New Jersey Manufacturers Insurance Company (NJM) was founded in 1913 by a group of manufacturers seeking to provide cost-effective, safety conscious and financially secure workers' compensation insurance for their workers. From inception the Company has operated as a mutual, with a focus on the needs of its policyholders.
Today, NJM Insurance Group, is a leading mid-sized U.S. property and casualty insurance company with 90 consecutive years of A+ financial strength ratings by AM BEST. Due to exceptional employee experiences, NJM has been included on the latest Forbes List of Best Employers in New Jersey for the fourth year in a row. The NJM reputation for being a top provider of outstanding customer service was reaffirmed by the most recent J.D. Power Auto Insurance Claims Survey.
Over the last five years, the Company has focused on a strategic plan that calls for it to become a regional property & casualty insurer and has transitioned away from its affinity-based membership model. To that end, the Company has added an independent agency model for new lines of middle and large commercial and has more than doubled its product offerings. NJM now offers its various products to businesses across New Jersey, Pennsylvania, New York, Maryland, Delaware, and Connecticut.
NJM’s focus on policyholders stands at the center of its values. Its mission is to provide value-based insurance solutions to policyholders while maintaining the highest levels of service, integrity, and financial stewardship.
The Actuarial Analyst (we have the ability to hire at the II, Senior or Associate Actuary level based on experience) will support NJM’s efforts to attract new policyholders, retain existing policyholders, and honor our commitment to pay claims by developing fair and competitive pricing, providing comprehensive product analysis, and ensuring that NJM maintains a strong financial position.
Essential Duties and Responsibilities: Essential functions of this job are listed below in order of priority. Reasonable accommodations may be made to enable individuals to perform the essential duties. Regular and predictable onsite attendance is an essential function of the job.
· Perform pricing studies to evaluate the profitability of our Auto, Homeowners, Workers’ Compensation, and Commercial Package insurance products.
· Analyze rating variables based on company data and competitor information and recommend changes.
· Perform analysis of frequency, severity, and premium trends.
· Perform analysis of loss and LAE reserves.
· Assist with the annual loss and LAE ratio planning process.
· Collaborate with cross-functional teams to develop business insights and recommendations.
· Contribute to the ongoing development of actuarial tools and processes to enhance the department’s capabilities over time.
Required Qualifications: Knowledge, skills & abilities, experience, minimum & desired education, certification and/or license requirements.
· Bachelor’s degree in actuarial science, mathematics, statistics, or related field.
· 2-4 years of property and casualty actuarial experience.
· Successful completion of at least two Casualty Actuarial Society (CAS) exams.
· Proficiency in Microsoft Excel, Word, and PowerPoint.
· Excellent verbal and written communication skills.
Preferred Qualifications:
· Experience with SQL, SAS, or other programming languages a plus.
Compensation: This role may be filled at an Analyst II, Senior or Associate Actuary level. The Salary can range from $80,000 - $145,000 based on skills, experience and credentials.
Compensation: Salary is commensurate with experience and credentials.
Pay Range: $0-$0Eligible full-time employees receive a competitive Total Rewards package, including but not limited to a 401(k) with employer match up to 8% and additional service-based contributions, Health, Dental, and Vision insurance, Life and Disability coverage, generous PTO, Paid Sick Leave, and paid parental leave in addition to state-mandated leave. Employees may also be eligible for discretionary bonuses.
Legal Disclaimer: NJM is proud to be an equal opportunity employer. We are committed to attracting, retaining and promoting a diverse and inclusive workforce that is fully representative of the diversity that exists in the communities in which we do business.
Top Skills
What We Do
NJM is among the Mid-Atlantic's leading property and casualty insurers. Founded in 1913, NJM's mission is to provide value-based insurance solutions to its policyholders with the highest levels of service, integrity, and financial stewardship. The Company operates in a mutual fashion for the exclusive benefit of its policyholders. Headquartered in West Trenton, NJ, with offices in Hammonton and Parsippany, NJM employs nearly 2,500 workers.
- 2019-2023 Forbes Best In-state Employer (Ranked #11 out of 89 NJ employers in 2023)
- 2018, 2019, 2020, 2021, certified by J.D. Power for providing "An Outstanding Auto Claims Experience" for personal lines customers*
- 2018, 2019, & 2020 Clearsurance Customers’ Choice Top Ranked Insurance Companies
- 2021 American Heart Association Gold Level Workplace Health Achievement
- 2020 American Heart Association Silver Level Workplace Health Achievement
- 2019 Forbes Best Mid-size Employers in the country
*J.D. Power Auto Claims Certification Program℠ recognition is based on successful completion of an audit, exceeding a customer experience benchmark through a survey of recent claims servicing interactions, and a Financial Strength rating. For more information, visit jdpower.com.
