The Actuarial Department of the New York State Insurance Fund (NSYIF) is seeking an Associate Actuary Casualty to assist with various actuarial projects related to Workers' Compensation.
Responsibilities may include, but are not limited to, the following:
independently investigate difficult actuarial and statistical problems
extract data from company databases using tools such as SQL or R
estimates trend and loss development factors
develop estimates of losses, LAE, dividends and retrospective rating accruals
prepare and distribute periodic exhibits and studies of premiums, losses and profitability
calculate confidence levels around reserve estimates
project cashflows related to future loss payouts
estimate needed case reserves on lifetime claims using mortality tables
assist with calculations of Risk Based Capital and other risk measures
assist in the development of new products, policy forms or endorsements
work on cross-functional project teams with other departments
assist with the preparation of documentation and implementation of control procedures relating to all types of actuarial calculations
utilizes advance computer software to develop solutions to improve the quality and efficiency of actuarial analysis
A bachelor's degree or higher; AND successful completion of two examinations of the Casualty Actuarial Society; AND three years of actuarial experience in one or more of the following activities:
1. actuarial or statistical work for operating units or management
2. governmental regulatory actuarial functions
3. performing actuarial computations for reserves, premium rates, and/or policy forms
Completion of 5 examinations from the Casualty Actuarial Society.
About New York State Insurance Fund
The New York State Insurance Fund (NYSIF) was established in 1914 as part of the original enactment of the New York State Workers’ Compensation Law. NYSIF's mission is to guarantee the availability of workers’ compensation insurance at the lowest possible cost to New York employers and to provide timely, appropriate indemnity and medical payments to injured workers, while maintaining a solvent fund. Since inception, NYSIF has fulfilled the dual roles for which it was created: to compete with other carriers to ensure a fair market place and to be a guaranteed source of coverage for employers who cannot secure coverage elsewhere.
NYSIF is the largest workers’ compensation carrier in New York State and among the top 10 largest workers’ compensation carriers in the nation, insuring approximately 155,000 policyholders, with more than $2 billion in annual premium and $18 billion in assets. A self-supporting insurance carrier, NYSIF operates without taxpayer funding.
In addition to workers’ compensation insurance, NYSIF provides disability benefits coverage for off-the-job injuries to more than 61,000 New York employers. In 2018, NYSIF added Paid Family leave as a component of its... disability benefits product, providing New Yorkers with job-protected, paid time away from work to care for their families.