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AAA-The Auto Club Group · 23 hours ago

Associate Actuary

Dearborn, MI

Full-time

Hybrid

Senior Level

$140K/yr - $170K/yr

6+ years exp

AAA The Auto Club Group is a leading provider of membership, travel, insurance, and financial services. They are seeking an Associate Actuary to coordinate and participate in the development of insurance coverage and products, ensuring adequate reserves and leading research and project plans within the actuarial department.

Insurance

Responsibilities

Coordinates and participates in the development of ultimates for current or new property/casualty insurance coverage and products

Coordinates and executes quarterly ultimate analyses to ensure reserves are adequate, not excessive or unfairly discriminatory, and internally consistent with experience

Leads department efforts in the research, design and implementation of new actuarial business and project plans

Reviews industry reserve trends and provides feedback

Provides support to other areas in the interpretation of reserving data

Represents the finance department on internal and external project teams, task forces and meetings

Performs inflation and tail factor analysis

Prepares and presents information and recommendations to Senior Leaders, internal and external audiences

Participates in the preparation and actuarial review of underwriting, pricing/product, and claims information

Reviews and analyzes recommendations for improving methods, analysis and data gathering techniques used by the actuarial reserving team

Assesses the impact of assigned projects/initiatives on the organization in terms of underwriting, claims, marketing, pricing/product and other business areas

Keeps current on new legislation/requirements

Provides recommendations to management regarding changes to product design or reserving structure and follow-up on system modifications

Prepares budget estimates and projections for review and ensures resources are adequate to support current and planned goals and objectives

Participates in the department process related to the selection, hiring, training, and development, coaching and counseling of assigned staff

Qualification

Fellow of the Casualty Actuarial SocietyCalculating reservesFormulating mathematical modelsPreparing rate filingsStatistical tools proficiencyActuarial methods knowledgeInsurance terminology knowledgeResearch skillsPresentation skillsTeam collaboration

Required

Bachelor's degree in Mathematics, Actuarial Science, Statistics or a related field

Designation of Fellow of the Casualty Actuarial Society and six years of experience in an actuarial environment

Maintain eligibility in the Actuarial Professional Development Program following department guidelines

Experience in six or more of the following: Calculating reserves, Calculating tail factors on long tail lines, Calculating stochastic reserves, Formulating and interpreting mathematical models, Completing actuarial research relating to insurance operations, Preparing quarterly rate indications, Preparing property and casualty rate filings, Preparing competitive product and rate comparison analysis reports, Pricing property and casualty insurance products

Extensive experience in Coordination and execution of projects, Managing actuarial students, Use of statistical tools and software applications to complete assignments, Preparing reports and exhibits for management review, Analysis of technical studies and data and draw sound conclusions

Knowledge of Insurance terminology, techniques, and concepts

Knowledge of Actuarial methods and principals to obtain indications, complete projects, analyze results and make recommendations

Extensive knowledge of personal lines insurance industry and competitors' product offering

Extensive knowledge of insurance industry trends and competitive environment

Demonstrated skills in Preparation/presentation of material, Managing workflow to achieve multiple goals, Working individually and as part of a team, Improving efficiency and effectiveness of the team, Researching and mastering a new area or approach, e.g. statistical software, insurance system, etc

Ability to Make oral presentations to business units

Ability to Represent the department on inter-department teams

Ability to manage and train Actuarial staff in the following: analysis of premium, claim, expense and economic data, completion of management reports, rate filings and pricing analysis