Actuarial Analyst - Commercial Lines Pricing at NJM Group

Trenton, New Jersey, United States -

Full Time

Start Date

Immediate

Expiry Date

25 Sep, 26

Salary

122603.0

Posted On

27 Jun, 26

Experience

5 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Pricing Studies, Profitability Analysis, Rating Variable Analysis, Frequency and Severity Analysis, Loss and LAE Reserves Analysis, Microsoft Excel, Microsoft Word, Microsoft PowerPoint, Verbal Communication, Written Communication, SQL, SAS, Programming Languages

Industry

Insurance

Description

New Jersey Manufacturers Insurance Company (NJM) was founded in 1913 by a group of manufacturers seeking to provide cost-effective, safety conscious and financially secure workers' compensation insurance for their workers. From inception the Company has operated as a mutual, with a focus on the needs of its policyholders. Today, NJM Insurance Group, is a leading mid-sized U.S. property and casualty insurance company with 90 consecutive years of A+ financial strength ratings by AM BEST. Due to exceptional employee experience, NJM has been included on the latest Forbes List of Best Employers in New Jersey for the fourth year in a row. The NJM reputation for being a top provider of outstanding customer service was reaffirmed by the most recent J.D. Power Auto Insurance Claims Survey. Over the last five years, the Company has focused on a strategic plan that calls for it to become a regional property & casualty insurer and has transitioned away from its affinity-based membership model. To that end, the Company has added an independent agency model for new lines of middle and large commercial and has more than doubled its product offerings. NJM now offers its various products to businesses across New Jersey, Pennsylvania, New York, Maryland, Delaware, and Connecticut. NJM’s Commercial Lines department conducts business for policyholders and preferred agencies within the Mid-Atlantic region, specifically NJ, PA, NY, MD, DE, CT. Products include Commercial Auto, G/L, Workers Comp, BOP, Excess/Umbrella, and Package. The Commercial Lines function encompasses Underwriting, Sales, Operations, Premium Audit, Product Management, Product Development, Loss Prevention and Business Process Unit. The Actuary (this role can be filled at the level, I, II or Senior level) will support NJM’s efforts to attract new policyholders, retain existing policyholders, and honor our commitment to pay claims by developing fair and competitive pricing, providing comprehensive product analysis, and ensuring that NJM maintains a strong financial position. This role is hybrid working 3 days in the West Trenton, NJ office and 2 days from home. Essential Duties and Responsibilities: Essential functions of this job are listed below in order of priority. Reasonable accommodations may be made to enable individuals to perform the essential duties. Regular and predictable onsite attendance is an essential function of the job. Perform pricing studies to evaluate the profitability of our Auto, Homeowners, Workers’ Compensation, and Commercial Package insurance products. Analyze rating variables based on company data and competitor information and recommend changes. Perform analysis of frequency, severity, and premium trends. Perform analysis of loss and LAE reserves. Assist with the annual loss and LAE ratio planning process. Collaborate with cross-functional teams to develop business insights and recommendations. Contribute to the ongoing development of actuarial tools and processes to enhance the department’s capabilities over time. Required Qualifications: Knowledge, skills & abilities, experience, minimum & desired education, certification and/or license requirements. Bachelor’s degree in actuarial science, mathematics, statistics, or related field. 6+ years of property and casualty actuarial experience. ACAS or FCAS credential. Proficiency in Microsoft Excel, Word, and PowerPoint. Excellent verbal and written communication skills. Preferred Qualifications: Experience with SQL, SAS, or other programming languages a plus. Legal Disclaimer: NJM is proud to be an equal opportunity employer. We are committed to attracting, retaining and promoting a diverse and inclusive workforce that is fully representative of the diversity that exists in the communities in which we do business. NJM reserves the right at any time to amend, add or delete any aspect of the job description for this position based on business needs. Compensation: Salary is commensurate with experience and credentials. Pay Range: $97,264-$122,603 Eligible full-time employees receive a competitive Total Rewards package, including but not limited to a 401(k) with employer match up to 8% and additional service-based contributions, Health, Dental, and Vision insurance, Life and Disability coverage, generous PTO, Paid Sick Leave, and paid parental leave in addition to state-mandated leave. Employees may also be eligible for discretionary bonuses. Legal Disclaimer: NJM is proud to be an equal opportunity employer. We are committed to attracting, retaining and promoting a diverse and inclusive workforce that is fully representative of the diversity that exists in the communities in which we do business. What Makes NJM Different? The NJM team comprises talented people who do the right thing by our policyholders and each other. You’ll be part of a financially strong and stable company that has flourished on relationships, integrity, and service for more than a century. NJM is a special place where you can propel your career, help others, and make friends—all at the same time. NJM is proud to offer our employees continuous learning options, outstanding benefits, access to wellness programs, and opportunities to give back to the communities we are privileged to serve. We have been named a Forbes America’s Best-in-State Employer for five consecutive years. Come join us! It’s time for you to make a difference on our remarkable team.

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Responsibilities

Perform pricing studies and analyze rating variables to evaluate the profitability of various commercial insurance products. Collaborate with cross-functional teams to develop business insights and enhance actuarial tools and processes.