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Hartford,
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Actuarial
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All
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Not Available
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| Job
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Full Time |
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Open |
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Position: Middle Market Actuarial Loss Analytics - Economist
Summary
This position provides a challenging and exciting leadership opportunity to join the Travelers Middle Market Actuarial unit. The Travelers Middle Market organization is a significant part of Travelers Business Insurance and is comprised of 8 distinct businesses with gross premium in excess of $5 billion. Travelers Business Insurance wrote $12.6 billion in gross premiums and generated $2.3 billion in operating income for 2008.
This position is responsible for pioneering the integration of advanced econometric modeling in the development of ultimate loss estimates for all lines of business and all business units within Middle Market. This role is part of the newly formed Loss Analytics unit of Middle Market Actuarial and will report directly to the Middle Market Loss Analytic Lead Actuary. This role will require close working relationships with the Business, Product and Data units within Middle Market Actuarial, as well as the business leadership outside of Middle Market Actuarial.
The Loss Analytics unit is responsible for developing unbiased estimates of the ultimate loss associated with products sold. Additionally, this unit is responsible for delivering leading indicators and business intelligence to Middle Market and Actuarial Senior Leadership. The understanding of loss content changes will include an analysis of external econometric and legal indices and of internal claim process changes. Loss content estimates will be made at various levels including: line of business, business unit, product, coverage, industry, region and state. The knowledge and analytics developed in the loss analytic process will be leveraged as the basis for making loss reserve estimates.
As the leader of the Loss Analytics economic modeling efforts, this position is responsible for the execution of the responsibilities listed below.
Specific Responsibilities:
Lead the Development of Econometric Analyses in Middle Market
Identify key econometric drivers of covered insurance losses for all lines of business. Collaborate with Loss Analytic actuaries to measure the impact of economic drivers and implement processes to measure, monitor and reflect the impact of a changing economic environment. Closely related to this analytical role is the effective communication of findings and the delivery of clear, actionable business intelligence to Middle Market Senior Management.
The core responsibilities of the Loss Analytic unit include:
1) Research and identify key econometric measures that demonstrate a correlation with business insurance losses;
2) Work with actuarial colleagues to quantify the impact of changes in key economic drivers;
3) Identify and utilize external econometric and legal indices in the loss estimation process;
4) Recognize how external influences may affect the claim, underwriting and other internal functions;
5) Understand and leverage data and analytics from across Middle Markets and the Enterprise;
6) Research and identify unique economic trends of specific industry segments and work with actuaries and business professionals to evaluate their impact on results;
7) Develop an understanding of the loss estimation process and various functions within the insurance organization;
8) Communicate and educate actuarial and business leaders on the dynamics of the economic environment and its impact on ultimate loss.
General Responsibilities
1) Apply advanced statistical concepts and data analysis methods in innovative research and modeling;
2) Independently work on projects but may direct additional analysts as required;
3) Assist in developing new approaches to business problems using advanced statistical techniques and indentifying new ways to apply statistical methodologies;
4) Some potential research topics include:
a. Examination of the impact of unemployment on covered losses (ex Workers Compensation claims);
b. Identifying correlations of inflationary metrics and insurance loss severity;
c. Identification of key cost drivers for medical costs, lost wages and other major cost components of Workers Compensation and Bodily Injury claims;
d. Evaluation of the impact of regulatory/law changes in key jurisdictions and its impact on lawsuits affecting claim frequency and severity;
e. Explore the impact of changing economic conditions and insured claim filing behavior.
Qualifications
1) Highly developed strategic, critical thinking, and relationship management skills.
2) Highly developed analytical and problem solving skills. Able to perform credible analyses using sound judgment and reasoning to draw conclusions leading to the selection of the best solution from a review of strategic alternatives.
3) Work effectively both independently and in a team environment.
4) Collaborate effectively with multiple customers in multiple locations.
5) Excellent written and oral communication skills. Demonstrated ability to present subjects clearly to both technical and non-technical audiences.
6) Develop effective working relationships with colleagues across Middle Markets and Actuarial.
7) Work effectively on several concurrent efforts.
8) Positive, achievement oriented attitude.
9) A wide degree of creativity and latitude is expected.
10) Well-organized and detailed-oriented.
11) 5 or more years of applied econometric analysis experience in an insurance company or similar business environment.
12) Strong understanding of mathematics and statistical concepts.
13) Advanced degree (MA/PhD) in economics or related discipline.
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