Complete benefit package including employee bonus plan and matching 401(k)
Essential Duties and Responsibilities:
Complete rate indications for each line of business quarterly.
Review product rate levels to support revision of rates and developing supporting filing materials to file with the Office of Commissioner of Insurance. The review contemplates both experience and competitive considerations. Review ISO updates to develop plan for implementation.
File rates with state insurance department to ensure compliance of rates and rating plans with regulatory bodies.
Research and maintain knowledge of competitor rate plans available in the marketplace.
Evaluate products and rate plans to develop proposals for rate revision. Shares proposal and works with management in underwriting, sales, and claims, to develop a comprehensive proposal to accomplish desired outcome.
Analyze new data variables to develop cost/benefit analysis of implementing new rating variables in the rate plan.
A key team member involved with implementation and testing of rate changes. This includes rate table set up, discussions with information systems to develop specifications and requirements, quality assurance testing, overseeing implementation and monitoring impact post implementation.
Review loss and loss adjustment expense reserves quarterly utilizing actuarial estimation techniques.
Provide actuarial support and data management support on ad hoc basis for management and other departments, as needed.
Opportunity to be part of the team that develops analytical dashboards and designs data analytics projects. Assist in verification of ongoing development of new databases and create PowerBI dashboards for monitoring results.
Other duties as assigned.
Bachelor’s degree or advanced degree.
One or more years work experience working in an actuarial department for a property/casualty insurance company is preferred but not required.
Analytical skills, interest, and eventual proficiency in working with data analytics tools such as Microsoft Excel, Microsoft PowerBi, or other statistical software.
Candidate will be a team member helping to develop new relational databases for use in analytics. Candidate will also develop skills in PowerBI and Excel to create new dashboards for management reporting.
Interest and ability to work with several different lines of property/casualty business and become proficient in the rating and design of each. The lines of business include personal auto, homeowners, farm owners, commercial package, businessowners, commercial auto, and workers compensation.
Ability to work as a team player with product specialists, underwriting, sales, operations, and claims to understand how products and systems impact each area of the company to find the best solution.
A goal to become the expert in pricing for each line of business and work toward increasing levels of independence.
Pursuit of actuarial exams is open for discussion depending on interest of the candidate. Actuarial exams are certainly supported but are not required.
Based in Wisconsin and serving our state’s customers exclusively, Rural Mutual Insurance Company provides a full line of insurance products to families, farms, local businesses, towns and municipalities.
Rural Mutual is rated "A+" by AM Best and has been named one of the top 50 property & casualty insurance companies in the United States for 13 consecutive years by the Ward Group. We have also been selected as one of Madison Magazine's "Best Places to Work".