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Product Development Actuary ASA


We are Farmers!

Join a team of diverse professionals at Farmers to acquire skills on the job and apply your learned knowledge to future roles at Farmers. Farmers Insurance also offers extensive training opportunities through the award winning University of Farmers named by Training magazine amongst top 10 corporate training units in the world.

Job Summary

Performs actuarial analysis and coordinates recommendations for implementing changes due to regulatory and management reporting requirements. Coordinates development and implementation of new products. Oversees the completion of the actuarial portions of the various financial statements.

Essential Job Functions

Initiates, analyzes, recommends and implements appropriate revisions in actuarial methods and assumptions in areas with significant financial impact. Works independently to develop and implement appropriate solutions to actuarial issues. Acts as project lead, where assigned, assigning project work, managing workflow and providing feedback to management to enable appropriate modifications to and timely completion of projects. Represents the Actuarial Department through participation in inter-departmental meetings and committees. Prepares and interprets data and related formulae for management. Analyzes operations to recommend improvement for control and/or efficiency. Designs and conducts training and development of professional actuarial personnel as assigned to maintain efficient and accurate completion of projects. Leads FLI participation in external examinations by the I.R.S., state Insurance Depa rtments, and internal audit committees. Coordinates with external, hired experts. Coordinates with appropriate Home Office and Zurich Departments on requests for information and relevant reporting issues. Analyzes proposed and existing products, develops appropriate formulas, and directs the calculation of nonforfeiture values, premiums, commission rates, reserves, and proposal and disclosure values for new and existing products. Develops, extends, and maintains the profit study, reserve, and nonforfeiture value calculation programs. Directs the implementation of new products on administration and proposal systems. Directs audits of the plan description file, and coordinates changes. Responsible for the timely and accurate delivery of actuarial portions of financial statements. Maintains actuarial valuation systems to be consistent with End-User computer standards, including required changes as necessary due to IT system changes, product changes, and regulation changes. Collaborates with IT to ensure new ZFS/FIG/FNWL processes and procedures are correctly reflected in the actuarial valuation systems. Provides system programming/data generation support to other actuaries and departments to generate policy data information used in analysis and decision-making. Researches, analyzes and recommends necessary changes and additions to mainframe and PC software, as well as End-User computer standards as a result of capacity constraints and procedural or technological changes. Directs and analyzes actuarial research and experience studies and prepares reports to management. Directs the development of actuarial assumptions used in models for projecting future experience. Analyzes agent compensation systems and recommends changes where appropriate to maintain profitability and competitiveness. Directs the preparation of reports and financial projections to provide management with information needed to monitor and evaluate the impact of business decisions on profits. Promote s safety at all times and complies with safety/ergonomic standards as outlined in relevant company published manuals. Performs other duties as assigned.

Physical Actions

Required job duties are essentially sedentary work consisting of occasional walking, standing and lifting and/or carrying 10-lbs. maximum and seeing.

Physical Environment

Required job duties are normally performed in a climate-controlled office environment.

Education Requirements

Four-year college degree, Associate in the Society of Actuaries and Member of the American Academy of Actuaries. Maintains continuing education requirements in order to sign public statements of actuarial opinion.

Experience Requirements

Five years of actuarial experience including two years as an Associate Actuary, Actuarial Assistant or the equivalent.

Special Skill Requirement

None required

Additional Qualification

Job Location(s): US - PA - Philadelphia, US - WA - Bellevue

Want to learn more about our culture & opportunities? Check out farmers.com/careers and be sure to follow us on Instagram and LinkedIn!

Nearest Major Market: Philadelphia

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