Actuarial Analyst

Hybrid Work Schedule

Buffalo, NY

Merchants Insurance Group, a leading Property and Casualty Insurer in the Northeast, is looking for an Actuarial Analyst for our Corporate Actuarial team based in our Corporate Headquarters in Buffalo, New York.  The Actuarial Analyst will become part of a dedicated actuarial team focusing on developing pricing indications to be used in annual product reviews and rate filings.

Merchants Insurance Group is proud to be named one of Buffalo Business First’s 2023 Best Places to Work in Western New York, a “Fast Track” company and Top Private Company for the 4^th year in a row by Buffalo’s Business First. A Super Regional Property/Casualty Insurer by the Insurance Journal, and as one of Ward's top 50 performing insurance companies in the United States two years in a row.  Ward's is a provider of insurance benchmarking and best practices services, analyzings staff levels, compensation, business practices and expenses for all areas of company operations.

Merchants offers its colleagues a Hybrid work schedule. The Hybrid work schedule requires 8 full days per month in the office, with the option to work the remaining days at home or in the office. This exciting Hybrid Work benefit offers colleagues a flexible work schedule with the ability to remain connected with their Merchants team and colleagues.

Essential Duties and Responsibilities include, but are not limited to: 

• Responsible for developing pricing indications to be used in annual product reviews.
• Supports policy level premium impact analyses and competitive analyses designed to assist Product Management in developing rate proposals.
• Responsible for maintaining and enhancing profitability and trend analyses designed to assist management in the rate planning and implementation process.
• Derive quarterly rate indications in accordance with generally accepted actuarial principles and company standards.
• Collects and organizes loss experience and product profile and loss ratio analyses.
• Utilizes SQL programming and data management skills to gather necessary data to be used for rate reviews.
• Reviews rate service bureau circulars for impact on company products and monitors state/product combinations for required changes.
• Contributes to organization of company databases to track and monitor rate filing schedules.
• Assists in responding to state insurance regulators regarding questions related to actuarial filing support to rate filings.
• Performs ad hoc analyses on various pricing dimensions to assist the product team in targeting rate actions to specific attributes that are driving profitability.
• Assists with other actuarial department functions including reserving, data reporting, and reinsurance analyses that support the assumptions made in pricing reviews.  

Qualifications & Skills:

• Qualified candidates will have a 4-year degree in Statistics, Actuarial Science, Mathematics, or a related field.  
• Up to 4 years’ experience in the actuarial field, preferably with some Property and Casualty pricing and rate filing experience.
• 1 – 3 actuarial exams preferred, or a strong commitment to pursue exams.
• Excellent Excel skills required.
• ResQ or similar reserve software knowledge is a plus.
• SQL experience strongly preferred.
• Python or other coding knowledge is a plus.
• PowerBI or Tableau experience is a plus.
• Ability to work in a team environment as well as independently.
• Exceptional organization, verbal and written communication skills are highly desirable. 
• The ability to thrive in a team environment.

Merchants Insurance Group Benefits:

• The Actuarial Analyst qualifies for participation in the Merchants Insurance Group’s Actuarial Student Program.
• Welcoming and positive work environment.
• Flexible work arrangements, including flex scheduling and summer hours.
• Hybrid work schedule.
• Colleague Appreciation Events.
• Competitive pay scale.
• Generous paid time off package.
• Full Benefits: Health, Dental, Vision, Life Insurance, Short Term Disability, 401(k) employer match amount is 100% up to 6% of your annual contributions. You are immediately 100% vested in the employer match dollars.
• Outstanding company bonus program.
• Tuition Reimbursement.

And many more exciting company benefits!! EOE

Qualifications & Skills:

• Qualified candidates will have a 4-year degree in Statistics, Actuarial Science, Mathematics, or a related field.  
• Up to 4 years’ experience in the actuarial field, preferably with some Property and Casualty pricing and rate filing experience.
• 1 – 3 actuarial exams preferred, or a strong commitment to pursue exams.
• Excellent Excel skills required.
• ResQ or similar reserve software knowledge is a plus.
• SQL experience strongly preferred.
• Python or other coding knowledge is a plus.
• PowerBI or Tableau experience is a plus.
• Ability to work in a team environment as well as independently.
• Exceptional organization, verbal and written communication skills are highly desirable. 
• The ability to thrive in a team environment.

About Merchants Insurance Group

Merchants Insurance Group, comprised of Merchants Mutual Insurance Company, Merchants Preferred Insurance Company and Merchants National Insurance Company, is proud to serve our agents, policyholders and the communities where we do business with outstanding property and casualty insurance products. We’re also proud of the fact that all of our companies are rated “A-” by the A.M. Best Company, the leading rating company for the property and casualty insurance industry.

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