Position Title: Sr. Actuarial Analyst
Reports To: Actuarial Manager
Department: Product Development & Actuarial
Status: Exempt
Salary Range: $101,229.90 - $163,886.46
Position Summary:
Participate and / or lead rate review and reserving for Personal and Commercial lines insurance products; support special projects from management including cross functional projects from Product management, Data sciences, Underwriting, etc.
Location:
The Actuarial team is based out of our beautiful West Creek Campus in Richmond, VA. Although candidates who can work on a hybrid schedule (2-3 days in office weekly) are preferred, the position could also be offered to well qualified remote candidates.
Position:
Full time (37.50 hours per week) – Salaried exempt position with benefits
Primary Duties
- Develop rates which are profitable, competitive, and consistent with company goals and objectives.
- Develop and maintain actuarial sound pricing models for all property and casualty products.
- Design, develop and maintain property and casualty competitive models.
- Support reserving function by analyzing historical claims data for all property and casualty products.
- Perform loss, loss adjustment expense and salvage/subrogation reserve studies.
- Coordinate research activities to obtain information required for rate changes, product design and management decision making.
- Provide actuarial data, cost analysis and technical assistance in the implementation of all property and casualty products.
- Assist in personal lines predictive modeling.
- Assist in corporate budget forecasting and modeling.
Additional Duties
- Assure that rate manual pages, premium determination rules and computer support are in compliance with the rating rules and procedures on file with the Bureau of Insurance for each line of business.
- All other duties as assigned by the manager and/or VP of Product Management
Minimum Education / Experience Qualifications
- Bachelor’s degree in Mathematics, or Statistics or Actuarial Science.
- Minimum 5 years of experience in the actuarial field supporting rate reviews for Personal and / or Commercial lines insurance products.
- Minimum of 3 exams in Casualty Actuarial Society or equivalent experience
Minimum Skill Qualifications
- Extensive PC skills including databases, spreadsheets, and Windows word processing packages
- Proven analytical ability
- Strong interpersonal skills
- Excellent oral and written communication skills
Preferred Qualifications
- Ability to run SQL queries and extract from server
- Experience supporting rate reviews and / or reserving at top 10 P&C carriers or another Farm Bureau
- Experience supporting new auto or home insurance product development
Skills Required
- Bachelor's degree in Mathematics, Statistics, or Actuarial Science
- At least 5 years of actuarial experience supporting rate reviews for personal and/or commercial insurance products
- At least 3 Casualty Actuarial Society exams or equivalent experience
- Extensive experience with databases, spreadsheets, and Windows word processing software
- Proven analytical ability
- Strong interpersonal skills
- Excellent oral and written communication skills
- Ability to run SQL queries and extract data from servers
- Experience supporting rate reviews and/or reserving at a top 10 property and casualty carrier or Farm Bureau
- Experience supporting new auto or home insurance product development
What We Do
Nearly a century ago, Virginia Farm Bureau made the state’s farmers a promise – to protect and preserve what they’d labored so hard to create. A promise to do our part to ensure a bright future for our children, and our children’s children. Today that promise extends beyond farmers. And when you’re with Virginia Farm Bureau, you have an important role in upholding it. The Virginia Farm Bureau family of companies includes: • Virginia Farm Bureau Federation • Virginia Farm Bureau Mutual Insurance Co. • Benefit Design Group Inc. • Employee Benefits Corporation of America • Countryway Insurance Co. Virginia Farm Bureau Federation is a membership organization focused on supporting and growing Virginia agriculture. Membership includes access to exclusive leadership programs, commodity representation, agricultural marketing and business development assistance, products, insurance and other services. Since 1950, Virginia Farm Bureau Mutual Insurance Co. has been protecting our members’ interests. We offer auto, home, farm and life insurance and more. We strive to be a leading insurer for all Virginians while remaining the foremost provider to Virginia's farmers. Employee Benefits Corporation of America is among the largest marketers of group insurance plans in the mid-Atlantic region and provides a variety of health care products and carriers. Benefit Design Group Inc. is a licensed and bonded third-party administrator providing sales, service, billing and administrative support for more than 400 brokers and 2000 employer groups in the Mid-Atlantic region. Countryway Insurance Co. sells products through a network of independent agents in eight northeastern states, Virginia and Kentucky. We focus on the needs of farms and rural communities. Virginia Farm Bureau is based in Richmond, Va., with over 1,000 employees throughout the state and on the Eastern Seaboard. We’re a community-oriented company deeply rooted in every county across the state, and we're expanding!
