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Actuarial Assistant, Corporate Actuarial Modeling Job# 2808 Location: Midwest Education Requirements: Bachelor's degree, preferably in the area of mathematics, or a business-related field. Other Requirements: Include:
Prefer a minimum of 3 SOA exams and must continue to pursue an actuarial designation in the Society of Actuaries' examination program.
Prefer at least 2 to 4 years of experience in the field of Actuarial Science.
Demonstrate a high level of mathematical ability and attention to detail and strong analytical skills.
Demonstrate strong computer skills including experience using applicable technical tools.
Demonstrate strong written and verbal communication skills.
Possess basic knowledge of insurance industry.
Ability to analyze problems or questions and provide insights to requestor.
Ability to work both individually and as part of a team.
Highly organized with the demonstrated ability to balance multiple projects.
Ability to work effectively in an office environment.
Criminal background check is required.
Salary Range: $60k to $80k Description: This individual will be responsible for accurately and efficiently performing the technical actuarial tasks related to this role. This may include assisting with modeling, data analytics, product development and/or financial reporting for our Client’s products. The Actuarial Assistant, Corporate Actuarial Modeling will provide technical guidance as directed. This role could be filled at a lower level Actuarial Student. Duties and responsibilities include:
Develop strong knowledge of our Client’s products related to area of focus. Understand customer value propositions.
Understand the basic types of insurance contracts and actuarial related regulations, basic product features and policy transactions. Apply understanding of product designs and cash flows in actuarial processes and functions. Assist in preparing materials required to comply with applicable regulations.
Develop good knowledge of assumptions required for actuarial calculations and modeling and assist in applying them. Interpret historic data to make and justify simple recommendations for individual assumptions. Use actuarial models to understand the impact of a change in assumptions. Document assumptions made to support the work and the sources of the assumptions.
Develop good knowledge of actuarial modeling and/or valuation software, (i.e. what the key elements are, what they can be used for and their potential shortcomings). Create and alter simple financial models, including making and validating small changes to complex models. Build tools to ensure accuracy and efficiency of models. Document model inputs and results.
Develop basic knowledge of accounting standards and other reporting requirements covering insurance liabilities and the assets backing liabilities. Assist in analyzing basic financial reporting as needed, including balance sheets and income statements produced by actuarial models. Understand and report on pre-defined profit measures.
Modify and use existing spreadsheet, database and other data analytic software to perform data analysis and summarize, manipulate, transform and aggregate data. Present aggregated data verbally, numerically, graphically or in another written format to highlight key features. Perform checks to confirm the robustness of the data and analysis.
Understand basic concepts of relevant actuarial risks and the implications of failing to manage risk. Assist in the quantification of risk exposure and use model projections to produce management information to measure and to monitor on-going exposure. Assist in developing risk mitigation techniques.
Assist with special projects as required. Work individually and/or in teams to complete projects on time and with high quality. Effectively plan and prioritize your own work in accordance with broader team or department objectives and priorities.
Develop relationships with other departments and business units. As needed, perform actuarial calculations to support administration or test IT functionality.
Participate in the Society of Actuaries’ examination program with a satisfactory pass record per our Client’s actuarial study program guidelines.