Actuarial Sr Consultant – Small Business Pricing-ACT0000N3
Commercial Pricing has an opening for a Small Business Pricing Actuary. This heavy analytical role will support the portfolio analysis and tactical execution of strategies for all of CNA Small Business. This includes monitoring and refreshing a proprietary coverage/peril rating plan, working with business partners on profitability analyses, and providing strategic insight that helps accelerate profitable growth.
Responsibilities include the following:
• Develop loss picks and technical premiums across Property Perils and General Liability
• Collaborate with the Small Business Strategy team on deep dive profit reviews on various segments of the book
• Interact closely with business partners to explain technical pricing indications and help support the tactical execution of their business decision
• Ensure guidance provided through various pricing and underwriting tools align with pricing review
• Perform annual profitability review and other portfolio-level analyses as needed
• Other projects as assigned
Previous pricing experience is not required, but successful candidates should have strong analytical and technical skills with a desire to innovate and lean new tools.
Essential Duties & Responsibilities
1. Performs complex actuarial calculations and actuarial studies, and develops rates for existing and/or new business.
2. Determines pricing strategy for an assigned area and analyzes existing pricing tools, modifying or creating new pricing tools, as needed.
3. Monitors the profitability and trends for a product line or segment.
4. Ensures accuracy of all financial reports and statements.
5. Produces highly technical reports and communicates with other analytical staff and management including presentations to senior management.
6. Manages project teams and may be responsible for special projects and presentations.
7. Facilitates communication and provides technical guidance to Underwriting regarding the pricing of new and/or existing business and partners with other functional groups (e.g., Claims, Finance) on actuarial issues.
8. Provides guidance to less experienced team members and may lead and/or participate in special projects.
9. Stays up to date in functional area of expertise, on industry trends and developments, and assures knowledge transfer within the organization.
10. May review and submit rate filings and contacts regulatory and state agencies as necessary.
May perform additional duties as assigned.
Reporting Relationship
Director or above
Skills Knowledge and Abilities
1. Strong knowledge of core functions of an insurance company, general insurance, actuarial and statistical concepts
2. Advanced technical expertise and product specific knowledge. Candidate should have experience in or the capacity to use Excel at a proficient level. Experience in a programming language such as SQL, R or VBA is preferred
3. Strong communication skills, the ability to balance multiple concurrent projects with shifting priorities, and the ability to work both independently as well as within a team environment
4. Strong analytical, critical thinking and problem-solving skills, with the ability to effectively resolve complex situations and issues
5. Solid project management, organization, and planning skills with the ability to manage multiple projects effectively and lead teams
6. Ability to exercise independent judgment and make critical business decisions effectively within scope of authority based on data analyses and reviews
7. Ability to solve issues with a sense of urgency; utilizes and manages the available resources to make informed decisions and achieve superior results
8. Ability to creatively and effectively manage through ambiguous and challenging problems, leads through change and takes appropriate levels of risk
9. Ability to comprehend business data and metrics and to further articulate analyses of actuarial data within internal reports
10. Solid knowledge of Microsoft Office Suite and other business-related software systems, including processing systems and applications
Education and Experience
1. Bachelor's Degree in a relevant discipline or equivalent.
2. Typically a minimum of seven years of related work experience.
3. Typically has their Associate accreditation (ACAS) and may be working towards Fellowship; may include those that have attained their FCAS.