Actuarial Associate I

At The Standard, you’ll join a team focused on putting our customers first.
Our continued success is driven by a high-performance culture. We’re looking for people who are collaborative, accountable, creative, agile and are driven by a passion for doing what’s right – across the company and in our local communities.
We offer a caring culture where you can make a real difference, every day.
 
Ready to reach your highest potential? Let’s work together.

Job Summary:

Acceptance to a position in this job family constitutes participation in the Actuarial Student Program at The Standard.  The mission of the Actuarial Student Program is to grow actuarial knowledge, business acumen and leadership skills in our Actuaries to enable the achievement of organizational goals.  Actuarial students are expected to progress through the levels of the job family based on academic/exam achievements and by developing their analytical skills, independent decision making, and effective communication and leadership skills. Focus area will be one of the areas below:

Pricing/Underwriting: Develop and maintain pricing for premium rates and fees.  Analyze emerging profit as compared to pricing assumptions.  Perform specialized pricing/underwriting for large cases or unique blocks of business.  Set interest rate crediting policies and assumptions based on research and analysis. 

Valuation:  Calculate reserves and liabilities in accordance with regulatory requirements and applicable actuarial and accounting standards.  Review and maintain actuarial assumptions relevant to area of practice (e.g. mortality, morbidity, valuation interest rates), adhering to actuarial and industry standards. Test the adequacy of reserves and formulate recommendations on reserve adequacy/methodology or liability funding requirements to management.

Actuarial/Experience Studies; Financial Modeling/Asset Liability Management (ALM)/Risk Management:  Gather, analyze and develop strong understanding of profitability, growth, ALM requirements,  risk, customer retention, and expense trends, utilizing company,  industry and capital market data as necessary.  Create and maintain models used in the analysis of ALM, risk management, income projection and regulatory requirements.  Communicate findings to management and provide quantitative knowledge for business/investment/financial strategies.  

Product Development:   Collaborate with sales, marketing and other functional areas on the financial soundness and feasibility of new products.  Research, design and implement new products or product enhancements.  Analyze new product profitability to achieve corporate/division income and growth goals. 

Financial Reporting/Regulatory:  Prepare the actuarial portion of financial statements following GAAP, statutory or tax reporting principles.  Analyze financial results of the corporation/division and identify drivers of earnings trends.  Communicate financial information to management to assist and influence corporate/division financial strategies.  Research complex regulatory issues, determine applicability to situation, and design effective methods to implement required procedures and communicate with affected parties.

Data Analysis/Information Systems:  Extract, analyze and prepare data for use in actuarial modeling. Analyze, interpret and present numerical data related to pricing, reserves and other actuarial analysis.   Run, maintain and understand actuarial software and applications.  Design, implement and maintain open-source code applications for use in the analysis of financial risks. 

Actuarial Exams:  Prepare for and pass actuarial exams and maintain continuing education requirements. 

Education/Experience:  Bachelor’s degree in mathematics, actuarial science, business or a related field preferred.  No minimum experience in field required. One actuarial exam strongly preferred.

Analytical Skills:  Learning to use actuarial, statistical and financial concepts.  Works on problems of limited scope or that are routine in nature.  Follows standard practices and procedures in analyzing situations.       

Please note - the salary range for this role is listed below. In addition to salary, our package includes incentive plan participation and comprehensive benefits including medical, dental, vision and retirement benefits, as well as an initial PTO accrual of 164 hours per year. Employees also receive 11 paid holidays and 2 wellness days per year.

• Eligibility to participate in an incentive program is subject to the rules governing the program and plan. Any award depends on various factors, including individual and organizational performance.

Salary Range:

$66,750.00 - $97,500.00

Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, Inc., StanCorp Equities, Inc. and StanCorp Investment Advisers, Inc., marketed as The Standard, are Affirmative Action/Equal Opportunity employers. All qualified applicants will receive consideration for employment without regard to race, religion, color, sex, national origin, gender identity, sexual orientation, age, disability, or veteran status or any other condition protected by federal, state or local law. The Standard offers a drug and alcohol free work environment where possession, manufacture, transfer, offer, use of or being impaired by an illegal substance while on Standard property, or in other cases which the company believes might affect operations, safety or reputation of the company is prohibited. The Standard requires a criminal background investigation, employment, education and licensing verification as a condition of employment. All employees of The Standard must be bondable.