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Job Description SummaryBond and Specialty Insurance (BSI) is seeking a highly motivated individual to join our Management Liability cross-coverage actuarial team. This quickly growing team supports data, tools, processes, and pricing projects than span multiple lines of business and business units. Specific examples include: Actuarial Data, Reporting, and Methodology; Actuarial Experience Reports; Rate Adequacy and Pricing Tools; Financial Proforma Models; Automated Rate Testing; and Restatement and Disruption.
BSI's business model is evolving as we adapt to a more digital and customer-centric environment. Elements of this evolution include development of our internal eCommerce capabilities and expanding the reach of our products across the enterprise. These changes accentuate the need to deliver tools and information to make data driven decisions. This individual will be responsible for helping us build out the rate management process.
This position will manage one ALDP.
The Director, Actuarial and Analytics is an analytic leadership role that is responsible for the implementation of a variety of actuarial/statistical techniques and analyses which may include reserving, rate making, pricing, planning/forecasting, project management and research. This role is expected to execute strategic and operational initiatives, drive change within assigned unit, provide analytical insights and recommendations to leadership and business partners, and share ownership of the business's financial results. The Director, Actuarial and Analytics will work within broad limits and authority on complex assignments requiring specialized knowledge and expertise in breadth and/or depth in one or more of the following areas: Actuarial and/or research methods Advanced statistical analyses Broad business knowledge In-depth Line of Business knowledge Broader awareness of enterprise Actuarial & Analytics community This role may act as a manager of a small team.
Serve as an actuarial lead in developing tools to assist in the rate management process. Partner with other pricing actuaries, product management, and R&D on developing tools and analytics that meet their needs.
Build out a financial pro-forma model to provide insights into what might happen to our book of business as we implement changes to our rate plans. Focus should be on a coverage and account level perspective. Partner with R&D on implementing analytics into that model.
Partner with R&D on insights on pricing analytics for our flow and non-flow business, including business coming from our Small Commercial partnership.
Partner with Regulatory & Compliance to enhance processes and support speed to market in rate changes.
Serve as a thought leader on ways to make our current processes and tools more efficient.
Investigate and leverage additional insights in our non-issued data.
Complete additional projects as needed in support of BSI's eCommerce initiative.
Manage an Actuarial Leadership Development Program participant.
Primary Job Duties & Responsibilities
- Assess, prioritize, influence and communicate strategic initiative options to senior leaders.
- Demonstrate effective execution and completion of assigned strategic initiatives and projects.
- Regularly generate process improvements and explore opportunities for innovation.
- Lead assigned unit strategic initiatives (narrow scope, limited and well defined) and cross-unit initiatives on a limited basis and is expected to participate in Enterprise initiatives on a limited basis.
- Independently perform actuarial and analytic analyses to solve business problems and apply judgment appropriately.
- Drive day to day execution within unit. Support broad department initiatives.
- Promote efficiency across primary working group, balancing additional effort against incremental lift gained from work.
- Begin to make decisions independently in accordance with department practices.
- Provide direction and review others' analytical work.
- Translate business requests into analytical solutions.
- Provide support as necessary for initiatives across the Enterprise within the scope of influence.
- Communicates on a regular basis with staff, peers and business partners and on an occasional basis with senior leaders.
- Tailors communication of analysis, project results, and other business initiatives to audience.
- Communicates technical topics to non-technical audiences with limited guidance.
- Leads group discussions with primary working group.
- Creates formal written communication such as memos or presentations with limited guidance.
- Able to influence and collaborate with peers and partners to take actions to enhance business outcomes.
- Staff responsibilities are likely to include direct management of a small team of individual contributors.
- Acquisition, retention, and development of talent for assigned unit.
- Execute and communicate talent development processes, including performance and personal development goals.
- Succession planning and talent assessment recommendations.
- Performance management.
- Support staff engagement cross Enterprise initiatives.
- Mentor less experienced talent across the Enterprise.
- Onboard new employees and interns in unit.
- Support various training and skill development initiatives across Segment and the Enterprise.
- May provide support for recruiting efforts and candidate talent assessment efforts.
- Bachelor's Degree required.
- Minimum of 4 years of experience performing quantitative analysis required.
Education, Work Experience, & Knowledge
- College degree in STEM related field.
- Associate Actuarial Credential preferred.
- 7+ years of quantitative analysis experience.
- Strong understanding of insurance products and industry.
- Demonstrated ability in actuarial and quantitative analysis and statistical concepts.
- Management experience.
- Excellent communication, collaboration and relationship-building skills.
- Ability to present and translate complex information in relevant business terms.
- Strong PC skills (MS Office) and programming skills (eg. SQL, SAS).
Job Specific Technical Skills & Competencies
- Begins to challenge conventional thinking.
- Takes ownership of projects related to strategic initiatives and makes recommendations to influence business outcomes.
- Proficient in Leading Self, exhibiting decisiveness and self-awareness while also effectively managing ambiguity.
- Initial development of Leading Others, including modeling the way for others and effectively leading team projects.
- Initial development of Leading the Business, including actively engaging in driving business results, broad thinking and promoting an Enterprise culture.
- Business Acumen:
- Has an in-depth understanding and knowledge of certain key business drivers and disciplines such as: underwriting, products, reinsurance, distribution, sales, operations, risk control, claim, and financials.
- Able to effectively utilize this business knowledge in developing and implementing analytic solutions.
- Has a general perspective of the industry and developing trends, including: technology, analytic methodology, products, and performance of competitors.
- Is familiar with other key business drivers and disciplines.
- Relationship Management:
- Proactively build and own professional business relationships across the Enterprise.
- Generate and solicit ideas, and build consensus
- Aware of potential conflict and address proactively.
- Acknowledge accomplishments of others within your primary working group.
- Set and manage expectations with business partners for large projects.
- Understand diverse perspectives to effectively accomplish business goals.
- Quantitative Analysis:
- Able to introduce innovative techniques to existing problems.
- Independently perform and implement complex analytics.
- Leads and actively engages in technical/peer reviews.
- May offer technical consultative feedback.
- Can assess various technical solutions to optimize analytical outcomes.
Travelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.
If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an email so we may assist you.
Travelers reserves the right to fill this position at a level above or below the level included in this posting.