actuaries) regarding actuarial analyses and methodologies.
Requirements
- Bachelor’s degree in related field
- Progress toward membership in the Casualty Actuarial Society, as demonstrated by passing of actuarial exams.
- Four or more years of experience in insurance pricing, preferably supporting commercial or specialty insurance products.
- Strong understanding and ability to discuss and apply the use of existing & new actuarial concepts/techniques involving exposure adjustments, trend, loss development, exposure rating, et al with some assistance/guidance.
- Excellent communication and interpersonal skills.
- Ability to communicate technical concepts to non-technical audiences in an effective manner.
- Excellent oral and written communication skills.
Skills
- R
- Python
- SAS
- statistical software in insurance pricing applications
Location
- Princeton (NJ)
- Philadelphia (PA)
- Chicago (IL)
- New York (NY)
- Hartford (CT)
Work Type
- full-time
Experience Level
- Four or more years of experience
Education Level
- Bachelor’s degree
Salary/Compensations
- $101,700 - $169,500
Benefits
- company bonus based upon a percentage of eligible pay
- health insurance coverage
- employee wellness program
- life and disability insurance
- 401k match
- retirement savings plan
- paid holidays
- paid time off (PTO)
- Two options for your health insurance plan (PPO or High Deductible)
- Prescription drug coverage (included in your health insurance plan)
- Vision and dental insurance plans
- basic life insurance equal to 1x annual salary
- AD&D coverage that is equal to 1x annual salary
- Short and Long Term Disability coverage
- Supplemental Life and AD&D plans
- Voluntary Benefit plans (Accident, Critical Illness and Hospital Indemnity)
- A robust 401k plan with up to a 5% employer match
- A retirement savings plan that is 100% company funded
- Paid time off that begins with 24 days each year
- Eligibility to receive a yearly bonus
- A variety of health and wellness programs provided at no cost
- Paid time off for eligible family care needs
- Tuition assistance and educational achievement bonuses
- A corporate matching gifts program
- Paid time off to volunteer in your community
About the Company
- Munich Re Specialty - North America provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners.
- Products include: property, casualty, professional liability and other specialty insurance solutions.
- Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients’ needs.
- We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.
Equal Opportunity
- We are an equal opportunity employer.
- Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.