JOB TITLE: ACTUARIAL ASSOCIATE TRAINEE

JOB CODE: 04528 SERIES NATURE OF WORK: The actuarial job series describes work performing mathematical, statistical, and financial calculations to analyze predictive models.

DEFINITION: This is structured and specialized trainee work assisting actuaries in the analysis, evaluation, and calculation of the probability and severity of loss, expense, and other costs for health insurance companies, property and casualty insurance companies, or self-insured employers and group funds requesting to be self-insured for workers’ compensation purposes.

An employee in this job receives on-the-job training to develop the necessary skills and experience to review and analyze loss experience, outstanding liabilities, and the accuracy of reported data for self-insured applicants and employers. Work involves assisting higher level actuaries with actuarial assessments to develop skills in reviewing, evaluating, and analyzing insurance rates, rating procedures, rating plans, reserve projections, methodologies, and schedules to determine whether they conform with statutory requirements and to ensure they are not excessive, inadequate, or unfairly discriminatory. Employees will become increasingly more independent as learning progresses and technical proficiency is acquired. Work is reviewed in progress and upon completion by an administrative supervisor for technical proficiency and adherence to established laws, regulations, policies, procedures, and standards.

EXAMPLES OF WORK: (NOTE: The examples of work are representative of the work, but every position classified to this job may not perform all examples of work listed. Conversely, this is not an all-inclusive list of work examples.)

• Participates in a training program designed to develop technical competence in the understanding and application of actuarial and statistical principles and methods related to the analysis of insurance rates, rating procedures, rating plans, and schedules.

• Assists with researching and compiling insurance rate-related data used to develop actuarial studies or conclusions.

• Assists with researching and compiling insurance rate-related data used in hearings and appeals.

• Participates in the preparation of actuarial studies on insurance matters.

• Participates in the examination of rate filings, reserves, and financial statements to determine actuarial soundness.

• Corresponds with insurance company officials regarding actuarial matters.

• Compiles and disseminates actuarial information provided by organizations and individuals.

• Participates in drafting new regulations.

• Performs related work as required.

ENTRY LEVEL KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of statistical principles and techniques.

• Knowledge of the use and functionality of Microsoft Office Suite software.

• Ability to compile, organize, analyze, and interpret data.

• Ability to perform mathematical calculations as it relates to actuarial work.

• Ability to communicate effectively orally.

• Ability to communicate effectively in writing.

• Ability to establish and maintain effective working relationships.

MINIMUM EXPERIENCE AND TRAINING: (NOTE: Based on the Entry Level Knowledges, Skills, and Abilities)

• An associate degree that includes 12 college credits in actuary science, data science, finance, economics, mathematics, statistics, or a closely related field;

or

• Completion of one part of the Society of Actuaries examination or Casualty Actuarial Society examination;

or

• An equivalent combination of experience and training that includes 12 college credits in actuary science, data science, finance, economics, mathematics, statistics, or a closely related field.