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0-5 years of experience
Monitored indemnity and insurance provisions in contracts to ensure an equitable allocation of risk between the company and its contractors
- Produced detailed spreadsheets to adequately evaluate reserve levels of the 2.5 million Medicaid population, resulting in a significant reduction in solvency risk
- Performed monthly experience studies, analyzing migration behaviors of different population cohorts, to present at departmental meetings
- Analyzed trends within claim payments to quickly assess areas for improvement or growth
- Developed and supervised a lag analysis resulting in savings of $15 million in consulting fees and lost revenue from misallocation of members into the wrong cohorts
0-5 years of experience
Acted as liaison between clients and system technical leads to meet client goals and to ensure client satisfaction during development and implementation of administration software.
- Analyzed client product features and worked with client to determine required enhancements to the administration system functionality. Developed functional specifications needed to customize the system according to defined enhancements.
- Presented functional specifications to programmers and monitored development progress to ensure client requirements were met.
- Tested system enhancements to ensure that the completed programming met the requirements defined in the functional specifications.
- Trained clients in the use and maintenance of product features in the system.
0-5 years of experience
Developed annual pension and post retirement medical valuations for small to midsized public and private plans in order to determine employer contributions.
- Reconciled plan participants’ data on an annual basis and programmed the results using Access into the Actuarial software, Val2000 (Access based).
- Analyzed and reconciled financial statements and participant static data by comparing the results to prior year’s data and calculated the Pension Plan’s liability in Excel.
- Performed variance analysis to explain actuarial gains/losses, due to plan and assumption changes.
- Read and interpreted plan documents for calculating benefits and preparing benefit statements.
- Streamlined the calculation of plan termination process by drastically reducing the all-day job to a three-hour procedure through automation and advanced excel programming.
- Mentored and trained junior staff on completing government forms and other related work.
0-5 years of experience
Worked directly with Senior Management to develop procedures to negotiate claim settlements, streamline the claims process and ensure timely delivery of compensation to our clients.
- Worked directly with management staff to develop procedures to negotiate claim settlements, streamline the claims process and ensure timely delivery of compensation to our clients
- Presented quarterly claims information and loss trends to the board of directors and successfully proposed changes in current claims procedures to process claims efficiently and reduce costs for the company and agents
- Interviewed insured and negotiated settlements while accurately communicating policy agreements
- Developed and maintained relationships with numerous outside engineering firms and insurance agencies
0-5 years of experience
Applied math and statistics to improve Homeowners, Private Passenger Auto, Boat and VIP programs and developed rate indications to keep the company profitable and operating within established actuarial guidelines.
- Conceived of method for simulating extension of exposure using a random sample of 30,000 policies which resulted in the most reliable estimate of current rate level premium.
- Created and maintained automatic rate generators for comparison of competitors’ premiums.
- Produced quarterly and year-end pricing indications using Excel for all states doing company business.
- Developed Excel system that estimated the impact of various rate or algorithm changes on the established book of business.
- Provided year-end loss development exhibits for Actuarial Opinion for a newly acquired company using Excel based Affinity software.
0-5 years of experience
Ensured the profitability of private passenger automobile insurance in the state of Kentucky through product design, pricing, and underwriting, and by proposing changes to chief officers
- Trained 8 new-hires and maintained a consistent countrywide actuarial work product
- Designed a verified mileage program to increase sales in our largest market by 80%
- Managed the design of an SQL and Access tool that automated the calculation of effects of 10 – 15 rate changes per year, reducing the risk of user error and reducing the completion time by 50%
- Ensured ongoing compliance; completed 5 – 10 regulatory filings per year and responded to objections
0-5 years of experience
Created an interactive national map for underwriting that displayed loss ratio, premium dollars and utilization of PPO network which reduced the time spent analyzing data by more than 50%.
- Created PPO network review guidelines and pricing model for corporate underwriting.
- Assumed leadership in development and repricing of small group product that resulted 40% decrease in loss ratio for this line of business.
- Established new contacts with PPO clients which resulted in the first nationwide PPO evaluation the company completed in over 8 years.
0-5 years of experience
Rendered asset allocation studies for FASB and valuation assumptions setting
- Performed FASB financial reporting for pension plans and post-retirement health care plans to meet client year-end reporting deadlines
- Decreased costs by $220M for a $2B pension trust fund by reducing union group death benefit
- Reduced turnaround time by 75% through redesign of a project process for a Fortune 500 client
0-5 years of experience
- Monitored indemnity and insurance provisions in contracts to ensure an equitable allocation of risk between the company and its contractors
- Produced detailed spreadsheets to adequately evaluate reserve levels of the 2.5 million Medicaid population, resulting in a significant reduction in solvency risk
- Performed monthly experience studies, analyzing migration behaviors of different population cohorts, to present at departmental meetings
- Analyzed trends within claim payments to quickly assess areas for improvement or growth
- Developed and supervised a lag analysis resulting in savings of $15 million in consulting fees and lost revenue from misallocation of members into the wrong cohorts
0-5 years of experience
Created a Logistic Regression model to predict the retention rates of Medicare Advantage plans using Enterprise Guide
- Researched, validated and analyzed the Edge Server data and risk adjustment process
- Created and submitted Under 65 rate filings to the OIR
- Contributed to the forecasting process by maintaining and enhancing the Actuarial Reprojection Model and creating a monthly actuarial scorecard
- Supervised an Intern on several risk adjustment projects that included SAS and Excel
0-5 years of experience
Produced financial results packages utilized for corporate decision making at the executive level
- Coordinated research with other departments for detailed activity underlying the monthly results
- Prepared quarterly loss reserve estimates for various lines of business
- Redesigned and streamlined the process for producing annual loss reserve balancing
- Managed audit inquiries and assisted the Actuarial Director with miscellaneous projects
0-5 years of experience
Supported senior level actuaries with annual valuations by checking and analyzing actuarial valuation results, client census data, liabilities, financial statements, and preliminary review of client deliverables.
- Communicated directly with clients advisors as needed regarding plan administration or to collect any additional information needed to resolve issues.
- Performed individual benefit calculation as needed for valuation and benefit statement purposes.
- Prepared various governmental reporting forms (e.g. PBGC, Form 5500, Schedule SB, Form SSA, etc.) using Relius Documents.
- Maintained chargeable hours targets, contributed to profitability by completing budget spreadsheet, monitored own time spent on projects and maintained accurate time records.
6-10 years of experience
Provided actuarial support for product development, risk, actuarial, claims, compliance and customer care departments.
- Delighted customer by providing timely and accurate information, answering customer questions regarding policy contracts and product specifications.
- Determined accuracy of information provided to policyholders by reviewing and analyzing data.
- Brought individual policies into compliance by determining root causes of inconsistencies and correcting discrepancies.
- Aided customers in finding answers to complex questions by implementing new products on illustration system and verifying illustration values.
- Determined correct interest rates for company by risk management modeling which included gathering and analyzing interest rate data across 5 systems.
- Ensured compliance with company policies by building and maintaining databases and analyzing trends and anomalies.
0-5 years of experience
Reviewed monthly, quarterly, and annual reporting on the basis of Generally Accepted Accounting Principles (GAAP).
- Created month-end reports.
- Redesigned and reimplemented the FAS97 Variable Universal Life process to make it more intuitive and more efficient. This worksheet is used as a template for all other FAS97 PLOBs.
- Prepared the quarterly tax documentation and designed and implemented review procedures for quarterly tax reporting.
- Maintained VUL FAS97 ALFA models.
- Implemented the Farmers Essential Universal Life product in the ARCVAL valuation system.
- Supported the Statutory Unit at the end of each quarter.
0-5 years of experience
Lead development and implementation of countrywide rating engine to better assess pricing adequacy in businessowners package book of business
- Identify areas for improved profitability by utilizing actuarial analysis and provide executives with recommendations regarding class and territory pricing adjustments
- Collaborated with business partners to provide agencies with algorithm parameters of general liability product
- Analyzed loss development and loss trend to provide factors to modeling team for a product rebuild
- Established communication with catastrophe modeling team to provide actuarial pricing department with understanding of pricing implication of catastrophes
0-5 years of experience
Created Excel reports & SAS listings for company’s reserves generated from running SAS programs on UNIX & Mainframe platforms
- Performed SAS development and updates for various company departments, initially on Mainframe environment, then transitioned to UNIX
- Ad hoc reporting on medical & rx claims stats utilizing Base SAS (UNIX)
- Developed pricing strategies for actuarial pricing department based on company’s pricing models developed by corporate IT & actuarial department
- Calculated and reviewed company reserves using actuarial models for company’s reserve pool.
0-5 years of experience
Client team lead responsible for customer satisfaction and participant benefit requests as well as client projects and requests.
- Acted as the client contact for any and all defined benefit calculation inquiries
- Accurately audited and reviewed system generated benefit calculations as well as the monthly disbursement cycle ensuring all participants received their benefits on time
- Performed manual benefit calculations including QDROs & MRDs.
- Monitored workflow to ensure satisfactory client deliverables
- Assisted management in training new associates
6-10 years of experience
Priced primary casualty accounts based on historical loss experience. Performed and evaluated profitability studies and reserve analyses for major lines of business (General Liability, Workers’ Compensation and Auto Liability). Point person for the staffing of the department.
- Evaluated claim history for numerous large multi-national accounts to submit recommendations to underwriters for the final premium charged to clients
- Analyzed policy year triangles to monitor the performance of business areas and provided the results on profitability to senior management for review
- Calculated reserve amounts for different lines of business based on analysis of annual trends; estimated ultimate losses compared to actual reserves to meet regulatory requirements
- Interviewed intern and full time candidates to determine future hires; managed the summer intern program
0-5 years of experience
- Liaise with clients/Policyholders to answer any questions and resolve issues promptly and professionally.
- Implemented and executed business strategies to drive Travelers Insurance Policy, resulting in 5% increase in market share.
- Gathered and compiled data to evaluate the profitability of the lines of business
- Assisted senior managers in development of client presentation materials and supported in management meetings
- Designed and maintained reports on financial performances used in the preparation for weekly and monthly business reviews
- Supported in building and managing financial models for business forecasting, variance analysis and problem solving
0-5 years of experience
Reviewed rate schedule submissions and requests for changes to rate schedules to determine compliance with state insurance laws and the reasonableness of these rate schedules by performing complex actuarial calculations
- Generated rate filing deficiencies via written, verbal or electronic means to the designated company contact for filings under review
- Independently prepared Final Action Summaries and suggested recommendations for filings under review
- Collected, analyzed and reviewed statutorily required reporting forms. Corresponded with internal sources to insure compliance with legislation
- Assisted in the preparation of consumer guides to explain rates and/or the rating process
0-5 years of experience
Managed and evaluated data for pension and post-retirement welfare plans for major corporations, using actuarial computer systems and software packages
- Assisted in the preparation of annual corporate valuation reports and government filings, incorporating changes in government regulations and reporting practices
- Calculated benefits and liabilities for vested employees who terminate or retire from a client company
- Analyzed employee data for consistency and accuracy
- Designed spreadsheets and reports to service clients by providing information and by answering client questions
0-5 years of experience
- Performed pricing analyses using Risk Adjusted Return on Capital to determine tiering structure of existing business. This analysis improved results by 35%.
- Analyzed loss development data to determine reserve adequacy.
- Developed and implemented monthly premium report. This report compared budget vs. actual and allowed management to determine the profitability of each line and how much business we wrote.
- Calculated Workers Compensation lump sum loss settlements. These settlements saved an average of 50% over paying out annual payments.
- Wrote analysis of market trends for Workers Compensation Industry. This report was used as model for future growth.
- Provided technical support for Product Managers and Regulatory Affairs.
0-5 years of experience
Collected and analyzed client medical and dental claims experience data to estimate future plan cost and determine plan values
- Developed employee contribution strategies to meet client cost objectives
- Assisted in the development of customized health care benefit pricing models
- Audited medical appeals evaluation and discount pricing processes to achieve clients’ performance monitoring objectives
- Analyzed large data sets using SAS to determine benefit utilization and cost trends
0-5 years of experience
Using SQL and SAS, compiled and categorized complex data to conduct experience analyses. Worked with IT consultants to support of the accuracy of the data
- Provided Senior management with high level actuarial analysis for Health Care Reform
- Studied the effect of increasing ambulatory copayments on inpatient utilization
- Generated and updated funding progress reporting for physicians with 300+ members on a needed basis
- Generated report of Medicare Advantage vs. Medicare Supplement value proposition by comparing Out-of-Pocket costs between competitors’ Medicare Supplemental /PDP vs. Humana PFFS/LPPO products
- Conducted Member Migration and Elasticity study which investigated the effect of increasing premium on migration
- Conducted study of the health care reform impact on Medicare retiree drug subsidy (RDS)
0-5 years of experience
Performed valuations and non-discrimination testing of defined benefit and defined contribution plans in accordance with the Employee Retirement Income Security Act and other federal regulations.
- Performed recordkeeping for 401(k) and ESOP plans.
- Calculated pension and 401(k) benefits for retirees, terminated employees and QDRO recipients.
- Constructed models and made client presentations for business development efforts.
- Consulted with clients regarding pension plan issues.
- Mentored and provided written and verbal evaluations to new associates and interns.
- Developed and led training programs in proprietary software and regulations for new and experienced associates.
0-5 years of experience
Compiled and prepared ad hoc reports, graphs, and charts of data developed using actuarial data warehouse and claim data warehouse.
- Conducted and assisted in routine, recurring analysis and research, preparation of standardized reports, and documentation of various analysis projects.
- Conducted competitive analysis for AARP 50-64 PPO products.
- Prepared for the annual pricing and rate filing processes.
- Supported actuaries in the analysis, pricing, and reserving of the AARP health insurance products.
0-5 years of experience
- Assessed pension plans of clients to calculate benefits for both retirees and terminated-vested employees.
- Reconciled employee data for companies with over 1,000 employees to accurately determine pension plan liabilities used in valuation reports, statements, and disclosures.
- Improved the efficiency of the benefit calculation process by automating Excel-based calculations.
- Conducted training sessions for ten new hires and crafted original teaching materials.
0-5 years of experience
Provided Personal Automobile rate indications to Product Managers utilizing several actuarial exhibits
- Analyzed and made selections in actuarial models for expenses, loss development factors, premium/loss trends, and historical loss experience
- Peer reviewed rate indication exhibits and reports of other analysts, and recommended necessary changes
- Performed monthly loss reserve analyses and made projected selections based on developed actuarial models
- Collaborated with Product Managers, Underwriters, and Financial Analysts to assist with the development of new coverages
0-5 years of experience
Maintained and enhanced renewal rating tool for consumer driven products and trained
underwriters on using the tool
- Performed 2007 and 2008 benefit designs and pricing for Humana employees
- Conducted benefit design and pricing of consumer driven products for several national accounts
- Evaluated competitiveness and pricing/marketing strategies in Atlanta and Houston markets
- Coordinated underwriting and actuarial efforts in developing business competitive database
0-5 years of experience
- Developed the annual Global Loss Triangles, which provided a view of property and casualty loss reserves to investors and analysts
- Produced detailed Price Monitor Reports for senior management that contained supportive commentary to address significant variances
- Prepared Audit Committee Reserve Packs that included an analysis of loss reserves, prior period and current accident year development, and price changes
- Compiled and analyzed the prior period development for the 10Q and 10K
- Assisted with other miscellaneous projects for senior management
0-5 years of experience
Provided technical, administrative and consultative support to account managers and consulting staff on client work relating to retirement plans: benefit calculations, data entry and review, and form preparations and filings.
- Provided assistance to account manager in such areas as valuations projects, data reconciliation, and computer applications.
- Participated as needed on special project teams.
- Ran actuarial valuation programs for ERISA, FAS35, FAS87, FAS106, and PBGC. Assist with the preparation and filing of government forms and reports and non-discrimination testing.
- Assisted consulting team with client proposals, presentations, management reporting, and overall peer review of all work and provide a high level of a client service support.
6-10 years of experience
- Improved illustration and billing procedures on maximum loan cases to reduce errors by 75%.
- Streamlined procedures to provide valuation data on manually administered policies and reduced processing time from 10 days down to 4 days.
- Developed, edited, and maintained documentation of procedures for cross-training and Business Continuity Plans.
- Maintained, troubleshot and supported FORTRAN program used to provide policy information and calculations.
- Provided training and cross-training on various department processes.
- Supported Six Sigma projects.
10+ years of experience
- Responsible for product pricing, profitability, and state compliance for twenty-six states for Automobile, Businessowners, and Workers’ Compensation lines of business.
- Produced pricing analysis and measurements for twenty-six states for Automobile, Businessowners, and Workers’ Compensation lines of business.
- Analyzed competitor products developing information that supported the company’s product and pricing objectives.
- Developed spreadsheet analysis for actuarial and underwriting purposes.
- Conducted pricing analysis for actuarial and underwriting purposes.
- Responded to state insurance departments and regulators for actuarial support for filed pricing changes.
- Designed, maintained, and produced experience reports for company management and board of directors.
0-5 years of experience
Liaised with marketing department colleagues to solve product campaign issues
- Researched GASB 45 standards for assist other postemployment benefits reporting
- Verified coding in the Proval Software for defined benefits pension plan
- Designed and coded 100+ Microsoft CRM workflows for product marketing campaign
- Prioritized and assigned objectives in order to meet deadlines, improving team efficiency
- Assisted with performing valuations to determine the contributions of defined benefit pension
- Managed and updated 15000+ clients information in marketing database
0-5 years of experience
- Conducted quarterly loss and expense reserves evaluation including evaluation of IBNR and ULAE liabilities, both gross and net of reinsurance recoveries.
- Maintained actuarial models for loss and reserve analysis using actuarial software.
- Liaison with IT department in the design, development and updates of [company name] database system and data reporting system.
- Prepared and completed annual statutory [company name] report and communicated the results to financial department, underwriting department and management.
- Assisted in preparing the actuarial portion of financial reports and responses to Insurance Regulator.
0-5 years of experience
Updated Risk Committee report analyzing the types of risks written by business category for executives at the company for decision-making
- Completed semi-annual rate adequacy for $1.4B Commercial Multi-Peril (MasterPac) book of business
- Collaborated on product development initiatives with product team; Researched and compared rates against competitors
- Responded to Department of Insurance’s information requests
0-5 years of experience
Worked with GAP (Guaranteed Asset Protection) and credit life/disability of automobile dealer products.
- Extracted, sorted and summarized data from various sources for use in actuarial analyses. Prepared reports of underperforming accounts for dealer management process.
- Participated in periodic GAAP and Statutory reserve analyses.
- Completed statistical portion of State Insurance Department transmittal forms and supported exhibits for rates and rules filings.
- Priced GAP product.
0-5 years of experience
Analyzed performance measures and wrote associated software for claim department.
- Used Excel to create a by-state staffing model for the workers comp division.
- Developed SAS program to read aggregate limits data from various sources and combine results with claim financial detail. Results were dropped into Excel, providing a means of tracking claim payments against policy limits.
- Performed quarterly analysis of various performance measures using SAS and Excel.
- Established Excel spreadsheet and SAS data pulls to monitor medical malpractice claims.
- Participated in subrogation benchmarking study with other companies. Devised data pulls and summaries using SAS and provided outside company with results in a format they determined.
0-5 years of experience
Client team lead responsible for customer satisfaction and participant benefit requests as well as client projects and requests.
- Acted as the client contact for any and all defined benefit calculation inquiries
- Accurately audited and reviewed system generated benefit calculations as well as the monthly disbursement cycle ensuring all participants received their benefits on time
- Performed manual benefit calculations including QDROs & MRDs.
- Monitored workflow to ensure satisfactory client deliverables
- Assisted management in training new associates
0-5 years of experience
- Priced future risks for a variety of pension and retiree medical plans. Forecasted required annual contributions for pension plans by analyzing annual data received from clients detailing participant information.
- Collaborated with actuaries to validate actuarial assumptions for new and existing pension plans for clients.
- Developed actuarial mathematics skills and calculated projections of future liability for clients’ pension plans.
- Studied for and passed Actuarial Exam 1 – Statistics
0-5 years of experience
- Coordinated guaranteed rate basis annuity production among actuarial and client services departments that produced $100,000,000 in annual sales.
- Created terminal funding quotes for the company’s Group Annuity department.
- Developed various pricing bases and worked on mortality studies for rate basis annuity and terminal funding products.
- Managed two employees of guaranteed rate basis annuity production.
0-5 years of experience
- Helped manage and provided Actuarial support on $100 million book of assumed business.
- Maintained and updated numerous experience and data reports on a monthly basis.
- Completed pricing analysis on new and existing programs.
- Monitored IBNR adequacy, Sliding Scale Commission calculations and adequacy.
- Worked closely with Accounting, Actuarial Reserving, and Legal departments.
0-5 years of experience
- Conducted product pricing reviews with Underwriting VPs on a state-by-state basis
- Performed quarterly reserves and IBNR analysis for financial statements
- Implemented a new line of business on a nationwide basis, worth $2,500,000
- Analyzed and verified data warehouse integrity using Hyperion, SQL based data query tool
- Modeled agent contingent commissions based on annual earned premium and loss ratios
6-10 years of experience
Responsibilities included assisting in all aspects of defined benefit administration and actuarial valuation reports. Prepared data requests, analyzed pension participant data, resolved data inconsistencies, prepared the data for processing in PC based valuation system, ran the valuation, analyzed the results, and prepared the valuation report for the review by the actuary. In addition, completed government forms, maintained client databases, designed spreadsheets to perform various tasks and produced employee benefit statements and reconciliation of Assets. Assisted with special actuarial projects such as plan formula changes and cost projections.
- Known for willingness to ask questions and seek additional information, avoiding waste of time and increasing efficiency.
- Extremely efficient and detailed focused when checking and proofreading documents and reports, consistently achieving highly accurate work.
- Developed a detailed outline of valuation process steps that assured accuracy and 100% completion, making process faster by eliminating need to re-write process details.
- Improved pension data importing process by creating new functions for moving data from Excel to Access Database for customer reports. Reduced cost to customers helping to keep consulting services competitive.
- Increased productivity and accuracy by mentoring co-workers of various levels with regard to software programs specific to our actuarial work. Acted as troubleshooter to facilitate smooth running of the software programs.
- Supported supervisors in requesting updated information from clients to complete actuarial valuation reports. Performed this important task quickly and accurately.
0-5 years of experience
Supported the company’s partner that is struggling with its expansion; I projected financial analysis calculated the break-even year of the deal by using Excel formula and VBA
- Developed an economy consistent product using actuarial modeling metrics to accommodate the current constraint of consumers resulting in 23% growth in sales and eliminating client loss
- Assisted in developing and maintaining pricing for the current 30+ [company name]’s Group Life products
- Conducted the sensitivity analysis on reinsurance premium
- Provided support and recommendation in controlling annuity consistency
- Established the Solvency II for the company by analyzing and validating the results; we ensured they met the 5% requirements of SCR and MCR, then reported to the regional management and the government
- Extracted data from company’s data library using Prophet program and cash flow/ curve fitting method
- Gained insight into the non-life insurance products, distribution channels and brokerages
- Completed underwriting assessments including main factors that affected the ratings for Travel, Personal Accident products
0-5 years of experience
- Aided in actuarial valuations and performed benefit calculations for eight client teams with aggregate defined- benefit liabilities of over $10 billion
- Assisted multiple clients in transition from defined-benefit pension plans to defined-contribution 401(k) plans
- Managed large databases to import, retrieve, and analyze client data
- Designed and implemented Excel-based tool to calculate benefit options and generate pension commencement
- Created advanced worksheet for population projections that estimated annual plan demographics based on census
- Ensured compliance of client plans with applicable federal regulations
0-5 years of experience
Client manager for a number of retirement plans; analyzed, coordinated, and monitored client workflows
- Developed stochastic asset liability study analysis for a multi-billion dollar public service pension plan
- Involved in union labor negotiations and analyzed pension and medical plan provision proposals
- Disclosed pension and post-ret. medical accounting results under FAS, IAS, and CICA
- Developed and executed Excel macros to automate plan administration processes
- Presented and educated ProVal software updates and functions to the actuarial department
- Taught and mentored junior staff on valuation software, pension mathematics and legislation
0-5 years of experience
Financial Management of an Accumulation Pension Portfolio:
- Analyzed, reported, forecasted and made recommendations on financial results
- Priced and calculated reserves of Experience Rated pensions with over $115 million in assets
- Calculated rates to allocate investment income to contracts
- Provided analytical support to administrative, corporate accounting and sales
- Determined reserve, conversion and optional benefit factors, and commuted values for existing defined benefit plans
- Calculated defined contribution annuity benefit tables, Guaranteed Cost contract quotes
- Designed PC programs to calculate factors and tables
0-5 years of experience
- Acted as core member of project team that successfully revamped workers’
- Maintained and updated guaranteed cost and retrospective rating pricing models
- Collaborated with claims department to develop algorithm for estimating claims
- Automated reporting and testing procedures using Visual Basic
- Assisted with year-end loss reserving analysis for multiple lines of business
0-5 years of experience
Submitted medical/dental/pharmacy rates and reserves for FL. GA, TN, TX and VA state filings.
- Priced experience rated HMO and POS book of business quarterly for southeastern regions.
- Updated manual and experience rated renewal pricing process with Quick Basic programs.
- Compiled base rate development and age/sex/demographic analysis for rate review meetings.
- Developed HMO risk poo1 budget projections and maintained physician withhold models.
- Generated HMO/PPO/MC physician fee schedules and analyzed proposed rates and updates.
- Analyzed hospital networks for HMO/PPO/MC cost containment and contract negotiation.
0-5 years of experience
Lanham, MD 1996-1998
(For National Flood Insurance Program)
Contracting company charged with administering the NFIP and managing premiums obtained through issuing flood insurance to residences located within flood-prone areas.
Actuarial Analyst
Assisted chief actuary with maintaining appropriate level of reserves to pay flood claims based on our monthly estimates of damages.
- Produced regular monthly loss reserve package and retrospectively analyzed previous month’s reserve adequacy.
- Provided a monthly cash flow analysis to the FIA and FEMA to assist in the estimation of future loss payments.
- Priced and conducted premium change impact studies.
- Assisted in the conversion of the reserve system from QuattroPro to the Excel platform.
- Developed an expense allowance worksheet to determine bonus for Write-Your-Own companies based on performance.
0-5 years of experience
Member of Valuation Team. Primary responsibilities include reserve setting and financial business analysis for a multi-site provider of primary care services with selected specialties – a subsidiary of Excellus Health Plan (EHP).
- Provided advanced analysis for Lifetime Health Medical Group (LHMG) including utilization management reports for Sr VP of Finance and EHP CFO, Stop-Loss contract pricing analysis, Medical Expense trend analysis.
- Create and manage reports for risk contracts including LHMG global capitation and Reference Lab customized capitation.
- Designed and launched the Actuarial, Rating & Underwriting web page.
- Started and managed a knowledge sharing forum for AR & U department (Lunch & Learn program) with monthly guest speakers.
- Organized AR & U department-wide two-day training class, delivered by Milliman Consultants.
0-5 years of experience
Direct support of all actuarial work relating to the reporting, disclosure, and maintenance of Defined Benefit and Cash
Balance Retirement Plans.
- Completed the filing of IRS Form 5500, Summary Plan Description, and PBGC Insurance premium
- Assisted in the computation of annual corporate plan contributions and plan funding methods
- Calculated participant benefits involving retirement, termination, and withdrawal from service
- Drafted annual participant benefit statements including projected retirement benefit and payment options
0-5 years of experience
Insurance Australia Group – A multinational insurance company headquartered in Sydney, Australia
- Assisted in the 5-yr distributional model plan for BOHAI Property Insurance (20% owned by [company name])
- Compiled and categorized data by documenting and verifying factors used in evaluating loss reserves for future risk
- Cooperated with the Actuarial Dept. to perform IBNR data analysis of the past policies and claims
- Prepared rate filings, schedules of statistics, financial statements, premiums and benefits to set up pricing levels
6-10 years of experience
Completed estimated and actual defined benefit pension calculations using propriety actuarial
- valuation software.
- Applied the principles of Mathematics, Probability, Statistics, and Actuarial Sciences to perform actuarial valuations and determined the annual minimum and maximum contribution requirements for retirement plans, and estimated the pension expense for the fiscal years. This involved data reconciliation, asset verification and reconciliation, and calculation of annual yields.
- Prepared government filings for retirement plans.
- Project Management- managed 25 to30 different projects at different stages of completion. Worked closely with Actuaries, Sr. Analysts and Consultants from 25 different offices in the US.
0-5 years of experience
Rate Making (1998-2000)
- Provided actuarial support for requested rate filings and recorded approved rate changes.
- Provided information to the field on profitability by line.
- Financial Reporting (1996-1998)
- Analyzed and assisted in the management of the company’s liability and property loss/ALAE/ULAE reserves.
- Provided and improved on the timelines and accuracy of reports and implemented methods to test the accuracy and quality of booked reserves.
0-5 years of experience
- Performed annual actuarial valuations client pension plan
- Developed a comprehensive computer model to calculate accounting costs and expenses for defined benefits retirement plans.
- Designed and introduced the use of automated benefit calculations worksheet to Banco Popular de Puerto in order to calculate estimates and actual retirement benefits for current and former employees
- Prepared program protocols design to calculate retirement benefit and trained 15 client staff in order to effectively and efficiently serve the client customers
- Provided consulting services with clients seeking to comply with IRS restrictions on 401-K employee contribution plans
0-5 years of experience
Irving, Texas 2000 to 2002
$793M revenue property and casualty insurance company providing solutions for individuals and businesses
Actuarial Analyst, Reporting to the Director of Actuarial Reserves
- Instituted a common data source for all internal and external reporting to reconcile with financial statements.
- Established data mining and analysis processes for pricing and reserving actuaries.
- Developed financial reporting applications for senior management to analyze reserves, price rates, and profitability.
10+ years of experience
1997-2001
- Prepared quarterly and annual financial statement reporting for Statutory, GAAP and Tax basis.
- Provided annual reporting to State Departments.
- Created reserve reports by plans for auditors to track changes.
- Reconciled account balances with the general ledger.
- Administered policy level reinsurance for equity indexed annuity options, maintained records and updated billing statements.
- Processed premium for wire transfers to purchase equity indexed annuities.
0-5 years of experience
Lead analyst for a Fortune 100 global technology firm.
- Responsible for the coordinated management of multiple projects: Defined Benefit, Post-Retirement Medical and Qualified Supplemental Benefit plans.
- Managed constantly changing priorities between clients and projects: Liaising with clients and dealing with technical client queries.
- Presented reports, explaining their implications to managers and directors, advising on risk limitations.
- Coordinated and evaluated research to determine company policy, and to explain complex technical matters to company executives.
- Led numerous liability forecasting projects, examining the variability of the funded status of the plans due to current economic instability.
- Collaborated with a range of colleagues, including IT experts and other managers to ensure project quality across different business units.
0-5 years of experience
Dallas, TX
Global human capital and professional services consulting firm focused on helping organizations improve overall performance through effective people, risk and financial management. Leading benefit and retirement consulting practice
- Supervised, coordinated, mentored and managed the workflow of four to six benefit analysts. Participated in the management team for the department
- Managed the day-to-day outsourced administration pension plan activities for several of the firm’s largest clients (Kerr-McGee, Ericsson)
- Performed annual actuarial funding valuations and FAS 87 expense and disclosure valuation reports for clients.
- Prepared government filings such as Form 5500, Schedule B, PBGC premiums, plan termination and favorable determination letter filings
- Rated as the highest performing actuarial analyst from July 2002 to June 2003 based on the quality and quantity of hours billed; Promoted to a management role after only 2 years with the company
- Awarded several small data projects to manage and lead after demonstrating proficient leadership and mentoring skills
- Formally recognized for work on a high-profile project that included correcting many previous years’ errors in order to continue relationship with client
0-5 years of experience
Jan. 2009 – Sep. 2012
- Annually prepared pension valuations, retiree health valuations, government filings and occasional asset liability models for over a dozen benefit funds
- Reviewed the work of five analysts
- Reconciled and managed large participant databases (MS Access)
- Performed benefit calculations and analyzed financial statements
- Created and updated valuation programs and complicated spreadsheets
- Participated in the hiring and training of new analysts
0-5 years of experience
Personal Lines Auto Pricing
- Analyzed trends to improve accuracy of pricing within several states for the Safeco platform
- Updated pricing factors at a zip code level for half of the country for the Safeco platform
- Worked with internal and external regulators to file rate changes
- Developed and maintained several automation tools using Visual Basic
- Performed data pulls and provided appropriate pricing analysis for the twenty-seven states which comprise the entire Ohio Casualty Insurance Automobile line
- Promoted from Actuarial Assistant in June 2011
- Passed Society of Actuaries Exam MLC
6-10 years of experience
Served as day-to-day contact in the defined benefit area for Mercer clients.
- Managed recurring work, ensuring that client deadlines were met.
- Reconciled data for purposes of actuarial valuations.
- Calculated defined benefit pensions.
- Maintained thorough understanding of pension plans for the purpose of calculating pensions and communicating with clients.
- Trained clients to increase their understanding of their pension plans.
- Prepared IRS reporting forms
0-5 years of experience
Financial Reporting, Principal Life
- Performed monthly, quarterly, and yearly valuations of three lines of life insurance products
- Maintained a complex network of spreadsheets
- Updated and ran queries on databases with over one million records
- Coordinated dividend scale change project with IT and Pricing departments and ARC Corp.
- Created and continuously updated documentation on processes
- Provided support for actuarial and accounting functions
6-10 years of experience
Developed and led financial forecasting and trend analysis of provider reimbursement network strategies for contract negotiations to maintain Plan competitiveness and financial stability
- Directed team to provide management reporting, analyzing provider performance, billing patterns and practices
- Participated in the generation, testing, audit and implementation company data warehouse
- Managed and ensured Federal and/or State legislature/mandates were followed as applicable to reimbursement of providers and hospitals.
- Provided actuarial analysis and recommendations for decisions regarding report and benefit design, statistical compilation, pricing, reserving, provider contracting and strategic risk issues
- Generated annual group renewal rates for medical, dental and pharmacy plans
- Monthly reserves (IBNR)
0-5 years of experience
2009
- Generated periodic pricing reports
- Compiled and analyzed underwriting report
- Partnered with IT to generate meaningful data for senior managers
- Collaborated with underwriting and marketing to assess and forecast impacts of product and market changes on rate need
0-5 years of experience
Automated renewal system for groups of 50-99 lives.
- Developed various monthly automated standard reports including MCR, buy-downs, concessions.
- Provided subject matter expertise to IT for their development of a new data warehouse (Membership and Claims subject areas).
- Developed and interpreted forecasts for use in budgeting process.
- Ad-hoc analyses largely focusing on impacts of proposed rate and/or methodology changes.
0-5 years of experience
and Summer 2004
- Analyzed and reviewed high risk pension plans to ensure compliance with the Pension Benefit Act
- Presented the analysis for high risk pension plans and made recommendations to senior management
- Inputted pensioners’ financial data into the Actuarial Information System (AIS) in order to complete reconciliation against the Actuarial Reports
- Participated in the Actuarial Consulting Unit (ACU) meetings to discuss current events in the financial sector and future corporate objectives to be completed within the team
6-10 years of experience
- Calculate the Monthly, Quarterly and Annual Reserve estimates for Puerto Rico block of business, including: Incurred But Not Reported “IBNR”, Extension of Benefits, Stop Loss and Premium Deficiency.
- Provided actuarial support to 2012 Medicare bid pricing, experience analysis, Rx cost
- Collected and analyzed data related to individual product, prepared Small and Large
- Automated and developed internal experience reports for Commercial segment.
0-5 years of experience
Performed asset/liability analysis and funding calculations for defined benefit superannuation funds.
- Utilized Excel pivot tables to interpret large quantities of data for analysis.
- Performed valuation calculations and generated reports based on findings.
- Responsible for the preparation of Australian Accounting Standard AASB 119, Annual Funding Review Reports and
- Prepared presentations for clients on the benefits of transferring from defined contribution superannuation plan to a
- Researched Australian Football League player salaries and career length and presented data to Senior Actuarial
- Reviewed financial news for current market trends relating to the Australian Federal Budget and comprised a
0-5 years of experience
2008.
- Led technical pricing functions of insurance policies and provided critical support for accounting
- Developed interest calculation models for insurance policies.
- Formulated loan to value (LTV) calculations for perspective insured clients and reconciled current LTV
- Led pricing team to investigate and calculate models with existing and potential new funders.
- Explored 2 new pricing methods to grow company revenues.
0-5 years of experience
Designed a business development and acquisition model to grow the business through implementation of technology. Established standard operating procedures to increase greater pension plan compliance with federal reporting regulations.
Business Development
- Designed and implemented a business development strategy, including new marketing plan and relationship development strategy.
- Vetted and selected CRM system to track all sales contacts to increase the conversion rate to completed pension plans sold.
- Developed and implemented the marketing strategy including website updates, printed marketing revision and managing an email contact strategy.
- Developed standard operating procedures to improve customer retention through timely product delivery.
- Tracked and maintained all pension plan compliance with federal regulations.
- Manage the design of new pension plans according to federal regulations and plan sponsor financial goals to ensure sale closure of new plans.
0-5 years of experience
1/97-7/99) / Senior Actuarial Analyst (7/99-8/00)
- Perform rate reviews and competitive comparisons for existing and new markets. Prepared filing exhibits for Filing Analyst. Provide systems specifications of new rates and factors to systems programmers.
- Perform and improve competitive analysis. Coordinated development of and updates to automated rate comparisons. Enhanced presentation of rate comparisons by creating thematic maps to show competitive position.
- Trained new analysts and sales representatives.
- Coordinated special projects and ad hoc requests from senior management and other business units.
0-5 years of experience
Medicaid Team)
- Managed actuarial tasks for Coventry’s largest Medicaid plan (covered 50% of membership/revenue).
- Provided analysis on efficiency adjustments during annual rate-setting process.
- Analyzed the implementations of contracts with capitation services and providers.
- Redesigned plan projection for use in Pro Forma, Budget, and PDR that included carve-outs for fee
- Lead analyst on Missouri IBNR estimation representing over $40m in reserves.
- Aggregated over 30 million lines of state data for use in a major RFP; analysis was used to determine
Actuarial Analyst Duties and Responsibilities
Whether in the financial or insurance sectors, actuarial analysts perform the following core tasks:
Compile Actuarial Data In both financial services and insurance organizations, actuarial analysts are responsible for compiling data from a wide variety of sources. For insurance companies, an actuarial analyst may gather information from sickness and mortality tables to determine the risks associated with individuals or businesses insured by the company, while a financial services actuarial analyst may compile market data and projections related to pension plans and securities. The actuarial analyst frequently needs to make judgments related to the accuracy and quality of the data.
Conduct Data Analysis An actuarial analyst is also responsible for assessing data and deriving insights from their analysis. They may build statistical models and work with the data they have compiled to determine financial predictions, conduct cost-benefit analyses, or develop risk projections based on a variety of factors. This aspect of the role requires both attention to detail and extensive familiarity with data analysis tools and methods. An actuarial analyst also looks for errors or irregularities while analyzing data.
Prepare Reports and Projections Another duty of an actuarial analyst is to prepare reports and projections for insurance plans and financial products. They may develop charts and graphs detailing these projections, write detailed reports outlining potential sources of risk and financial uncertainty, and present several options for mitigating risk and ensuring profitability based on the data they have collected and analyzed.
Present Findings to Management Many actuarial analysts are also tasked with presenting their data and analysis directly to decision-makers within an organization. They may consult directly with executive leadership and management personnel to answer questions about a particular forecast or model. Some actuarial analysts may also make recommendations to company leadership and provide advice on various options and scenarios.
Consult with Clients While most actuarial analysts work within larger organizations and teams, many work on a consulting basis. These actuarial analysts meet directly with clients to gather data and analyze information. Actuarial analysts within larger organizations may also play a role in client consultations by meeting directly with individuals and business representatives to gain a better sense of financial goals and projections, which aids in data modeling and risk assessment.
Actuarial Analyst Skills and Qualifications
Actuarial analysts need to be highly analytical and possess excellent data management and assessment skills. Most companies hire applicants with a bachelor’s degree in a related field, along with the following skills:
- Statistical Modeling – A background working with probability and statistics is vital in this role since an actuarial analyst frequently needs to use data to develop forecasts and financial projections
- Mathematical Analysis – An actuarial analyst also needs to have a high level of skill in mathematics, probability, and statistics. This aids in creating financial forecasts and risk assessments
- Data Literacy – Because so much of this role involves compiling and analyzing data, actuarial analysts need a high level of data literacy, particularly to determine the accuracy and value of large data sets
- Financial Forecasting – Knowledge of financial investing and the impact of risk on investing and profitability is also important in this role, in both insurance and financial services fields
- Communication and Presentation – Actuarial analysts frequently collaborate with underwriters and managers to develop insurance plans and investment portfolios. In this role, effectively communicating and presenting findings is a necessity
Actuarial Analyst Education and Training
Actuarial analysts typically need a bachelor’s degree in a related field such as actuarial science. In addition, actuarial analysts need to be certified by the Casualty Actuarial Society or the Society of Actuaries. Both of these organizations require applicants to have completed college-level coursework in economics, finance, and statistics. Many actuarial analysts work in this role while working toward full certification.
Actuarial Analyst Salary and Outlook
While the Bureau of Labor Statistics (BLS) does not have specific salary data for actuarial analysts, Glassdoor and PayScale have gathered pay data from 2,739 and 1,052 employees in this role, respectively. Glassdoor estimates an average annual salary of $74,243 for actuarial analysts, while PayScale states a median annual wage of $62,210. The actuarial field is expected to grow at a rapid pace, with the BLS projecting employment growth of 22 percent from 2016 to 2026.
Helpful Resources
If you’re interested in learning more about working as an actuarial analyst, check out the following books and resources:
Casualty Actuarial Society – The Casualty Actuarial Society’s homepage offers an online community and information on exams as well as resources and information about professional development.
Introduction to Actuarial Science – This extensive guide by Harry Anson Finney provides an overview of the principles and practices of actuarial science.
Society of Actuaries – Visit the website of the Society of Actuaries to find helpful articles and learn more about exams, membership, and opportunities for career growth. ?
Actuarial Science: An Elementary Manual – Read about the basics of actuarial analysis and data compilation in this classic textbook for actuaries by Glen Ninian.
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Last edited by: Gabriela Barcenas, CPRW, Content Writer II -
Gabriela Barcenas
CPRW, Content Writer IIGabriela is a Certified Professional Resume Writer (CPRW) and career adviser. With 10 years of digital media experience and five years of resume writing expertise, her publication history includes fashion, education, travel, social justice, equitable design and career advice.
