Senior Actuarial Analyst
SFM – The Work Comp Experts. Work somewhere you love.
SFM is unique in that we are small enough that your voice is heard, but has all the benefits and perks of a larger employer. We value your opinion, help you reach your goals, and make it easy for you to maintain work-life balance. Find out why our employees rate us a top employer and choose to stay and grow with us. Find out why SFM employees have stayed for 20+ years! Visit our careers page to learn more about working at SFM.
Description Advocates for the use of data solutions that drive business insights and actions. Supports business and strategic goals by analyzing, evaluating, and modeling business processes and outcomes. Executes core actuarial duties of reserving, reinsurance, ratemaking, financial projections, and claim calculations. Develops and implements capital allocation solutions to track and effectively manage risk for business processes.
- Works extensively with business leaders and technical experts to develop innovative business solutions and insights. Acts as a champion to leverage internal and external data to improve efficiencies, decision-making and allocation of resources. Mentors business on value proposition of use of analytics to overhaul existing processes.
- Stays apprised, explores and implements evolving actuarial, statistical and coding methodologies, with discernment for implementation of internal models versus vendor solutions as appropriate.
- Creates consumer buy-in throughout the development process. Provides leadership, training and product expertise during implementation of new tools.
- Maintains, enhances, and develops existing tools and methodologies to improve efficiencies and outcomes.
- Conducts in-house financial loss and expense reserve calculations while interfacing with consulting actuaries in related analyses and presentations.
- Analyzes reinsurance contracts and retention selections. Interfaces with reinsurance broker to understand and implement alternative structures/offerings where appropriate.
- Conducts reviews of rating components for insurance rates, procedures and plans. Assists in preparation and coordination of all rate filings necessary for Commissioner of Insurance. Monitors pricing including loss sensitive and dividend plans, making recommendations for changes when appropriate. Develops pricing methodologies, tools and assumptions.
- Participates in Enterprise Risk Management capital modeling efforts, with effective integration into the strategic decision-making process.
- Performs financial projections, including but not limited to accounting and budgeting for frequency, severity, audit, expense and annual statement.
- Provides Claims Technical and Legal with claim projections for case reserve, settlement and interest purposes.
- Collaborates with Business Intelligence team members, claims, underwriting, accounting and IS departments to create implementation processes, automated reporting and data visualization solutions.
- Participates in company initiatives and projects, and provides ad hoc data analyses as requested. Participates in team-oriented development environment. Keeps team members updated on project status and works with other team members to produce timely high-quality solutions. Maintains appropriate interactions with persons both within the organization and externally.
- Communicates effectively with leaders and management on project status and work assignments. Presents research findings to interested parties including internal stakeholders, vendors, clients and industry conferences. Provides clear and concise documentation.
What We'll Love About You
- Bachelor’s degree in Mathematics, Actuarial Science, Statistics, Risk Management, Economics, Data Science or related quantitative field.
- 4 or more years of actuarial experience with modeling and analytics in an insurance setting.
- Property/casualty with workers’ compensation insurance experience preferred.
- 5 or more completed actuarial exams, and actively pursuing an Associate of the Casualty Actuarial Society (ACAS) or Associate of Society of Actuaries (ASA) designation.
- ASA or ACAS designation preferred.
- Must pass one actuarial exam per year until certification is complete.
- Ability to create unique solutions to complex problems.
- Strong analytical, investigation and problem-solving abilities.
- Strong oral and written communication skills, including presentation abilities.
- Resourceful with good organizational and multi-tasking skills and attention to detail.
- Working knowledge of insurance principles with a strong understanding of underwriting principles and traditional actuarial reserving methodologies.
- Advanced statistical modeling skills, with working knowledge of Python, SAS or R.
- Strong proficiency with MS Access and or SQL. Knowledge of data warehousing principles and the ability to apply that knowledge to extract meaningful data.
- Advanced software experience working with formulas, calculations, charts and graphs, VBA (Visual Basic for Applications) preferably in MS Excel.
- Strong customer service skills.
- Sound judgment and decision making capabilities.
The safety of our employees, both current and future, is SFM’s highest priority. At this time, most of our staff are working remotely due to the current COVID-19 pandemic. Candidates who are selected for this position may be trained remotely and must be able to work from home in a designated work area. Once SFM determines it is safe for our employees to return to the office, candidates may be required to work in our Bloomington, MN office.
Regular attendance is required. Work takes place in a semi paperless environment within an office setting, using standard office equipment such as computers, phones, and photocopiers, which requires being stationary for extended periods of time. While performing the duties of this job, the employee is regularly required to talk or hear, and maintain concentration and focus. The employee frequently is required to stand; walk; use hands and fingers, handle or feel; and reach with hands and arms and work with close vision. This position requires the ability to occasionally lift office products and supplies, up to 20 pounds. Work is performed indoors with little to no exposure to extreme outdoor weather conditions. Travel as needed.
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. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Since 1983, our mission has been to be the workers’ compensation partner of choice for agents, employers and their workers. In that time, we’ve expanded to a little over 22,000 customers in the Midwest and grown our offerings to include vocational rehabilitation, safe patient handling, loss prevention, medical services and more. Though much has changed through the years, our focus continues to be unrivaled customer service, safety, and providing better outcomes for employers and injured workers.
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