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Directs the analysis of rate levels and classifications of assigned states and Commercial Auto lines of insurance for the purpose of establishing and maintaining an optimum rate level that recognizes the need to maintain an operating profit as well as revenue growth for the companies.
Essential Job Functions
Directs the development of rates for newly developed products and the maintenance of optimum rates of in-force business to meet targeted underwriting profit and revenue growth; performs these duties consistent with the generally accepted actuarial standards. Works in close consultation with the state office and strategic business unit staff in establishing pricing and rating plans to achieve profit and production strategic objectives' meets regularly with the pricing team to review the drivers of our financial and marketing results; identifies issues impacting strategic objectives; recommends and assesses needed action plans addressing those issues. Supports the rate development of Core Auto and TNC products. Directs the preparation of rate and rule change proposals for regulatory authorities (through the Regulatory Filings Section), including preparation of the required supporting data. Coordinates activities with other Home Office staff functions, i.e., business development, policy processing and claims, to keep them informed of the exposures considered for the various rate levels that have been promulgated. Directs the coordination through final implementation of revised rate manuals and rules (this includes ar ranging timetables for correlating supporting action by other departments, i.e., systems, computer operations, service centers, and printer; and checking results during the course of implementation). Directs the incorporation of competitive and market analysis in the overall pricing strategy. This entails coordination with the state executives and strategic business unit staff to assure that the business strategy to achieve the optimum rate level Directs analysis of statistical data where required, and recommends computer developed statistics needed to evaluate the adequacy of rating and classification structures. recognizing the market pricing and loss results. Directs the review of the rating factors used. This entails the evaluation of the value of the rating variable as a predictor of experience as well as the establishment of the amount of the associated charge; recommends new rating variable sand elimination of existing rating variables which are not effective. Directs preparation of rate change forecasts in assigned states/lines for periodic Exchange and Underwriting Association forecasts and budgets. Pursues personal professional development regarding remaining current on issues affecting the industry, emerging technology and advancements in pricing techniques. Responsible for the professional development of assigned actuarial personnel. Performs other functions as assigned.
Required job duties are essentially sedentary work consisting of occasional walking, standing and lifting and/or carrying 10 lbs. maximum. Functional ability of seeing, hearing and speaking is required.
Required job duties are normally performed in a climate controlled office environment, with occasional travel by car or airplane.
Bachelor's degree required. Fellow in the Casualty Actuarial Society (FCAS).
Eight years Actuarial experience, including two years as Assistant Actuary or Associate Actuary. Continue educational development in related job field. Auto experience is preferred.
Special Skill Requirement
Farmers is an equal opportunity employer, committed to the strength of a diverse workforce. ]]>
Job Posting: 09/16/2019