Actuarial Team Member

SFM Companies (SFM Mutual Insurance)
November 16, 2023
Bloomington, MN
Job Type


SFM's Actuarial team members have opportunities to use state-of-the-art tools, are encouraged to innovate and learn to master actuarial methodologies. If this sounds like a place you could thrive, then we want to know more about you!

As an Actuarial team member, you'll support SFM's business needs and strategic goals by analyzing, evaluating, and modeling business processes and outcomes. In this role, you will drive the execution of the core actuarial duties of reserving, reinsurance, ratemaking, financial projections, and claim calculations focusing on Workers' Compensation Insurance. In addition, we'll count on you to provide expertise, including consultation and recommendations, on actuarial models and issues. SFM believes that our exceptional and motivated employees are our greatest strength. This position will provide you many opportunities to grow and stretch yourself while affording you balance in your life. This role can be filled at the Senior Actuarial Analyst or Actuary level, depending on work experience. We will tailor your project work and training based on your experience level, while providing you the opportunity to grow and develop.

SFM offers a flexible hybrid work environment, so some office time is required. The Corporate Headquarters are in Minnesota.

Salary Range: $95,000.00 up to $140,000.00- pay will be based on experience and number of exams/credentials.

Our benefits include:

  • Affordable Medical, Dental, Vision Insurance, HSA, FSA
  • Traditional and Roth 401(k) plans with company match
  • Company contributions to help pay off student loans
  • Monthly home internet allowance
  • Free life insurance, STD & LTD
  • Hybrid work
  • Opportunities for annual gainshare bonus
  • Pet insurance
  • Generous PTO
  • 9 paid holidays
  • Paid parental leave
  • Annual company-wide volunteer day
  • Adoption financial assistance

Actuarial Focus

  1. Reserving: Conducts in-house financial loss and expense reserve calculations while collaborating with consulting actuaries in related analyses and presentations. Performs financial projections, including but not limited to accounting and budgeting for frequency, severity, audit, expense and annual statement. Provides individual claim projections for case reserve, settlement and interest purposes.
  2. Ratemaking: Conducts reviews of rating components for insurance rates, procedures and plans. Assists in preparation and coordination of all rate filings necessary for Departments of Insurance.
  3. Pricing: Monitors pricing including loss sensitive and dividend plans, making recommendations for changes when appropriate. Develops pricing methodologies, tools and assumptions.
  4. Reinsurance: Analyzes reinsurance contracts and retention selections. Interfaces with reinsurance broker to understand and implement alternative structures/offerings where appropriate.
  5. Analytics : Participate in corporate predictive modeling initiatives as part of department cross-training and development. May participate in Enterprise Risk Management and Business Intelligence initiatives.
  6. Innovation: Stays apprised, explores and implements evolving actuarial, statistical and coding methodologies, with discernment for implementation of internal models versus vendor solutions as appropriate.

Business Service Focus

  1. Business Partnership: Provides ad hoc data analyses as requested. Participates in company initiatives and projects, including but not limited to those with underwriting, claims, finance and Information Services. Works extensively with business leaders and technical experts to develop innovative business solutions and insights. Acts as a champion to leverage internal and external data to improve efficiencies, decision-making and allocation of resources. Mentors business on value proposition of use of analytics to overhaul existing processes. Use analytics to analyze and make recommendations on new opportunities.
  2. Tool Development: Maintains, enhances, and develops tools and methodologies to improve efficiencies and outcomes. Creates buy-in throughout the development process. Provides leadership, training and product expertise during implementation of new tools.
  3. Teamwork: Participates in team-oriented development environment. Collaborates with Business Intelligence team members to create implementation processes, automated reporting and data visualization solutions. Keeps team members updated on project status and works with other team members to produce timely high-quality solutions. Maintains appropriate interactions with persons both within the organization and externally.
  4. Communication: Communicates effectively with leaders and management on project status and work assignments. Presents research findings to interested parties including internal stakeholders, vendors, clients and industry conferences. Provides clear and concise documentation.

We're looking for:

  • Bachelor's degree in Mathematics, Actuarial Science, Statistics or related quantitative field preferred.
  • 3 or more years of actuarial experience in an insurance or consulting setting
  • Passed four or more actuarial exams; Associate of the Casualty Actuarial Society (ACAS) or Associate of Society of Actuaries (ASA) designation preferred.
  • Fellow of the Casualty Actuarial Society (FCAS) is a plus.
  • Some experience with statistical modeling and/or programming preferred, including working knowledge of Python, SAS, R or Visual Basic for Applications (VBA).
  • Strong analytical and problem-solving skills, with sound judgment and decision making capabilities.
  • Excellent attention to detail
  • Resourceful with good organizational and project management skills
  • Strong oral and written communication skills, including presentation abilities.
  • Strong customer service skills.

Physical Requirements:

Regular attendance is required. Work takes place in a semi paperless environment within an in office or remote home office setting, using standard office equipment such as computers, phones, and photocopiers, which requires being stationary for extended periods of time. While performing the duties of this job, the employee is regularly required to talk or hear, and maintain concentration and focus. The employee frequently is required to stand; walk; use hands and fingers, handle or feel; and reach with hands and arms and work with close vision. This position requires the ability to occasionally lift office products and supplies, up to 20 pounds. Work is performed indoors with little to no exposure to extreme outdoor weather conditions.

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

About SFM:

Since 1983, our mission has been to be the workers' compensation partner of choice for agents, employers and their workers. In that time, we've expanded to well over 25,000 customers in the Midwest and grown our offerings to include vocational rehabilitation, loss prevention, medical services and more. Though much has changed through the years, our focus continues to be unrivaled customer service, safety, and providing better outcomes for employers and injured workers. . .

SFM is unique in that we are small enough that your voice is heard, but has all the benefits and perks of a larger employer. We value your opinion, help you reach your goals, and make it easy for you to maintain work-life balance. SFM is committed to creating the best work environment and believes that our exceptional and motivated employees are our greatest strength. SFM emphasizes work life balance, and our benefit package is designed to assist you navigate your work-life journey.

SFM Mutual Insurance Company and each of its parent companies, subsidiaries and/or affiliated companies are Equal Opportunity/Affirmative Action Employers. All employment decisions are made without regard to race, color, religion, sex, national origin, age, sexual orientation, marital, familial, or veteran status, medical condition or disability, or any other legally protected classification.

SFM Companies, EEO/AA Employers.

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