Actuarial Specialist

Speaking the language of data and analytics is what you were born to do. You thrive using statistics to quantify risk, and use those skills to make your team and company stronger. You’d fit right in with Westfield’s collaborative actuarial team.

 

Actuarial Specialist Job Summary

Location:  Anywhere within our operating territory.

 

The Actuarial Specialist is a technical position that combines actuarial skills with knowledge of the Company’s insurance products and operations. Responsible for assisting with complex actuarial projects. The Actuarial Specialist contributes to thought leadership within the actuarial department. The Actuarial Specialist will focus on an assigned area of responsibility within the Actuarial Department (Pricing, Loss Reserving/Risk Capital, or Research and Development).

 

Essential Functions (primary functions and/or reasons the job exists in order of importance)

1. Applies technical actuarial skills and knowledge along with a comprehensive understanding of the Company’s insurance products and operations to assist with complex actuarial projects. Projects will vary in scope, but tend to be complex in nature.
2. Responsible for completing assignments, projects, and research in assigned area of expertise:
   • Pricing:
     • Develops and advises on design, pricing, and implementation of insurance products.
     • Collaborates and strategizes with Underwriting and Product in managing business.
     • Compiles, analyzes, and develops rate level indications, proposals, experience reports and other actuarial studies. Uses information in influencing the business to agree to rate and product changes.
   • Loss Reserving/Risk Capital/Planning:
     • Analyzes loss reserve position quarterly and enhances the quality and efficiency of the reserving process.
     • Analyzes risk capital position and capital segment returns, while increasing the efficiency and transparency of the risk capital process.
     • Coordinates with Pricing to develop profit targets and with Financial Reporting to facilitate the annual corporate planning process.  
     • Works with internal business partners (Claims, Financial Reporting, Investments, Risk Management, Finance Committee, Auditors and Appointed Actuary) in support of the company’s operations, objectives, and goals.
   • Research and Development:
     • Develops actuarial predictive models in support of pricing, underwriting, marketing, and claims functions.
     • Collaborates with other functional areas to implement and integrate models into various processes.
     • Works directly with external consultants in support of R&D projects.
3. Contributes to thought leadership in the department.
   • Identifies work that needs to be completed, including research, process improvement, and additional analyses.
   • Researches and implements innovations and/or improvements to existing analytic processes. Socializes new processes and ideas throughout the department to gain consensus and ensure applicability. 
4. Collaborates effectively with internal business partners as needed to support competitive business strategies. Applies understanding of actuarial and business landscape to collaborate with peers and other departments to make decisions that are in the best interest of the company.
5. Provides technical guidance and support to other members of the department including mentoring Actuarial Analysts. 
6. Increases overall actuarial and business acumen of the department by researching, sharing ideas, and offering new solutions.
7. Maintains and increases knowledge of industry and actuarial trends, market conditions, and competitor information. Utilizes and shares that information in the actuarial department and across the business for purposes of making informed decisions.
8. May perform talent management responsibilities (supervising 1-2 employees, as assigned) including employee selection, performance management, coaching, and development.  Manages priorities and workload distribution and removes barriers that impede progress.  Completes all personnel, salary administration, and reporting duties.

 

Desired Qualifications/Experience/Certification/Education (in order of importance)

1. 6+ years of insurance and/or business experience.
2. 5+ years of P&C actuarial experience.
3. An Associate of the Casualty Actuarial Society. Consideration will be given to other candidates depending on exam status, actuarial experience and advanced degrees.
4. Experience providing thought leadership to Actuarial team(s).
5. Experience and advanced proficiency with Excel (e.g. array formulas, complex multi-tab workbooks, pivot tables, visual basic macros).
6. Strong skills with programming languages such as SAS, R, SQL, and Visual Basic.
7. Excellent written and oral communication skills including the ability to convey advanced concepts to a non-technical audience.
8. Advanced knowledge of actuarial techniques with experience exploring and potentially implementing actuarial techniques learned on the actuarial exams.
9. Proven ability to collect and analyze complex data, identify trends, establish facts, and recommend policies and procedures that drive effectiveness and efficiencies.
10. For Research and Development position: Experience working with statistical modeling software such as SAS STAT, SAS Enterprise Miner, SPSS Modeler, R, and Emblem.
11. Strong project management skills with ability to plan tasks, assign resources, manage progress, and motivate team members across multiple projects.

 

Physical Requirements (specific to the role)

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. 

• Ability to work effectively in an office environment for 40+ hours per week (including sitting, standing and working on a computer for extended periods of time).
• Ability to communicate effectively in a collaborative work environment utilizing various technologies such as:  telephone, computer, web, voice, teleconferencing, e-mail, etc.
• Ability to travel as required.

 

This job description describes the general nature and level of work performed in this role. It is not intended to be an exhaustive list of all duties, skills, responsibilities, knowledge, etc. These may be subject to change and additional functions may be assigned as needed by management.

 

Westfield is a relationship company, and we enable our customers’ peace of mind and financial stability. But it’s the complex calculations and analysis behind our policies that help us deliver on our promises and remain profitable. From first-timers to high-level consultants, Westfield actuaries are appreciated for their unique experiences and insights.

 

Westfield offers a Total Rewards program that focuses on compensation, benefits and wellness, and includes perks like 401(k), pension plan, annual incentive, education reimbursement, flex-time, onsite fitness center and casual dress. Work-life balance, recognition, and learning and career development are all part of a rewarding career with Westfield.

 

We are an equal opportunity employer/minority/female/disability/protected veteran.

 

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