REINSURANCE ACTUARIAL ANALYST

Location

Des Moines, IA | United States

Job description

Conducts profit margin analysis to achieve risk-adjusted target rates of return. Responsible for quantifying the risk levels being assumed by Grinnell Mutual Re in property-casualty reinsurance contracts. Develops risk-adjusted premiums through technical analysis of loss experience and exposure-based methods for reinsurance contracts accross both the farm mutual and brokered account space. Involves pricing a large variety of contracts such as Excess Per Risk (property and casualty), Catastrophe, Quota Share, and Aggregate contracts. Provides in-depth analytical analysis on a variety of business problems.

This position qualifies for our flexible workplace options. Work at our Grinnell, Iowa, headquarters or from a home office in any of the following states: Alabama, Arizona, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Maine, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Virginia, Wisconsin, and Wyoming. Please note that candidates must be eligible to work in the U.S. without Grinnell Mutual sponsorship.

• Tests and validates assumptions underlying pricing models.

• Conducts profit margin analysis to achieve risk-adjusted target rates of return.

• Extracts, manipulates, and analyzes large databases for trends and insights into the performance of the business.

• Prices treaty reinsurance for property-casualty business and provides actuarial support to underwriters in pricing risks for a range of classes, including casualty, property, multiline, and specialty lines.

• Determines optimal reinsurance structures given client risk profile and underwriting strategy.

• Contributes to the maintenance of pricing tools on an annual basis and recommends innovative solutions to improve pricing model sophistication. Works with underwriters, brokers, and other actuaries in the division for enhancing and developing new pricing tools as required.

• Completes peer review of assumptions, models, results, and reporting.

• Identifies trends in portfolio performance and recommends appropriate actions.

• Monitors and analyzes developments in actuarial techniques, laws, and regulations applicable to company operations, and competitive developments in the marketplace.

• Aligns the pricing process with improved capture and modeling of policy exposures to assess aggregations of risk and better inform the technical rating process.

• Conducts detailed segmental reviews within classes of business to objectively assess profitability; providing evidence-based conclusions and recommendations for strategic changes, underwriting actions, and portfolio optimization.

• Supports the creation of systems specifications, contracts, commission structures, and other actuarial aspects of product development.

• Assists in preparing and reviewing treaties and amendments, which includes collaboration with the Legal division.

• Presents analyses in clear terms appropriate to the audience. May include internal and external groups, customers, senior leaders, and board members. Presentations may be to educate, influence, or support recommended changes and market trends.

• Represents Grinnell Mutual and the reinsurance division in a professional manner at both internal and external meetings as requested. Occasional travel (day and overnight) is occasionally required.

• Advises farm mutuals on the design and modernization of their personal property rating plans.

• Responsible for recommendations related to pricing risks taken by the company to maintain long-term profitability.

• Responsible for reporting business expenses in a timely manner through an expense account for any work-related travel.

• Uses independent judgment to determine appropriate techniques and assumptions for pricing reinsurance contracts.

• Responsible for the selection of parameters needed to populate pricing models by evaluating all available, relevant information.

• Performs other duties as assigned

• Bachelor’s degree in mathematics, actuarial sciences, economics, finance statistics, or related field requiring modeling, programming, or quantitative analysis from an accredited college or university; or equivalent combination of education and experience.

• Three (3) years of insurance/reinsurance or actuarial/analytics experience. Reinsurance pricing experience desired.

• Successful completion of three (3) or more actuarial exams desired

• Experience in pricing a variety of property-casualty reinsurance contracts preferred.

• Familiarity with common statistical distributions and fitting techniques. Ability to develop aggregate loss distributions and compute the economic value of treaty features.

• Experience with rate reviews and rating plans for Homeowners and Farmowners highly desired.

• Ability to apply the principles of logical thinking to define problems, collect data, identify trends, and draw conclusions. Exhibits intellectual curiosity to expand knowledge of actuarial and (re)insurance topics. Willing to question and investigate.

• Ability to influence and negotiate with others and create acceptance for proposals.

• Advanced computer skills, including model building and data capture. Ability to use general office equipment including PCs, telephone, fax, copier/scanner, calculator and demonstrate basic knowledge of Microsoft Office suite products including MS Word, Excel, and Outlook.

• Ability to communicate information, both written and verbal, in a logical, well-thought manner to explain and support a recommendation for change or review of information to underwriters, farm mutual underwriting managers, and divisional leadership.

• Ability to manage multiple and/or conflicting priorities with frequent and unplanned interruptions. Must be able to adapt to change of course as business needs demand through thoroughness, attention to detail, and diligence.

• Ability to read and interpret legal contracts and documentation.

• Ability to work independently in an environment with limited supervision. Ability to work in a harmonious manner with co-workers, supervisors, customers, and the general public.

• Ability to maintain confidentiality of proprietary company, customer, and/or client information.

• Ability to work in a harmonious manner with co-workers, supervisors, customers, and the general public.

• Ability to provide a high level of customer service internally and externally by delivering timely, accurate responses to inquiries in a manner that is easily understood by the recipient. Information may be delivered in verbal or written format.

• Requires regular and predictable attendance to meet the customer needs of the position.

• Demonstrated ability to adhere to all Grinnell Mutual policies.

• Demonstrated ability to incorporate Grinnell Mutual core values in all areas of work.

Working Conditions and Physical Efforts:

To perform this job successfully, an individual must be able to perform each job duty and responsibility satisfactorily. Reasonable accommodations may be made to enable individuals with disabilities to perform job duties and responsibilities.

• Works with many types of people, including internal and external customers, which can be stimulating, yet demanding and stressful.

• Frequently works under externally imposed deadlines with expected interruptions to the workflow making it difficult to anticipate the nature and volume of work to perform.

• The position is physically located in the home office with a work environment of a typical office setting; noise level is relatively quiet and occasional stress is encountered as deadlines approach. The position requires an individual to sit for long periods of time at a computer monitor. Requires visual acuity and potential eye strain. Repetitive movement is involved.

• Ability to occasionally exert up to 20 pounds of force and to lift up to 10 pounds.

• Frequently works with the reinsurance underwriting, actuarial services, and marketing teams. Occasional work with other divisions in the home office.

• Occasional contact with mutual, auditors, mutual managers, or other related company vendors either through email or telephone.

This job description is not intended to describe, in detail, the multitude of tasks that may be assigned, but rather to give the employee a general sense of responsibilities and expectations of his/her position. As the nature of the business demands change, so too may the job duties and responsibilities.

Grinnell Mutual is an Equal Opportunity Employer. All applicants will be consideration for employment without regard to race, color, religion, sex, sexual orientation, gender, gender identity, national origin, veteran status, or disability status in accordance with applicable state and federal laws.

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