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AIG · 3 months ago

Actuary & AVP - Lexington Property Pricing

PA-Philadelphia

Full-time

Onsite

Mid, Senior Level, Lead/Staff

$199K/yr - $260K/yr

10+ years exp

AIG is a global leader in commercial and personal insurance solutions, and they are seeking an Actuary & Assistant Vice President - Lexington Property Pricing to lead the pricing team. The role involves quantifying risk, developing pricing strategies, and collaborating with various teams to enhance profitability and manage risk effectively.

BankingFinancial ServicesInsurance

Responsibilities

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

Qualification

Fellow of the Casualty Actuarial SocietyCommercial property pricingTeam leadershipAnalytical tools developmentCommunication skillsCollaborationAdaptabilityAttention to detail

Required

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