Philadelphia , United States
Your job* We are open regarding location to Philadelphia, PA, Chicago, IL, Princeton, NJ and New York City.
We’re adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.
The Insurance Operations
Munich Re US is launching new insurance operations described as Munich Re Specialty Insurance that will unite the strengths and expertise of Munich Re’s specialty commercial teams in North America under a new management structure. This will allow for the development of an overarching sales strategy through which the specialty risk appetite and product offerings can be profitably optimized and expanded.
As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help our clients stay competitive – from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.
Future focused and always one step ahead
The Actuary will provide actuarial pricing services for the Digital Partners business unit of MRSI. They will also support the business in meeting its goals by analyzing, evaluating, modeling and rating potential competitive solutions for our partners. .
Key to the achievement of our goals is to become a digital enterprise which leverages data analytics in order to make decisions about current and future risks, you’ll be empowered and expected to support and add to our culture of innovation and the data vision for the future.
In this position you will:
- Prepare and complete pricing analyses, including the development of rates, ultimate loss projections and communication of results.
- Maintain contemporary, in-depth primary workers compensation product knowledge.
- Participate in development and update of Actuarial models and databases through formula development, research on methodologies, and collaboration on technical teams.
- Support for result monitoring, pricing and portfolio management projects that will assist underwriters and management in managing and steering business. Document and communicate assumptions, results, and alternatives to actuarial staff and internal and external clients.
- Strong understanding and ability to discuss and apply the use of existing & new actuarial concepts/techniques involving exposure adjustments, trend, loss development, exposure rating, et al with some assistance/guidance.
- Identification of data issues requiring specialized actuarial attention.
- Complete peer reviews as needed.
- Provide actuarial insight and expertise as a participant on a Line of Business Expert Group
- Pursue formal education via Casualty Actuarial Society (CAS) exams.
Participate in training of others (underwriters, client managers, risk analysts, accountants and actuaries) regarding actuarial analyses and methodologies.
Your profileSuccessful candidates will possess the following skills/capabilities:
- Bachelor's Degree in mathematics, Actuarial Science, Economics, Finance, Statistics or related field requiring modeling, programming or quantitative analysis
- Membership in the Casualty Actuarial Society (ACAS) and membership in the American Academy of Actuaries (MAAA)
- Five (5) or more years of experience in primary insurance pricing, especially workers compensation
- Strong technical actuarial skills and strong knowledge and understanding of rating models
- Strong interpersonal skills. Ability to influence and negotiate with others and create acceptance for proposals
- Proficient computers skills in MS Office Suite used for ratemaking, pricing, modeling stochastic distributions or data analysis (as appropriate)
- Experience in use of R, Python or other statistical software in insurance pricing applications
- Excellent oral and written communication skills
At Munich Re US, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.
We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Founded in 1917, Munich Reinsurance America, Inc. is one of the largest reinsurers in the United States. Munich Reinsurance America, Inc. has earned the A+ (Superior) financial strength rating from A.M. Best Company - that's among the highest in the industry. Over 1,000 employees serve our clients from our Princeton, New Jersey campus and regional offices throughout the United States.
As a member of Munich Re's US operations, we offer the financial strength and stability that comes with being part of the world's preeminent insurance and reinsurance brand. Our risk experts work together to assemble the right mix of products and services to help you stay competitive - from traditional reinsurance coverages, to niche and specialty reinsurance and insurance products.