Note: The job is a remote job and is open to candidates in USA. Utica First Insurance Company is seeking an Actuarial/Product Analyst to support pricing, reserving, product development, competitor analysis, and regulatory filings. The role will analyze insurance data, translate pricing and business needs into implementation requirements, improve data workflows, and communicate findings to business stakeholders.
Responsibilities
- Pricing: Participate in rate indications review process to quantify the rate need across products and jurisdiction and communicate observations and findings to key business stakeholders
- Reserving: Participate in quarterly estimates of unpaid claim liabilities and provide insight into actual versus expected loss emergence to key business stakeholders
- Competitor analysis: Pull and review competitor filings and manuals to determine opportunities for product improvement and changes
- Product and Policy: Contribute to new product and policy development and changes to enhance existing product offerings and manage risk. Gain understanding of rating algorithms and produce rate impact calculations of new products and changes to existing products
- Data: Work with IT to create and improve data processes and workflows used in the product and pricing department to add efficiency to workflows. Prepare reports for rate monitoring and performance tracking for use within the product and pricing department
- Filings: Prepare manuals and actuarial support to file rate and product changes with state departments of insurance. Draft responses to objections from state departments of insurance for supervisor review and submission
- Compliance: Support regulatory and compliance data calls, ensure filings adhere to the requirements of each individual jurisdiction
- Requirements: Assist in drafting requirements for the implementation of filed rate changes, rating algorithm changes and new product implementation
Skills
- Strong mathematical and analytical skills
- Familiarity of commercial lines products
- Strong documentation and communication skills
- Insurance product, underwriting, or pricing experience
- Familiarity with insurance data sources and report creation
- Experience with requirements gathering and process mapping
- Proficiency with Microsoft suite of tools and additional data processing tools such as SQL, Python or R
- Bachelor's degree in Statistics, Applied Mathematics, Analytics, Finance or Insurance
- 2 years of insurance experience, preferably in an actuarial or product role
- This position requires the ability to sit for extended periods while working at a computer, both in a home and office environment. The role involves frequent use of a headset, keyboard, mouse, and other standard office equipment. Occasional movement within the office may be required, such as walking to meetings or accessing shared equipment
- Hybrid in office 3 days per week preferred but full time remote available depending on candidate experience
Benefits
- Hybrid in office 3 days per week preferred, but full-time remote available depending on candidate experience
Company Overview