Associate Actuary

Job Description

  
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.

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

 

Job Summary 

  

Directs the analysis of rate levels and classifications of assigned states and Commercial Multi-Peril 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. 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 analysis of statistical data where required, and recommends computer developed statistics needed to evaluate the adequacy of rating and classification structures. 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 variables and 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. 

  

Physical Actions 

  

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.

 

Physical Environment 

 

Required job duties are normally performed in a climate controlled office environment, with occasional travel by car or airplane. 

  

Education Requirements 

  

Bachelor's degree required. Associate of the Casualty Actuarial Society (ACAS) or new Fellow (FCAS). 

  

Experience Requirements 

  

Five years Actuarial experience, including two years as Assistant Actuary or Associate Actuary. Continue educational development in related job field. BOP, Commercial Property, and General Liability experience is preferred.

  

Special Skill Requirement 

  

Predictive modeling experience and use of various statistical packages such as R, SAS, and/or Python preferred.  Data visualization and Tableau experience preferred.

 
Candidate qualifications may be reviewed against the requirements for the associated levels of this position's core function. Salary grade will be based on selected candidates' experience and skills. 

Farmers is an equal opportunity employer, committed to the strength of a diverse workforce. 
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Schedule: Full-time

Job Posting: 02/10/2020