Actuarial Associate Job Description

Actuarial Associate Job Description

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Actuarial associate provides modeling and validation support for the General Account Stable Value pricing platform and the Traditional GIC pricing models.

Actuarial Associate Duties & Responsibilities

To write an effective actuarial associate job description, begin by listing detailed duties, responsibilities and expectations. We have included actuarial associate job description templates that you can modify and use.

Sample responsibilities for this position include:

Perform pricing and product development of Life & Health insurance products, including our Term, Universal Life, Critical Illness and other products
Knowledge of life and health insurance products, encompassing product design and features and their impact on insurance reserving and risk
Strong knowledge in MS Word, Excel, MS Access and VBA are a requirement
You will develop risk mitigation strategies for market and other economic risks relating to the asset portfolios
Utilizing analytical skills, you will reconcile, explain and communicate to senior management about the financial impact, including changes in income, policyholder liabilities, capital requirements, earnings risk, value risk and other relevant metrics
You will have the ability to quantify the implications of market risk strategy on the Company’s risk profile
You will provide risk management support for investment strategies to ensure optimized balance of return and risk
Assist the Pricing Actuary in the development and setting of pricing assumptions
Perform model vetting of the Life & Health pricing models
Develop Life & Health products’ Pricing Reports

Actuarial Associate Qualifications

Qualifications for a job description may include education, certification, and experience.

Licensing or Certifications for Actuarial Associate

List any licenses or certifications required by the position: ASA, COBRA, IBNR, UK, US, FCAS, ACAS

Education for Actuarial Associate

Typically a job would require a certain level of education.

Employers hiring for the actuarial associate job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Collage Degree in Mathematics, Actuarial Science, Statistics, Economics, Finance, Computer Science, Business, Education, Graduate, Math

Skills for Actuarial Associate

Desired skills for actuarial associate include:

Programming languages
Word and PowerPoint
Microsoft Excel
SQL
VBA
C++
Insurance products
Modeling packages
Spreadsheet/database software
Account and regulatory requirements

Desired experience for actuarial associate includes:

5+ years of experience in a Property and Casualty actuarial role
Successful candidates will demonstrate excellent communication skills with the ability to effectively influence others present issues, options and recommendations to both technical (Actuarial and Investment) and non-technical audiences (Business, Operation and Sales)
Strong computer skills with Excel/Word/Access
Provide the Pricing Actuary with analysis required to make business decisions
Interact with GRM-I to ensure appropriate Risk Management protocols are followed for our pricing and product development work
Collaborate with internal business partners, which may include Product Management, Valuation / Corporate Actuarial, GRM-I, Sales and Finance

Actuarial Associate Examples

1

Actuarial Associate Job Description

Job Description Example
Our innovative and growing company is looking for an actuarial associate. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for actuarial associate
  • Based on learnings from Test Run 1, provide knowledge support to other teams in the company for various downstream processes such as DCAT, Stress Testing and Business Plan
  • ASA working towards FSA
  • Minimum 3 years of working experience in insurance industry
  • Ability to communicate effectively (both oral and written) with all “key relationships” noted in that section
  • Develop, maintain, and enhance actuarial cash flow projection models mainly on an ALFA software platform, but can also be in other software such as TAS and MoSes
  • Periodically update assumptions, in-force populations, assets, and market scenarios
  • Assist in attribution analysis for assumption, population, market and other model updates
  • Support analyses of changes in liability cash flow patterns due to assumption changes and internal stress tests in support of Replicating Portfolio, Liquidity Risk Framework, and insurance risk management projects
  • Collaborate with UL Capital Management for UL model build for RP
  • Prepares job related reports, summarizes and communicates results to middle management
Qualifications for actuarial associate
  • You have a strong critical thinking and problem solving skills
  • Three years applicable work experience, preferably in health insurance industry
  • Six months or more of applicable work or internship experience preferred
  • Advanced knowledge of actuarial statistics assumptions used for ratemaking, loss reserving and forecasting, company operations
  • Thorough knowledge of actuarial methodologies and their applications to business problems
  • Regularly contributes to the development of new actuarial techniques and work standards
2

Actuarial Associate Job Description

Job Description Example
Our company is growing rapidly and is looking for an actuarial associate. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for actuarial associate
  • Development of assumptions for new business expenses such as underwriting, medical testing and commissions
  • Development of assumptions related to inforce policies such as overhead and maintenance costs
  • Calculation and forecasting of interest crediting rates and loan interest rates
  • Development of policy count projections
  • Development of policyholder behavior assumptions
  • Significant collaboration with Finance and Actuarial
  • Review operational, tax and nonforfeiture issues, research state nonforfeiture law variations
  • Prepares and reviews actuarial reports with increasing independence
  • Communicates with management on project status, concerns
  • Leverage technology in new and innovative ways and effectively communicate issues and recognize and propose solutions to current/existing analyses while continuously progressing analyses beyond what was done historically
Qualifications for actuarial associate
  • Applicants must be able to work in the U.S. without requiring sponsorship or visa transfers
  • Experience in MS Excel and/or modeling software a plus (GGY AXIS, ALFA, MoSes)
  • Prior experience with ALFA, GGY-Axis, or other actuarial and financial modeling software is a plus
  • Position is not eligible for sponsorship for employment visa or transfer
  • Quick learner, open to new ideas, creative with ability to innovate problem solving
  • Minimum of 1 Actuarial exam passed
3

Actuarial Associate Job Description

Job Description Example
Our company is looking for an actuarial associate. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for actuarial associate
  • Model various plan designs and value plan changes
  • Review renewals, prepare renewal and budget reports, and assist in renewal negotiations
  • Track and report on cost savings accomplishments of all renewal negotiations, by client and carrier
  • Develop comprehensive health insurance underwriting knowledge including strategic approaches to health care cost management
  • Relationship building with underwriting
  • Track historical data of carrier underwriting and track loss ratios by client
  • Attend meetings with client and team members to present projection/renewal results, as needed
  • Act as a Facilitator between teams to create consistencies amongst the various reports and processes being monitored
  • Provide and facilitate associate training on all components of financials
  • Assist teams with Health Reform Modeling
Qualifications for actuarial associate
  • Very familiar with the internal and external statistical plans and sources of data, and the use of spreadsheet applications
  • Associate of the Casualty Actuarial Society (ACAS) required
  • Continue educational development in related job field
  • 2+ years of leadership experience including basic managerial skills, coaching and development, performance management
  • Bachelor’s degree in actuarial science, statistics, mathematics, or a related field, or equivalent professional related work experience
  • Four-plus years of experience in actuarial setting with progressive responsibilities
4

Actuarial Associate Job Description

Job Description Example
Our innovative and growing company is looking to fill the role of actuarial associate. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for actuarial associate
  • Performing focused model reviews to ensure models are developed in accordance with internal policies and industry best standards
  • Helping to identify areas of model risk governance that need to be included in the audit plan and assessed with priority
  • Independently sampling data sets and model assumptions, including those used in the stress testing, cash flow projection, and capital management processes
  • Delivering on time high quality audit reports in the area of model risk across the organization
  • Helping validate internal audit and regulatory issues
  • Acting as an advisor and apply in-depth model risk knowledge in the execution of horizontal audits that require such expertise
  • Developing effective relationships with line and corporate management
  • Using effective communication skills to influence a wide range of internal audiences
  • Preparing periodic reports and business monitoring summaries
  • Leverages technology in new and innovative ways and effectively communicates issues and recognizes and proposes solutions to current/existing analyses while continuously progressing analyses beyond what was done historically
Qualifications for actuarial associate
  • Associate of the Society of Actuaries (ASA), or actively pursuing an ASA designation with a completion date less than 1 years away
  • Prior experience in insurance and/or actuarial work preferred
  • At or near FSA level or equivalent
  • Broad knowledge of insurance operations and products
  • Ability to interact with other functional areas as required
  • Bachelor’s degree in mathematics, statistics, actuarial science, economics or related field and 5 years of experience in statistical analysis or actuarial work, or 9 years of related experience in lieu of a degree
5

Actuarial Associate Job Description

Job Description Example
Our company is looking to fill the role of actuarial associate. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for actuarial associate
  • Assist in the preparation of the Appointed Actuary Report
  • Participate, by using software application tools, in the preparation of necessary data for actuarial evaluations
  • Ensure the integrity of the databases used
  • Supporting the planning, design, and execution of modelling deliverables for the assigned business/modelling blocks
  • Supporting the maintenance of model documentation, infrastructure and validation to ensure the integrity of the models for on-going usage
  • Plans, implements, manages, and/ or sponsors projects that are of moderate to high complexity and/or large scale key initiatives
  • Leads the development/design of North Light pricing strategy
  • Solicits inputs from key stakeholders (SM, field support, risk management, underwriting, CAT modeling, etc)
  • Contributes to market share growth and profitability by recommending innovative/ complex changes to products, pricing, risk management and providing pricing expertise
  • Understands and articulates market specific implications of business strategies to key stakeholders
Qualifications for actuarial associate
  • Utilize actuarial techniques to analyze data
  • At least fifteen years of relevant benefits experience required
  • Ability to analyze data and solve problems
  • Familiarity working with claims data
  • Experience with fixed or variable annuity products a plus
  • At least three actuarial exams completed is preferred

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