The Corporate Actuary will play a pivotal role in advancing the organization's capital modeling, reserving and loss ratio planning functions. This individual will collaborate with senior leadership to develop capital modeling capabilities across the enterprise. This initial focus will be on establishing a foundational model, which will be refined continuously to create a comprehensive modeling function. Additionally, this individual will assist Finance with the company's quarterly and annual reserve reviews, as well as quarterly updates for a three-year premium and loss forecast.
This position qualifies for our flexible workplace options. Work at our Grinnell, Iowa, headquarters or from a home office in any of the following states: Alabama, Arizona, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Maine, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Virginia, Wisconsin, and Wyoming. Please note that candidates must be eligible to work in the U.S. without Grinnell Mutual sponsorship.
Responsibilities
- Leads the development of capital risk modeling initiatives and presents findings to stakeholders, including senior leadership, board members and external partners, as required.
- Functions as the subject matter expert in valuation, risk quantification and capital modeling while working closely with both internal and external stakeholders.
- Responsible for assisting with all aspects of the company's reserving practices for the company.
- Tracks key performance indicators within the property and casualty insurance industry, providing continuous analysis to enhance solutions that promote profitable growth and manage surplus exposure.
- Creates and delivers technical models and documentation as needed to ensure a clear understanding of data and analysis.
- Analyzes variances in insurance models, pricing, performance, and working capital models, making recommendations for improvement. Conducts surplus at-risk analysis and other actuarial type models.
- Implements Develops, maintains, refines, and optimizes a functional capital model to manage CAT risk. Seeks corporate support for proposed CAT allocations and develop a plan to measure corporate and division risk tolerance using this model. Engages with corporate stakeholders to secure support for proposed CAT allocations and creates a framework to assess corporate and division risk tolerance using this model.
- Determines and proposes the appropriate portion of surplus to allocate to business units based on capital risk models.
- Measures and reports the portfolio against risk tolerance statements. If portfolio risk is outside of risk tolerance parameters, makes recommendations for compliance. Evaluates and reports the portfolio in relation to established risk tolerance guidelines. If portfolio risk exceeds these risk tolerance parameters, provides recommendations to ensure compliance.
- Performs other duties as assigned.
Qualifications
- Bachelor's degree from an accredited college or university required, preferably in actuarial science, mathematics, economics, or related fields.
- Fellowship in the Casualty Actuarial Society (FCAS) with 10+ years of experience, or Associateship in the Casualty Actuarial Society (ACAS) with 12+ years of experience.
- Experience with financial analysis of income statement, balance sheet and capital projections.
- Experience with actuarial projection or valuation software, database applications, business intelligence tools.
- Strong background in statistical modeling, regression analysis, copula probability, Monte Carlo Simulations, and other analytic methods.
- Excellent analytical and critical thinking skills with the capacity to assimilate information, understand new and complex topics, and integrate data for comprehensive analysis.
- Ability to engage in proactive multi-year planning, with a solid understanding of strategic actuarial practices.
- In-depth knowledge of business, industry, and market dynamics, with the capability to apply this understanding to actuarial functions and responsibilities.
- Skilled in making effective decisions, including the ability to involve others in the decision-making process to gather information, explore alternatives, and reach optimal conclusions.
- Ability to apply personal judgment, experience, data to make informed decisions and address challenges.
- Capacity to think creatively propose innovative ideas and solutions that drive business growth while aligning with the organization's mission and goals.
- Ability to manage multiple priorities and projects as required.
- Ability to use general office equipment; knowledge of Microsoft Office suite products including MS Word and Outlook.
- Requires regular and predictable attendance to meet the customer needs of the position.
- Occasional overnight travel for training or conferences.
- Ability to keep regular work schedule and maintain regular, predictable attendance.
- Ability to maintain confidentiality of sensitive or proprietary information.
- Demonstrated ability to adhere to all Grinnell Mutual policies.
- Demonstrated ability to incorporate Grinnell Mutual core values in all areas of work.
Compensation
The salary range for the position is $118,000 - $199,200. For a list of benefits, click here.
Working conditions and physical efforts
To perform this job successfully, an individual must be able to perform each job duty and responsibility satisfactorily. Reasonable accommodations may be made to enable individuals with disabilities to perform job duties and responsibilities.
- This position is physically located in a remote office or at one of Grinnell Mutual's campuses with a work environment of a typical office setting; work environment of a typical office setting; noise level is relatively quiet. Requires an individual to sit or stand for long periods of time and to drive a vehicle on an occasional basis, including during inclement weather.
- Interacts with many types of people, may encounter resistance, which can be stimulating, yet demanding and stressful. Works under externally imposed deadlines with unexpected and frequent interruptions to the workflow making it challenging to anticipate the nature and volume of work to perform and meet established deadlines.
- Requires the individual to frequently interact via telephone, video conference, and in-person.
- Ability to exert up to 20 pounds of force and to lift to 10 pounds.
This job description is not intended to describe, in detail, the multitude of tasks that may be assigned, but rather to give the employee a general sense of the responsibilities and expectations of the position. As the nature of the business demands change, so too may the job duties and responsibilities.
Grinnell Mutual is an Equal Opportunity Employer in accordance with applicable state and federal laws.