The Associate Actuary will support SFM's business needs and strategic goals by analyzing, evaluating, and modeling business processes and outcomes. You will do reserving, reinsurance, ratemaking, financial projections, and claim calculations focusing on Workers' Compensation Insurance. 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 advocates for the use of data solutions that drive business insights and actions. Supports business and strategic goals by analyzing, evaluating, and modeling business processes and outcomes. Executes core actuarial duties of reserving, reinsurance, ratemaking, financial projections, and claim calculations.
- Competitive salary
- Traditional and Roth 401(k) plans with company match
- Comprehensive health, dental and vision plans
- Free life insurance
- Free short and long-term disability insurance
- Health care and Dependent care flex spending accounts
- Alternative schedules
- Flexible work hours
- Generous paid time off
- Paid holidays
- Paid parental leaves
- Free annual health screenings
- Free onsite fitness center
- Sick room and child care room
- On-site training
- Tuition assistance
- Company contributions to help pay off student loans
- Discounts on car rentals, movie tickets, car washes, Fair tickets, and more!
- Fun activities such as bocce ball, pickleball league, bowling, and more!
- Many more benefits available!!
- 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.
- 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.
- Pricing: Monitors pricing including loss sensitive and dividend plans, making recommendations for changes when appropriate. Develops pricing methodologies, tools and assumptions.
- Reinsurance: Analyzes reinsurance contracts and retention selections. Interfaces with reinsurance broker to understand and implement alternative structures/offerings where appropriate.
- Analytics: May participate in corporate predictive modeling and Enterprise Risk Management initiatives.
- 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
- 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.
- Tool Development: Maintains, enhances, and develops tools and methodologies to improve efficiencies and outcomes. Creates consumer buy-in throughout the development process. Provides leadership, training and product expertise during implementation of new tools.
- 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.
- 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.
- Bachelor's degree in Mathematics, Actuarial Science, Statistics, Risk Management, Economics, Data Science or related quantitative field.
- 4 or more years of actuarial experience.
- Property/casualty with workers' compensation insurance experience preferred. Candidates with experience in health insurance will also be considered.
- Associate of the Casualty Actuarial Society (ACAS) or Associate of the Society of Actuaries (ASA) designation.
- Strong analytical, investigation and problem-solving abilities.
- Proficient in Microsoft Excel, including experience working with formulas, calculations, charts and graphs. Visual Basic for Applications (VBA) or other programming experience preferred.
- Ability to create unique solutions to complex problems.
- Strong oral and written communication skills, including presentation abilities.
- Resourceful with good organizational and multi-tasking skills and attention to detail.
- Working knowledge of insurance principles with a strong understanding of underwriting principles and traditional actuarial reserving methodologies.
- Strong customer service skills.
- Sound judgment and decision making capabilities.
- Some experience with statistical modeling preferred, including working knowledge of Python, SAS or R.
Regular attendance is required. Work takes place in a semi paperless environment within an 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. **Travel as needed.
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.
The safety of our associates, both current and future, is SFM's highest priority. At this time, most of our associates are working remotely due to the current COVID-19 pandemic. Candidates who are selected for this position will be trained remotely and must be able to work from home in a designated work area. Once SFM determines it is safe for associates to return to the office, candidates may be required to work in our Bloomington, MN office.
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 a little over 20,000 customers in the Midwest and grown our offerings to include vocational rehabilitation, safe patient handling, 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 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.