Actuarial Analyst Job Description
Summary: The Senior Actuarial Analyst plays a pivotal role in the actuarial department, undertaking complex analyses to drive decisions on insurance products, risk management, and pricing strategies. This requires a robust understanding of actuarial science, statistical analysis, and quantitative methods.
Functional Duties:
Data Analysis and Modeling: Analyze data to evaluate insurance product risk, develop actuarial models, perform various analyses, and use predictive modeling.
Pricing and Rate Making: Recommend pricing structures, calculate rates, and adjust them for market competitiveness.
Reserving and Financial Reporting: Estimate claims and liabilities, prepare financial reports, and ensure regulatory compliance.
Risk Assessment and Mitigation: Analyze market risks, devise mitigation strategies, and provide financial health recommendations.
Product Development: Work with teams to design new products, conduct feasibility studies, and ensure regulatory compliance.
Documentation and Reporting: Document analyses, prepare reports for management, and explain actuarial concepts to stakeholders.
Mentoring and Leadership: Mentor junior analysts, assist in team member development, and act as an actuarial subject matter expert.
Requirements:
Bachelor’s or Master’s degree in a relevant field; actuarial credentials are a plus.
Membership in a recognized actuarial organization.
Extensive industry experience.
Proficiency in actuarial and industry-specific software.
Strong quantitative, analytical, and problem-solving skills.
Advanced proficiency in data analysis tools.
Understanding of regulations and compliance.
Excellent communication, project management, and leadership abilities.
Note: This description provides a general scope of the position and may be tailored to the company's evolving needs.
