Actuarial Data Science Analyst
Edwardsville, IL
June 21, 2024
Job Summary
The Actuarial Data Science Analyst is responsible for applying actuarial concepts and data analysis to assist in achieving the company objectives for profitability and growth. This position will assist in the development of statistical models, machine learning, rating plans, pricing strategies, financial modeling, planning, and forecasting based upon interpretation of underwriting results. This position is also responsible for routine projects (i.e., loss tracking, rate level maintenance), data management and providing business information as needed.
Qualifications
- Bachelor’s or master’s degree, preferably in Mathematics, Statistics, Actuarial Science, Data Science, or related field.
- Results orientation, capable and willing to master and apply new concepts
- Advanced Microsoft Excel or Access skills
- Experience with programming: SQL, Python, or other languages
- Strong written and verbal communication skills
- High degree of attention to detail
- Ability to clearly explain complex statistics and technical details
- Must have an understanding of risk scores including how and when to apply them in actuarial analysis
- Excellent mathematical skills such as probability distributions, statistical regressions, statistical inference, and predictive modeling
- Self-motivated
- Work well in a team environment as well as independently
- Casualty Actuarial Society exams and/or experience working in a Property & Casualty company with actuarial science or data science responsibilities a plus.
Essential Functions and Responsibilities
- Develop and implement predictive models and algorithms to analyze insurance data, including claims, underwriting, and customer behavior.
- Utilize univariate and multivariate classification techniques and models to improve rate accuracy across all products.
- Create, analyze, and improve rate indications quarterly, including making recommendations on what changes to implement based on review of the data and trends.
- Provide analysis of trends/factors/issues impacting Underwriting results.
- Compile, categorize and audit data.
- Generate and update routine reports as requested.
- Create and enforce policies for effective data management.
- Formulate management techniques for quality data collection to ensure adequacy, accuracy, and legitimacy of data.
- Streamline data collection and analysis procedures to ensure fast access to metrics.
- Extract data from defined sources using standard actuarial methods.
- Conduct analysis on the existing book to determine adequacy of pricing factors.
- Analyze industry and location specific trends and regulatory/legislative activity to identify impact on financials, reserves, and pricing processes.
- Assist in developing rate filings, determination of premiums and pricing levels.
- Document and verify factors used in computations and actuarial models.
- Identify customer needs, both externally and internally, and work to meet those needs using appropriate customer service skills.
- Check reports from other data sources for accuracy and reasonableness.
- Assist department staff with a variety of assignments as needed.
Additional duties as assigned.
This job description is only a summary of the typical functions of the job, not an exhaustive or comprehensive list of all possible job responsibilities, tasks, and duties. The responsibilities, tasks, and duties may differ from those outlined in the job description and other duties, as assigned, may be required. This document does not create an employment contract. Employees are employed on an “at will” basis and may be terminated at any time.
Salary commensurate with experience. If you are the perfect candidate for this position, please send your salary requirements and resume to: careers@madisonmutual.com
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