Actuarial Analyst I

The Actuarial Analyst I works with the Actuarial Team to achieve the goals established for the Actuarial Services department.  The incumbent provides actuarial support for the team and for MEMIC Group as a whole, including recommendations on the financial results of MEMIC’s various insurance products.  The Actuarial Analyst I will be part of a team integral to MEMIC’s mission; they will provide data and reports to various regulatory and other agents as required, develop metrics, forecasts, and reports on company performance.  Additionally, they will have exposure to opportunity analyses, feasibility modeling, predictive analytics, trend management reporting development and production, etc. 

Principal Duties and Responsibilities

1.      Quarterly Reporting analyses for management relating to claims diagnostics, pricing of MEMIC business and expected versus actual loss emergence, redesigning reports as needed.

2.      Develops reports on a semi-annual basis comparing carried reserves to estimated reserves.

3.      Assists in performing various reserve studies on both state and countrywide bases. 

4.      Performs large account experience-based pricing on an as-needed basis in conjunction with the Underwriting department. 

5.      Develops statewide rate indications using standard ratemaking techniques.

6.      Provides data and reports to various regulatory and statistical agents as required in the jurisdictions where the Company operates.

7.      Presents results and recommendations to other departments and management team.

8.      Uses SQL and all other company systems to access internal data sources to develop data for analysis.

9.      Research various industry trends using various industry sources (e.g., NCCI, independent rating bureaus, S&P Global, etc.)

Minimum Knowledge, Skills and Abilities

1. Bachelor’s degree in Math, Statistics, Economics, Actuarial Sciences, or other related field with one to three years’ experience in an actuarial or analytic role or an equivalent combination of education and experience. Experience in workers compensation pricing and/or reserving a plus.
2. 1 or more exams passed a plus.
3. Proficiency with Microsoft Office (Excel, Access, Word), relational databases, and programming languages such as Visual Basic, SQL etc.  A high degree of comfort working with large datasets is preferred.
4. A strong background in mathematics and statistics required.
5. Strong verbal and written communication skills.
6. Strong analytical and problem-solving skills.
7. Predictive analytics experience a plus.
8. General knowledge of business and finance a plus.
9. Candidate must have a commitment to progress through the actuarial examination process with a goal of attaining ACAS/FCAS designations in the Casualty Actuarial Society.

Working Conditions

1.      Typical office environment with minimal exposure to excessive noise and temperature variations.  The possibility of working remotely is available after suitable training has occurred.

2.      Willingness to travel among company sites as needed.

3.      Will be required to stand and/or sit for extended periods.

4.      Will be required to work with a Video Display Terminal.

5.      May be required to do occasional reaching and bending.

6.      May be required to occasionally exert physical effort (lifting/carrying) using appropriate equipment if needed.

7.      Full-time is required.