Actuarial Associate

An exciting opportunity exists to join the ProAssurance family of companies!

Our mission is powerful and simple: We protect others. Choosing a place to apply your talents is an important decision for anyone. You have plenty of options. Why choose ProAssurance?

At ProAssurance, we sell a pledge, and that pledge is delivered by our team members. We are seeking individuals who value integrity, leadership, relationships, and enthusiasm—and want to build their career with a great company where they can be their authentic self and feel valued, recognized, and rewarded for their contributions. ProAssurance specializes in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers' compensation insurance. We are an industry-leading specialty insurer operating in all 50 states, with in-office, hybrid, and remote job opportunities around the country.

This position supports our medical professional liability line of business. Ideally, this position is hybrid and based in Birmingham AL; however, we will consider qualified candidates located elsewhere in the US to work a fully remote work arrangement.

We may fill the position at a different level depending upon candidate qualifications.

Job Summary: This position is responsible for the development and direct management of an actuarial team. In this role, the Actuarial Associate will identify and analyze strategies for achieving operational objectives in a variety of categories, such as preparation of quarterly and annual financial statements, managing the rate process for a particular product, providing information to external sources and participating in or coordinating on corporate projects and committees. This person is able to identify areas that need attention and provide solutions. The Actuarial Associate will work without supervision and must be able to independently perform complex assignments and problem resolution.

Essential Duties and Responsibilities:

25% Serve as a mentor to junior team members. Review (both technical and peer) work products of coworkers. Oversee the interaction of team members working with the underwriters on the modeling of individual accounts as necessary.

20% Assist the Chief Actuary with the quarterly reserve analysis. This includes the development of Schedule P as well as actuarial supported financial exhibits.

10% Develop data sets for predictive modelling. Participate in predictive modelling efforts. Recommend data elements and structures for adding value to the analysis.

10% Contribute to rate level targeting by assisting in the design, construction, and implementation of tools and processes for assessing rate adequacy

10% Help review, develop, and maintain rating models

5% Performs special projects as directed by management and other related duties as required

5% Represents Actuarial, working cooperatively with other departments on projects and in meetings

Secondary Duties and Responsibilities:

5% Responds to statistical data calls and data requests from state insurance departments and other governmental or industry entities including interfacing with other departments (Claims, Underwriting, Legal) as required

5% Prepares rate filings for insurance departments

3% Support rating plans, rates, factors, and pricing tools, including providing actuarial support of state rate filings

2% Assist other departments with technical needs as necessary

Qualifications

• Bachelor’s degree in mathematics or financial related field
• A minimum of 10 years’ actuarial experience
• Previous experience in a lead actuarial position
• Actuarial exam credentialing or near credentialing preferred
• Substantive knowledge of the insurance industry
• Must be proficient with Microsoft Office Suite including Access
• Experience using a mapping software such as MapInfo is preferred
• Superior written and verbal communication and problem-solving skills.
• Advanced mathematic and analytical skills.
• Work well under pressure and within time constraints
• Demonstrated high quality leadership, sound judgment, organization and prioritization skills
• Experience with all or part of Excel-based pricing model maintenance and development including VBA capabilities, SQL query development and data management, and predictive analytics
• Experience using R or SQL is preferred
• Use programming languages to develop spreadsheets, databases and statistical models.
• Must be able to identify trends and patterns in complex data sets.
• Explain complex ideas and technical data to different audiences
• Ability to successfully lead teams and work well with others
• Must be able to identify risks and recommend plans to manage

#LI-Hybrid

We are committed to providing a dynamic and inclusive environment where everyone can do their best work and grow personally and professionally.

For that reason, we partner with The Predictive Index (PI) – an organization equally committed to improving the working lives of people, to help us hire the best talent by providing additional insight about one’s work style. 

The position you applied to requires completion of two assessments prior to being scheduled to interview with a hiring manager. Completion of the assessments is not required in order for your application to be reviewed and to speak with a Talent Acquisition team member. These assessments are Behavioral and Cognitive (internal candidates will only receive the Behavioral assessment), and each assessment takes less than 12 minutes to complete.

After submitting your application, you will receive two emails from The Predictive Index inviting you to complete each of these assessments (please check your SPAM or Junk email folder if you do not see these emails in your inbox).

Position Salary Range$96,465.00 - $159,184.00The salary range displayed represents the entirety of the pay grade for this position. Most candidates will start in the bottom half of the range. Factors that may be used to determine your actual salary include your specific skills, how many years of experience you have, your location and comparison to other team members already in this role.

Build your career with us and enjoy access to a best-in-class benefits program.