Published: Nov 7, 2024 – The Actuarial Associate develops and maintains actuarial models for fixed indexed annuities using various tools, ensuring accurate calculations, inputs, and testing. This position analyzes and presents valuation, risk, financial, and pricing outcomes while performing trend analysis and documenting findings for leadership. The associate also delivers timely reserve calculations and reporting in compliance with Statutory and GAAP requirements, leveraging data analytics and machine learning to predict policyholder behavior and support risk management.
Tips for Actuarial Associate Skills and Responsibilities on a Resume
1. Actuarial Associate, M Financial Group, Portland, OR
Job Summary:
- Use data analysis tools to summarize and organize data extracts at varying levels for informative assumption-setting
- Regularly monitor and report on trends in experience data
- Validate experience study source data, as well as work with IT to execute changes in the source data to support assumption setting and analysis
- Support the build of new experience studies from historical transactional policy data
- Interpret trends in experience data and propose assumption recommendations with rationale
- Develop and present PowerPoint decks and memorandums to seek assumption proposal approval from senior management
- Work with the modeling team to implement recommended assumptions into models
- Review and understand the financial impacts of assumption changes
- Support internal and external audits, including walkthroughs and responses to questions from auditors
- Maintain updated documentation on all processes
- Interact and collaborate on joint projects with other functional areas such as Modeling, Valuation, Finance, and IT
- Identify, recommend, and implement improvements to the assumptions setting processes and methodology
Skills on Resume:
- Data Analysis (Hard Skills)
- Trend Reporting (Hard Skills)
- Data Validation (Hard Skills)
- Experience Study Development (Hard Skills)
- Trend Interpretation (Hard Skills)
- Presentation Skills (Soft Skills)
- Collaboration (Soft Skills)
- Process Improvement (Hard Skills)
2. Actuarial Associate, Aon Risk Solutions, Birmingham, AL
Job Summary:
- Listen to understand the needs of internal and external clients
- Problem-solving using spreadsheets, cat models, R, or similar
- Developing and maintaining claims simulation models for external client decision support
- Creating underwriting and pricing models for internal clients
- Soft skill development and actuarial accreditation
- Internal business network development
- Maintenance and development of analytics and models
- Consume technical material and adopt new technology quickly and joyfully
- Presents technical information in an appropriate way for a given audience
- Conduct analysis and experience studies to support the development of best estimates and reference tools
- Provide survey results presentations to external clients and interpretation to internal stakeholders
Skills on Resume:
- Client Listening (Soft Skills)
- Problem-Solving (Hard Skills)
- Claims Simulation Models (Hard Skills)
- Underwriting Models (Hard Skills)
- Soft Skill Development (Soft Skills)
- Business Networking (Soft Skills)
- Analytics Development (Hard Skills)
- Technical Presentation (Soft Skills)
3. Actuarial Associate, Milliman, Richmond, VA
Job Summary:
- Handles the preparation of valuation data. Includes reviewing data in both paper source and e-source from PBGC
- Review benefit calculations prepared by plan administrators
- Prepare benefit calculations and benefit statements
- Assist in preparing actuarial valuation reports
- Special projects or assignments as instructed by the supervisor/manager
- Helps the team by drafting email correspondence by creating effective communications and takes care of filing and storing correspondence that is ultimately sent
- Reviewing and challenging results, providing analysis of change between updates for specific areas
- Investigating differences between the company's view of syndicates and syndicates' view
- Take responsibility for modeling new syndicates
- Discussing the company's responses to PRA questions and issues
Skills on Resume:
- Data Review (Hard Skills)
- Benefit Calculation (Hard Skills)
- Actuarial Reporting (Hard Skills)
- Effective Communication (Soft Skills)
- Analytical Skills (Hard Skills)
- Problem Solving (Soft Skills)
- Attention to Detail (Soft Skills)
- Project Management (Soft Skills)
4. Actuarial Associate, Gilsbar, Covington, LA
Job Summary:
- Perform a detailed review of the Variable Annuity actuarial models
- Reviewing modeling of product features, assumptions, and scenarios in partnership with an external actuarial outsourcing services provider.
- Model validation resulting from annual assumption changes and modeling updates made to the existing models.
- Perform User Acceptance Testing (UAT) on risk-neutral and statutory bases as well as perform detailed Unit Testing on a sample cell basis to validate changes and explain impacts.
- Summarize findings at a high level for the senior audience in presentations and in detail for approval memorandums, as well as work with auditors closely.
- Assist other junior members on model validation projects.
- Assist with identifying and addressing potential modeling improvements, including implementation of any best practices in the model setup.
- Support the review of products/data, and modeling methodologies for any future transaction with a particular emphasis on ensuring correct interpretation and modeling of product features.
- Review product features, summaries, and presentations to support transaction due diligence and involve interaction with Corporate Development and external parties.
- Facilitate onboarding of models and processes for future transactions by inspecting and understanding the force data from the counter-parties, and working with IT to facilitate a robust production process.
- Contribute to ad-hoc projects such as changes in statutory regulatory reserve and capital requirements, tax reforms, GAAP LDTI, etc., and other company-related initiatives
Skills on Resume:
- Actuarial Model Review (Hard Skills)
- User Acceptance Testing (Hard Skills)
- Data Validation (Hard Skills)
- Presentation Skills (Soft Skills)
- Mentorship (Soft Skills)
- Analytical Thinking (Hard Skills)
- Project Facilitation (Soft Skills)
- Regulatory Compliance Knowledge (Hard Skills)
5. Actuarial Associate, Segal, Denver, CO
Job Summary:
- Utilize Tableau, Excel, and SQL to analyze and visualize industry profitability and pricing trends.
- Import ISO Datacube data into SQL and analyze by creating and updating Tableau dashboards.
- Perform ISO circular rate impact analysis for various states.
- Maintain and update rate filing automation process, including updating the loss cost, increased limit factor, and package mod factor tables.
- Perform competitor analyses for GL, Property, and Auto lines of business.
- Research and download relevant competitor filings and import them into SQL Server.
- Update Tableau dashboards to compare GNY and competitor filings.
- Participate in ad-hoc special projects and perform additional duties as the need arises.
- Set claims reserves for monthly performance tracking, with a particular focus on investigations to support the appropriate level of reserves.
- Calculate the embedded value of Vitality Health, including recommending assumption changes.
- Track and advise on experience variances relative to embedded value assumptions.
Skills on Resume:
- Data Analysis (Hard Skills)
- Tableau Proficiency (Hard Skills)
- SQL Skills (Hard Skills)
- Rate Filing Automation (Hard Skills)
- Competitor Analysis (Hard Skills)
- Research Skills (Hard Skills)
- Performance Tracking (Hard Skills)
- Communication Skills (Soft Skills)
6. Actuarial Associate, Gallagher Bassett, Jacksonville, FL
Job Summary:
- Develops, maintains, and runs pricing models and templates for use in profit testing and determination of economic capital and embedded value.
- Provides analysis and evaluation of pricing model results and presents results in an appropriate manner to facilitate senior actuary review.
- Underwrites and evaluates pricing risks for Accountable Care Organizations, Medicare Advantage, and Medicare Supplement businesses to assist senior actuaries in acquiring profitable new business.
- Acquires, aggregates, and develops data for use in experience studies, profitability analysis, financial reporting, and risk management.
- Develops and maintains suitable reports of the data for use by senior actuaries.
- Assists senior actuaries in marketing reinsurance solutions to prospective clients to acquire new health reinsurance business.
- Produces required documentation for final pricing packages for new business opportunities to facilitate senior management review and approvals.
- Coordinates model handoff with the Health Solutions Valuation team to ensure timely and adequate financial reporting and forecasting.
- Proactively seeks ways to improve processes and create efficiencies.
- Works to build strong relationships with others in the department.
- Participates and maintains good standing in the Actuarial Development Program.
- Assists with ad-hoc projects in the department or company.
Skills on Resume:
- Pricing Model Development (Hard Skills)
- Data Analysis and Evaluation (Hard Skills)
- Risk Assessment (Hard Skills)
- Experience Studies (Hard Skills)
- Report Generation (Hard Skills)
- Communication and Presentation (Soft Skills)
- Process Improvement (Soft Skills)
- Relationship Building (Soft Skills)
7. Actuarial Associate, CNA Insurance, Chicago, IL
Job Summary:
- Price complex transactions across several Funded Retirement Products such as Pension Risk Transfer and Structured Settlements.
- Analyze population and contract-specific data to determine mortality and other demographic assumptions used in Funded transactions
- Execute modeling and generate analysis of financial projections to drive pricing recommendations
- Contribute to improving existing processes by leveraging best practices and various platforms including Excel, Python & SQL
- Work with a broad group of actuarial and business partners in a fast-paced, customer and deal-focused environment
- Provide support in portfolio monitoring, keep track of dread disease products development and work closely with the account management and actuarial teams
- Provide support to other projects related to data analytics as assigned from time to time
- Solvency II reporting, including calculation of technical provisions, review of assumptions bases and methodologies.
- Profitability investigations including lifetime profitability and current experience investigations.
- Tracking overall business actuarial dynamics and using this information in deriving and setting up all actuarial aspects of the annual business plan.
Skills on Resume:
- Transaction Pricing (Hard Skills)
- Data Analysis (Hard Skills)
- Financial Projections Modeling (Hard Skills)
- Process Improvement (Soft Skills)
- Cross-Functional Collaboration (Soft Skills)
- Portfolio Monitoring (Hard Skills)
- Solvency II Reporting (Hard Skills)
- Profitability Investigation (Hard Skills)
8. Actuarial Associate, Reliance Standard Life Insurance Company, Philadelphia, PA
Job Summary:
- Collects and analyzes data related to pricing, reserving, actuarial reporting, and functions.
- Applies and develops expertise and technical support, under the guidance of more experienced Actuarial staff, in matters related to the successful and financially sound operation of the company’s business to external and internal customers.
- Assists in IBNR and other liabilities valuations.
- Develops knowledge of the company’s claims system and general ledger for identifying and reconciling discrepancies.
- Helps to automate and improve the valuation models and processes.
- Assists in monitoring MLR and claim trends and analyzing utilization and unit cost for budget planning and Medicare bids.
- Participates in collecting and preparing materials to be used as references in any audit-related activity.
- Perform periodic rate setting of new business to achieve profitability targets
- Monitor product profitability metrics based on actual sales and effectively communicate results
- Assist in varied aspects of modeling including building, updating, running, and validating
- Participates in special projects and performs other duties
Skills on Resume:
- Data Analysis (Hard Skills)
- Technical Support (Soft Skills)
- Liability Valuation (Hard Skills)
- Claims System Knowledge (Hard Skills)
- Process Automation (Hard Skills)
- Trend Monitoring (Hard Skills)
- Rate Setting (Hard Skills)
- Communication Skills (Soft Skills)
9. Actuarial Associate, Horace Mann, Springfield, IL
Job Summary:
- Prepares monthly calculation of the Corporation’s IBNR reserves.
- Submits annual Medicare ACR calculation, including all supporting analyses.
- Develops actionable recommendations to management relative to all analyses.
- Calculates profitability reports on appropriate business segments.
- Performs monthly analysis identifying opportunities to reduce cost and utilization.
- Participates in cross-functional teams to address key issues facing the organization.
- Evaluate the government reimbursement process to determine areas of risk and opportunity.
- Participates in regional initiatives to improve operating results.
- Initiates key analysis to improve overall MLR results.
- Communicates realistic deadlines and prioritizes projects
- Understand how to leverage knowledge and skills from the team and other functional areas to accomplish goals
Skills on Resume:
- IBNR Reserve Calculation (Hard Skills)
- Medicare ACR Analysis (Hard Skills)
- Data-Driven Recommendations (Hard Skills)
- Profitability Reporting (Hard Skills)
- Cost Reduction Analysis (Hard Skills)
- Cross-Functional Collaboration (Soft Skills)
- Risk Evaluation (Hard Skills)
- Project Management (Soft Skills)
10. Actuarial Associate, Healthfirst, New York, NY
Job Summary:
- Completes rate development for products offered in Asia
- Completes regular experience analysis to update pricing assumptions when relevant
- Gathers information and incorporates feedback from different internal departments
- Supports new business processes with projections, sensitivities, actuarial memos and follow-up questions
- Understands and applies basic underwriting principles
- Understands and applies basic reinsurance and CLIP principles
- Review contracting documentation to ensure consistency with the pricing basis
- Understands the products offered in Asia and provides support to the business unit and functional areas
- Completes experience and/or profitability reviews independently for specified clients
- Supports forecasting process as directed
- Share relevant experience analysis findings with peers and other internal departments
Skills on Resume:
- Rate Development (Hard Skills)
- Experience Analysis (Hard Skills)
- Interdepartmental Communication (Soft Skills)
- Business Process Support (Hard Skills)
- Underwriting Principles Knowledge (Hard Skills)
- Reinsurance Principles Understanding (Hard Skills)
- Contract Review (Hard Skills)
- Profitability Review (Hard Skills)
11. Actuarial Associate, The Hanover Insurance Group, Worcester, MA
Job Summary:
- Research and review the evolving IFRS 17 guidelines to develop PartnerRe-specific policies
- Create and review business requirements related to process/modeling changes driven by the new standard
- Analyze and research on Life Insurance Capital Adequacy Test (LICAT) requirements under IFRS 17
- Support the OSFI Quantitative Impact Studies (QIS) for LICAT under IFRS 17
- Support the creation of the company’s financial reporting process under IFRS 17 by interpreting and providing feedback on how the company’s policy position decisions will impact the technology and IFRS 17 reporting process.
- Proactively build and maintain awareness of international capital standard development
- Locates and reconciles data from various source systems, ensures accuracy and recognizes adjustments needed for possible data anomalies
- Supports IT with product setup
- Assists with collecting data and responding to inquiries from auditors and functional areas
- Identifies system and data inefficiencies, and provides recommendations to resolve
- Proactively works to build strong relationships with business, peers, managers, and other departments
Skills on Resume:
- IFRS 17 Research (Hard Skills)
- Business Requirements Analysis (Hard Skills)
- Life Insurance Capital Adequacy Knowledge (Hard Skills)
- Quantitative Impact Studies Support (Hard Skills)
- Financial Reporting Process Understanding (Hard Skills)
- Data Reconciliation (Hard Skills)
- Relationship Building (Soft Skills)
- Problem Identification and Resolution (Soft Skills)
12. Actuarial Associate, National Life Group, Montpelier, VT
Job Summary:
- Support designing, implementing and maintaining actuarial valuation and risk projection process automation.
- Design efficient standards and specialized solutions for the actuaries to use to access and analyze data from model runs.
- Work with others from the model development team to efficiently integrate new and enhanced code from parallel workstreams into a single all-inclusive model.
- Learn, understand, and anticipate interconnections in a large insurance and annuity actuarial model.
- Enhance and evaluate impacts between model releases by performing and/or analyzing regression and unit testing between quarter-ends and significant model updates.
- Contribute to the development and maintenance of actuarial models based on the needs of various businesses and model users.
- Modeling projects may include stat/tax or GAAP valuation, risk, cash flow testing, and pricing.
- Support the validation and development of business controls.
- Performs audit validation, maintaining accurate valuation assumptions and inputs.
- Ensures timely and accurate preparation, validation and delivery of external audit and internal audits.
- Maintains satisfactory exam performance as a member of the Actuarial Student Program.
Skills on Resume:
- Process Automation (Hard Skills)
- Data Analysis and Access Design (Hard Skills)
- Code Integration (Hard Skills)
- Actuarial Model Understanding (Hard Skills)
- Regression and Unit Testing (Hard Skills)
- Model Development and Maintenance (Hard Skills)
- Business Control Validation (Hard Skills)
- Communication and Collaboration (Soft Skills)
13. Actuarial Associate, Socotra, San Francisco, CA
Job Summary:
- Builds, maintains, and runs actuarial models using actuarial tools (Mg-ALFA, RStudio, IAS, or other)
- Writes software code, enters inputs/assumptions, tests calculations
- Evaluate impacts, and present valuation, risk, financial reporting, pricing, product, and/or other actuarial findings.
- Models timely development and production of fixed indexed annuities across numerous servers, identifying, addressing, and resolving model changes in a controlled framework.
- Assists in product design and develops actuarial models to price the cost of new liabilities using an internal rate of return or present value of distributable earnings.
- Performs analysis to test valuation and financial results and trends, documents findings, and presents to leadership.
- Generates and reviews reserve calculations across both Statutory and GAAP reporting requirements on fixed-indexed annuities.
- Analyzes the risk of fixed indexed annuities within the context of an Enterprise Risk Management framework.
- Predicts future policyholder behavior by using techniques from data mining, statistics, modeling, machine learning, and artificial intelligence.
- Ensures timely and accurate reporting, validation, and analysis of assets and liabilities, as well as delivery of required reporting items.
- Completes reporting deliverables on a monthly or quarterly cycle, reviews and interprets results, and takes appropriate action.
Skills on Resume:
- Actuarial Model Development (Hard Skills)
- Software Coding (Hard Skills)
- Impact Evaluation (Hard Skills)
- Fixed Indexed Annuities Modeling (Hard Skills)
- Product Design Assistance (Hard Skills)
- Financial Analysis and Documentation (Hard Skills)
- Risk Analysis (Hard Skills)
- Data Analysis and Predictive Modeling (Hard Skills)