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Associate Life Actuary

Company: Erie Insurance
Location: Erie
Posted on: June 6, 2021

Job Description:

Division or Field Office:

Life Division

Department of Position: Life Actrl, Clms & Cmplnc Dept

Work from:

Corporate Home Office (Erie, PA)

At Erie Insurance, you're not just part of a Fortune 500 company; you're also a valued member of a diverse and inclusive team that includes more than 5,000 employees and over 2,200 independent agencies. Our Employees work in the Home Office complex located in Erie, PA, and in our Field Offices that span 12 states and the District of Columbia. To attract and retain the best talent, we reward our team members with competitive salaries and a very generous benefits package.

Position Summary

Coordinates technical, analytical, and research activities for all Life Actuarial Department functions, including pricing, product development, valuation, financial reporting and reinsurance.

Duties and Responsibilities

  • Develops and applies a thorough knowledge of Erie Family Life's products, their uses in the marketplace, and actuarial aspects of their development. Performs pricing and competitive studies and assists in the development of pricing assumptions and other special projects.
  • Develops PC applications and reports needed to perform company experience studies of mortality, persistency, expenses, and other factors for pricing and other testing. Monitors experience and makes recommendations as needed. Assists Illustration Actuary in testing of illustrated scales. Completes industry sales and in-force surveys.
  • Prepares and reviews periodic financial reports required of the department. Produces statutory, tax, and generally accepted accounting principles (GAAP) reserves and supporting documents where needed. Assists the Appointed Actuary by performing asset-liability matching studies.
  • Develops, modifies and maintains computer applications to automate routine operations and special projects of the department. Develops and maintains systems to compute premium, reserve, non-forfeiture, settlement option, and other policy-related values for administrative and illustration systems.
  • Assists in preparing and proofreading policy forms, actuarial memoranda describing reserve and non-forfeiture calculations, and related material for submission to the various state insurance departments. Implements procedures to ensure compliance with actuarial regulations and guidelines.
  • Assists in the administration and analysis of reinsurance treaties. Develops and implements automated improvements where needed. Analyzes potential new treaties for net cost considerations.
  • Implements solutions and performs actuarial calculations for the department and for other departments within Erie Family Life, or its affiliated companies, as required.
  • Participates in Society of Actuaries and other professional development activities as available.

The first 4 duties listed are the functions identified as essential to the job. Essential functions are those job duties that must be performed in order for the job to be accomplished.

This position description in no way states or implies that these are the only duties to be performed by the incumbent. Employees are required to follow any other job-related instruction and to perform any other duties as requested by their supervisor, or as become evident.

Competencies

Ability To Learn And Follow Procedures

Ability to Manage Complexity

Decision Making

Developing And Maintaining Relationships

Information Management Skills

Interpersonal Communication

Job-Specific Knowledge

Planning And Organizing

Presentation Skills

Problem Analysis

Service Orientation

Time Management

Qualifications

Bachelor's degree in mathematics or related field required. Achievement of the Associate of the Society of Actuaries (ASA) designation required. Three years of previous experience in life actuarial work, including thorough knowledge of pricing and valuation techniques, required. Proficiency in spreadsheet software required. Previous experience in programming, database applications and commercial actuarial software required.

Physical Requirements

Lifting 0-20 lbs; Occasional (<20%)

Lifting 20-50 lbs; Occasional (<20%)

Lifting Over 50 lbs; Occasional (<20%)

Driving; Occasional (<20%)

Pushing/Pulling; Occasional (<20%)

Manual Keying/Data Entry; Often (20-50%)

Climbing; Rarely

Nearest Major Market: Erie

Job Segment: Actuarial, Liability, Database, Testing, Insurance, Technology

Keywords: Erie Insurance, Erie , Associate Life Actuary, Other , Erie, Pennsylvania

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