Responsible for quantifying the risk levels being assumed by Grinnell Mutual Re in property-casualty reinsurance contracts. Develops risk adjusted premiums through technical analysis of loss experience and exposure-based methods for reinsurance contracts across both the farm mutual and national account space. Involves pricing a large variety of contracts such as Excess Per Risk (property and casualty), Catastrophe, Quota Share, and Aggregate contracts. Supports personal property rating plans of farm mutuals.
This position can be performed in our Grinnell office; or in a remote, home office based in one of the following states: Arizona, Alabama, Illinois, Indiana, Iowa, Florida, Minnesota, Missouri, Montana, Nebraska, North Carolina, North Dakota, South Dakota, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. Please note that candidates must be eligible to work in the U.S. without Grinnell Mutual sponsorship.
Tests and validates assumptions underlying pricing models.
Conducts profit margin analysis to achieve risk adjusted target rates of return.
Extracts, manipulates and analyzes large databases for trends and insights to the performance of the business.
Prices treaty reinsurance for property-casualty business and provide actuarial support to underwriters in pricing risks for a range of classes, including casualty, property, multiline, and specialty lines.
Determines optimal reinsurance structures given client risk profile and underwriting strategy.
Contributes to the maintenance of pricing tools on an annual basis and recommends innovative solutions to improve pricing model sophistication. Works with underwriters, brokers and other actuaries in the division for enhancing and developing new pricing tools as required.
Participates in training of peers (underwriters, market managers, risk analysts, accountants and actuaries) regarding analyses and methodologies. Completes peer review of assumptions, models, results and reporting.
Identifies trends in portfolio performance and recommend appropriate actions.
Monitors and analyzes developments in actuarial techniques, laws and regulations applicable to company operations, and competitive developments in the marketplace.
Aligns the pricing process with improved capture and modelling of policy exposures to assess aggregations of risk and better inform the technical rating process.
Conducts detailed segmental reviews within classes of business to objectively assess profitability; providing evidence-based conclusions and recommendations for strategic changes, underwriting actions and portfolio optimization.
Supports creation of systems specifications, contracts, commission structures, and other actuarial aspects of product development.
Assists in preparing and reviewing treaties and amendments, which includes collaboration with the Legal division.
Presents analyses in clear terms appropriate to the audience. May include internal and external groups, customers, senior leaders and board members. Presentations may be to educate, influence or support recommended changes and market trends.
Represents Grinnell Mutual and the reinsurance division in professional manner at both internal and external meetings as requested. Occasional travel (day and overnight) is occasionally required.
Advises farm mutuals on the design and modernization of their personal property rating plans.
Performs other duties as assigned.
Bachelors’ degree in mathematics, actuarial sciences, economics, finance statistics, or related field requiring modeling, programming, or quantitative analysis from an accredited college or university.
Five (5) years of insurance/reinsurance or actuarial/analytics experience with at least two (2) years of relevant reinsurance pricing experience required.
Successful completion of four (4) or more actuarial exams desired
Experience in pricing a variety of property casualty reinsurance contracts preferred.
Familiarity with common statistical distributions and fitting techniques. Ability to develop aggregate loss distributions and compute the economic value of treaty features.
Experience with rate reviews and rating plans for Homeowners and Farmowners highly desired.
Ability to apply the principles of logical thinking to define problems, collect data, identify trends and draw conclusions. Exhibits intellectual curiosity to expand knowledge of actuarial and (re)insurance topics. Willing to question and investigate.
Ability to influence and negotiate with others and create acceptance for proposals.
Advanced computer skills, including model building and data capture. Ability to use general office equipment including PCs, telephone, fax, copier/scanner, calculator and demonstrate basic knowledge of Microsoft Office suite products including MS Word, Excel, and Outlook.
Ability to communicate information, both written and verbal, in a logical, well-thought manner to explain and support a recommendation for change or review of information to underwriters, marketing manager and divisional leadership.
Ability to manage multiple and/or conflicting priorities with frequent and unplanned interruptions. Must be able to adapt to change of course as business needs demand through thoroughness, attention to detail and diligence.
Ability to read and interpret legal contracts and documentation.
Ability to work independently in an environment with limited supervision. Ability to work in a harmonious manner with co-workers, supervisor, customers, and general public.
Ability to maintain confidentiality of proprietary company, customer and/or client information.
Ability to keep a regular work schedule and maintain predictable attendance.
Ability to work in a harmonious manner with co-workers, supervisor, customers and general public.
Ability to provide a high level of customer service internally and externally by delivering timely, accurate responses to inquiries in manner that is easily understood by recipient. Information may be delivered in verbal or written format.
Working Conditions and Physical Efforts:
To perform this job successfully, an individual must be able to perform each job duty and responsibility satisfactorily. Reasonable accommodations may be made to enable individuals with disabilities to perform job duties and responsibilities.
Works with many types of people, including internal and external customers, which can be stimulating, yet demanding and stressful.
Frequently works under externally imposed deadlines with expected interruptions to the workflow making it difficult to anticipate the nature and volume of work to perform.
The position is physically located in the home office with a work environment of a typical office setting; noise level is relatively quiet and occasional stress is encountered as deadlines approach. The position requires an individual to sit for long periods of time at a computer monitor. Requires visual acuity and potential eye strain. Repetitive movement is involved.
Ability to occasionally exert up to 20 pounds of force and to lift up to 10 pounds.
This job description is not intended to describe, in detail, the multitude of tasks that may be assigned, but rather to give the employee a general sense of the responsibilities and expectations of his/her position. As the nature of the business demands change, so too may the job duties and responsibilities.
About Grinnell Mutual
Since 1909, Grinnell Mutual has been a trusted source of quality insurance. We offer auto, home, farm, and business to cover whatever you need to protect. Everything we do serves a single purpose — keeping our promise to take care of our customers, agents, mutuals, and employees, no matter what tomorrow may bring.
Grinnell Mutual is the largest primary reinsurer of farm mutual companies in North America because integrity and trust are our core values. That’s good business. Since 1976, Grinnell Mutual has been rated A (Excellent) or higher by AM Best. We’re also one of 10 Iowa companies to earn a Top Workplace award every year since the honor was created in 2010. It’s a reflection of Grinnell Mutual’s commitment to our most valuable asset — our employees.