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The Workers Compensation team in Business Insurance Actuarial Product is looking for an Associate Actuary to manage/support the Workers Compensation Benchmark Pricing Model (Loss Frequency Factor), assist with refreshing the benchmark predictive models and participate in a variety of special projects. The role focuses on all Middle Markets business units, but the team spans Small Commercial as well as Middle Markets. Workers Compensation is the largest line of business in Middle Markets with planned 2018 revenue of $2.1B and including Small Commercial is $3.2B. The role provides broad opportunity to learn the technical elements of Workers Comp pricing models as well as to develop a deep understanding of the underwriting, business and system processes around Workers Comp pricing. It also affords the opportunity to develop relationships with the Actuarial teams in the Middle Markets business units, the analytics team in BI R&D, BI Product and Platform and IT.
Primary Job Duties & Responsibilities
Assist with the development of the new Next Gen Workers Comp Benchmark Pricing Model to be rolled out this year, including updating tables, producing a disruption analysis and testing and validating application behavior and model results.
Partner with BI R&D in the annual refreshes and enhancements of the predictive models in the benchmark application. Includes assisting with modeling, preparing and sharing disruption analyses, monitoring model performance, documenting business requirements, testing the updates and managing implementation with IT and other areas.
Manage the regular updates for the Loss Frequency Factor and Next Gen benchmark pricing models for Middle Markets. This includes regular rate adequacy updates, regular updates to industry frequency ratios by state and class and updates to other factors.
Support BU Actuarial and Underwriting customers of the benchmark pricing model in understanding and using the application.
Manage the monthly account profitability reporting process, which consists of batch restatement of account benchmarks, producing and distributing reports and assisting BU Actuaries with interpreting the results.
Conduct Dividend reserve reviews.
Manage or participate in additional special projects that may arise.
Ability to communicate complex actuarial concepts to a non-technical audience. Ability to work with people with diverse perspectives and background include Underwriting, IT, QA, Ops, etc. Must be able to evaluate data to ensure data integrity and identify discrepancies. Recommend solutions for process inefficiencies.
Leadership/Mgmt: May supervise actuarial function and/or staff. Develop and motivate staff to achieve technical excellence and ensure effective performance. Other duties as assigned.
Bachelors degree or equivalent education required. 2 years analytics experience required. General knowledge of quantitative analysis required.
Education, Work Experience & Knowledge
College Degree in actuarial science, mathematics, economics or statistics or equivalent preferred. 3+ years of Actuarial/Analytical experience preferred. Demonstrate base knowledge in wide range of actuarial functions, including but not limited to, reserving, pricing, business planning, financial reporting, management information, product development, reinsurance and database management. Independent analysis of challenging business issues. Basic understanding of financial reporting, both GAAP and Stat. Strong understanding of income statements and balance sheets. Strong understanding of insurance products and marketplace conditions and how they impact financial models and results. Strong PC skills - Excel, Access, PowerPoint & Word. Sound understanding of databases and data extraction. Developing ability to deliver crisp and confident communication of analysis.
Job Specific & Technical Skills & Competencies
Experience in Workers Compensation pricing preferred.
Strong understanding of rating, pricing models and predictive modeling concepts.
Strong PC skills - Excel, Access, PowerPoint and Word. Exposure to VBA helpful. Sound understanding of databases and data extraction and ability to write a basic Structure Query Language (SQL) query.
Experience programming in SAS, R, or another statistical programming language preferred.
Operates standard office equipment. Sitting (can stand at will). Use of Keyboards, Sporadic 10-Key.
Licensing or Certificates
Associate Actuarial Credential required.
Equal Employment Opportunity Statement
Travelers is an equal opportunity employer.
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