JOB TITLE: ACTUARIAL ASSOCIATE

JOB CODE: 04529 SERIES NATURE OF WORK: The actuarial job series describes work performing mathematical and financial calculations to analyze predictive models.

DEFINITION: This is technical 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 assists actuaries in the application of actuarial and statistical principles and methods to review and analyze loss experience and exposure, outstanding liabilities, and accuracy of reported data for self-insured applicants and employers. Work involves researching, reviewing, evaluating, analyzing, and compiling 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. Work is reviewed in progress and upon completion for technical proficiency and professional development, and for adherence to established standards and instructions.

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.)

• Analyzes insurance and other types of economic data to develop actuarial studies or conclusions.

• Applies statistical techniques to assess the outcome of insurance liabilities.

• Assesses the frequency and average amount of claims to estimate premiums.

• Assists higher-level actuaries in the evaluation of group funds.

• Researches and ensures compliance with insurance statutes and regulations.

• Researches and ensures compliance with actuarial guidelines and standards of practice.

• Examines actuarial memoranda to ensure compliance with standard nonforfeiture law.

• Examines insurance rates and reserves to determine actuarial soundness.

• Corresponds with insurance company officials regarding actuarial matters and rulings.

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

• Assists with training lower-level staff.

• Performs related duties as required.

ENTRY LEVEL KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of insurance principles and practices, including underwriting, claims, and the socio-economic influences of insurance.

• Knowledge of insurance rate making procedures.

• Knowledge of rate regulatory statutes.

• Knowledge of reserving methods and procedures.

• Knowledge of mathematics as related to actuarial work.

• Knowledge of statistical principles and techniques.

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

• 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)

• Successful completion of the Actuarial Associate Trainee program (commonwealth title); or

• One year of technical actuarial experience and an associate degree that includes 12 college credits in actuarial science, data science, finance, economics, mathematics, statistics, or a closely related field; or

• One year of technical actuarial experience and completion of two parts 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 actuarial science, data science, finance, economics, mathematics, statistics, or a closely related field.