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Actuarial, Data Analytics
Compensation Overview
The annual base salary range provided for this position is a nationwide market range and represents a broad range of salaries for this role across the country. The actual salary for this position will be determined by a number of factors, including the scope, complexity and location of the role; the skills, education, training, credentials and experience of the candidate; and other conditions of employment. As part of our comprehensive compensation and benefits program, employees are also eligible for performance-based cash incentive awards.
Salary Range
$127,900.00 - $211,100.00
1
In Business Insurance Actuarial and Analytics, we deliver tailored analytics and innovative data science solutions that influence decisions and enable superior results. We have an inclusive culture where everyone feels that they belong, can be authentic, are valued, respected, empowered and part of our success. We see strength in the uniqueness that each of us contributes to creating innovative solutions and improving business outcomes.
This Director, Actuarial & Analytics is an analytic leadership role that is responsible for the actuarial support for the Residual Market Division (RMD), which offers workers' compensation insurance to businesses that are unable to obtain coverage in the voluntary insurance market. This leader will execute strategic and operational initiatives, drive change within assigned unit, and provide analytical insights and recommendations to leadership and business partners including Loss Analytics, Actuarial Product, WC Product, Enterprise Risk Management, Finance, brokers, clients, and reinsurers. Reporting to the AVP of the Residual Market Division, the Director, Actuarial and Analytics will work within broad limits and authority on complex assignments requiring specialized knowledge and expertise in breadth and/or depth in the following areas: Actuarial and/or research methods, Advanced statistical analyses, Broad business knowledge, In-depth Line of Business knowledge, and Broader awareness of enterprise Actuarial & Analytics community.
Specific areas of responsibility include:
• Calculate and provide IBNR for each Direct Assignment Client Company quarterly
• Monthly and Quarterly Reporting of Profitability & Performance Measures, Premium & Loss Activity, External reporting for Missouri & Florida, and Premium Collections
• Reinsurance Renewals
• Create the Data Submission Package for the Reinsurance Renewals
• Support the reinsurance renewals through analyses and presentations to the reinsurers
• Lead annual business planning for RMD Actuarial and partner with National Finance by providing estimates of written premium, uncollectible premium, policy counts, losses, ALAE, & ULAE
• Analyze Allocated and Unallocated Loss Adjustment Expense and provide estimates for bid pricing, profitability analysis, reserving, and business planning
• Calculate and provide Residual Market Loads to the voluntary markets for use in their pricing, benchmarks, planning, and profitability analyses
• Support mandatory reinsurance commutations in partnership with Loss Analytics
• Support for various National Accounts project as needed
• Estimate and project the industry volumes by state for Pool and Direct Assignment
What Will You Do?
Strategy:
- Assess, prioritize, influence and communicate strategic initiative options to senior leaders.
- Demonstrate effective execution and completion of assigned strategic initiatives and projects.
- Regularly generate process improvements and explore opportunities for innovation.
- Lead assigned unit strategic initiatives (narrow scope, limited and well defined) and cross-unit initiatives on a limited basis and is expected to participate in Enterprise initiatives on a limited basis.
Operational:
- Independently perform actuarial and analytic analyses to solve business problems and apply judgment appropriately.
- Drive day to day execution within unit. Support broad department initiatives.
- Promote efficiency across primary working group, balancing additional effort against incremental lift gained from work.
- Begin to make decisions independently in accordance with department practices.
- Provide direction and review others' analytical work.
- Translate business requests into analytical solutions.
- Provide support as necessary for initiatives across the Enterprise within the scope of influence.
Communication:
- Communicates on a regular basis with staff, peers and business partners and on an occasional basis with senior leaders.
- Tailors communication of analysis, project results, and other business initiatives to audience.
- Communicates technical topics to non-technical audiences with limited guidance.
- Leads group discussions with primary working group.
- Creates formal written communication such as memos or presentations with limited guidance.
- Able to influence and collaborate with peers and partners to take actions to enhance business outcomes.
Talent:
- Staff responsibilities are likely to include direct management of a small team of individual contributors.
- Acquisition, retention, and development of talent for assigned unit.
- Execute and communicate talent development processes, including performance and personal development goals.
- Succession planning and talent assessment recommendations.
- Performance management.
- Support staff engagement cross Enterprise initiatives.
- Mentor less experienced talent across the Enterprise.
- Onboard new employees and interns in unit.
- Support various training and skill development initiatives across Segment and the Enterprise.
- May provide support for recruiting efforts and candidate talent assessment efforts.
- Perform other duties as assigned.
What Will Our Ideal Candidate Have?
- College degree in STEM related field.
- Associate Actuarial Credential preferred.
- 7+ years of quantitative analysis experience.
- Strong understanding of insurance products and industry.
- Demonstrated ability in actuarial and quantitative analysis and statistical concepts.
- Management experience.
- Excellent communication, collaboration and relationship-building skills.
- Ability to present and translate complex information in relevant business terms.
- Strong PC skills (MS Office) and programming skills (eg. SQL, SAS).
- Leadership:
- Begins to challenge conventional thinking.
- Takes ownership of projects related to strategic initiatives and makes recommendations to influence business outcomes.
- Proficient in Leading Self, exhibiting decisiveness and self-awareness while also effectively managing ambiguity.
- Initial development of Leading Others, including modeling the way for others and effectively leading team projects.
- Initial development of Leading the Business, including actively engaging in driving business results, broad thinking and promoting an Enterprise culture.
- Business Acumen:
- Has an in-depth understanding and knowledge of certain key business drivers and disciplines such as: underwriting, products, reinsurance, distribution, sales, operations, risk control, claim, and financials.
- Able to effectively utilize this business knowledge in developing and implementing analytic solutions.
- Has a general perspective of the industry and developing trends, including: technology, analytic methodology, products, and performance of competitors.
- Is familiar with other key business drivers and disciplines.
- Relationship Management:
- Proactively build and own professional business relationships across the Enterprise.
- Generate and solicit ideas, and build consensus
- Aware of potential conflict and address proactively.
- Acknowledge accomplishments of others within your primary working group.
- Set and manage expectations with business partners for large projects.
- Understand diverse perspectives to effectively accomplish business goals.
- Quantitative Analysis:
- Able to introduce innovative techniques to existing problems.
- Independently perform and implement complex analytics.
- Leads and actively engages in technical/peer reviews.
- May offer technical consultative feedback.
- Can assess various technical solutions to optimize analytical outcomes.
What is a Must Have?
- Bachelor's Degree required.
- Minimum of 4 years of experience performing quantitative analysis required.
What Is in It for You?
- Health Insurance: Employees and their eligible family members – including spouses, domestic partners, and children – are eligible for coverage from the first day of employment.
- Retirement: Travelers matches your 401(k) contributions dollar-for-dollar up to your first 5% of eligible pay, subject to an annual maximum. If you have student loan debt, you can enroll in the Paying it Forward Savings Program. When you make a payment toward your student loan, Travelers will make an annual contribution into your 401(k) account. You are also eligible for a Pension Plan that is 100% funded by Travelers.
- Paid Time Off: Start your career at Travelers with a minimum of 20 days Paid Time Off annually, plus nine paid company Holidays.
- Wellness Program: The Travelers wellness program is comprised of tools, discounts and resources that empower you to achieve your wellness goals and caregiving needs. In addition, our mental health program provides access to free professional counseling services, health coaching and other resources to support your daily life needs.
- Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved. Travelers has a Matching Gift and Volunteer Rewards program that enables you to give back to the charity of your choice.
Employment Practices
Travelers is an equal opportunity employer. We believe that we can deliver the very best products and services when our workforce reflects the diverse customers and communities we serve. We are committed to recruiting, retaining and developing the diverse talent of all of our employees and fostering an inclusive workplace, where we celebrate differences, promote belonging, and work together to deliver extraordinary results.
In accordance with local law, candidates seeking employment in Colorado are not required to disclose dates of attendance at or graduation from educational institutions.
If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an email so we may assist you.
Travelers reserves the right to fill this position at a level above or below the level included in this posting.