Solid reputation, passionate people and endless opportunities. That's Travelers. Our superior financial strength and consistent record of strong operating returns mean security for our customers - and opportunities for our employees. You will find Travelers to be full of energy and a workplace in which you truly can make a difference.
Develops rates, rating plans, pricing strategies, and financial forecasts to achieve the company objectives for profitability and growth. Sets reserves for loss and loss adjustment expenses. Services provided include: evaluation of existing rate levels and rate structures, individual accounts pricing, design of rating plans and dividend plans; forecasting and interpretation of underwriting results; and the maintenance of a database uniquely suited to the analysis of pricing issues. Manages or participates in complex projects. Provides advice and direction to less experienced staff. May be a subject matter expert on a specific area or line of business. May supervise staff.
Business Insurance - Middle Market Actuarial is looking for a leader to play a prominent role on the Construction Energy and Marine team. The candidate will lead a team that works closely with our business partners in the Construction and Marine business units to drive strategic initiatives aligned with our goal of driving profitable growth over time. Line of business responsibilities will include General Liability, Umbrella, Property and the Marine lines. Additional responsibilities involve Reinsurance strategy and profitability reporting. The new team member will partner with multiple disciplinary functions and business partners including Underwriting, Finance, Claim and Actuarial. Qualified non-credentialed candidates will be considered and should apply.
Primary Job Duties & Responsibilities
Pricing/Ratemaking: Develop and/or oversee implementation of sound rates and/or rating plans/models. Work with Underwriting to develop and price new products. Provide pricing strategy of large complex deals not adequately handled by pricing models. Support Underwriting in the pricing of large complex deals not adequately handled by pricing models. Provide analysis of trends/factors/issues impacting Underwriting results and work with Underwriting to determine action plans. Work with regulatory unit and may oversee filings work.
Reserving: Recommend and book reserves. Communicates with Finance and appropriate units. Evaluate adequacy of loss, ALAE, and ULAE reserves. Identify loss trends. Work with Claim, Underwriting, and Pricing Actuaries to understand reasons for changes.
Planning/Forecasting: Forecast and interpret underwriting results to aid management in planning process. Analyze and interpret trends. May oversee planning process. Working with Underwriting, Senior Management, Reserving, Reinsurance and the Financial unit, develop financial business plans and business strategies.
Management Info: Develop data retrieval, categorization, and reporting systems. Oversee the production of reports needed by Senior Management and Underwriting to monitor progress in improving profitability and implementation of business initiatives.
Research: Using results from research, makes recommendations to business unit. Identify potential research areas and assess usefulness. May oversee the implementation of actions decided upon through research. May develop and work with predictive modeling concepts.
Project Mgmt: Manage or participate in key/complex actuarial projects, including cross-company actuarial initiatives. Present projects to senior level underwriting and actuarial management.
Leadership/Mgmt: Will usually supervise staff. If applicable, develop objectives and development plans, coach manage performance of staff to achieve excellence and ensure effective performance. Assists in determining goals and setting direction and priorities for the unit. Other duties as assigned.
Bachelor's degree or equivalent education required. 5 years actuarial experience. Thorough knowledge of quantitative analysis required. Associate Actuarial Credential required.
Education, Work Experience & Knowledge
Bachelors Degree in actuarial science, mathematics, economics or statistics or equivalent required. 7+ years of Actuarial experience preferred. Prior management experience strongly preferred. Strong understanding of insurance products and marketplace conditions and how they impact financial models and results. Strong understanding of regulatory environment. Strong PC skills, Excel, Access, PowerPoint & Word. Strong understanding of databases and data extraction. Strong communication skills. Should be able to present to business or technical partners. Solid written communications.
Job Specific & Technical Skills & Competencies
Demonstrated strong actuarial analysis and reporting skills. Strong understanding of actuarial and other insurance related models (i.e. property CAT, ROE and RBC models). May be an expert in a specific area. Solid understanding of financial reporting, both GAAP and Stat. Sound understanding of income statements and balance sheets. Experience with financial modeling and forecasting.
Operates standard office equipment. Sitting (can stand at will). Use of Keyboards, Sporadic 10-Key.
Licensing or Certificates
Has usually achieved Fellowship. Minimum Associate.
Equal Employment Opportunity Statement
Travelers is an equal opportunity employer.