Overview:
We are seeking a highly skilled and experienced Actuary to join our team here at the Department of Insurance, Securities and Banking. As Actuary, you are responsible for analyzing the financial costs of risk and uncertainty using advanced mathematical skills, statistics, and financial theory.
This analysis is crucial for assessing the risk associated with potential events, aiding the agency in developing policies and dealing with the measurement and management of risk and uncertainty.
Duties:
Applies actuarial, accounting, and statistical principles to assess property and casualty and/or health insurance rates, informing decisions on claim severity and frequency projections.
Analyzes loss ratios, development factors, expense allowances, and considers investment income to inform strategic decision-making in insurance pricing and risk management.
Develops methods of statistical reporting by insurance companies and rating bureaus for purposes of enhancing the rate review and measuring the profitability of various kinds of financial products.
Coordinates support for fellow Bureau staff to understand and explain the impact of rate filings.
Experience/Knowledge:
- Comprehensive knowledge of professional mathematical or statistical principles, theories, practices, and techniques to develop complex studies research and identify insurance rate trends.
- Demonstrated knowledge of earned premiums, incurred loss, pure loss, loss trend techniques, loss development procedures, credibility theory and fixed and variable expenses to identify and estimate program effectiveness.
- Comprehensive knowledge of measurements of profitability, underwriting practices. methods of mathematical considerations of investment income in ratemaking, merit rating plans, class relativities and increased limit factors to ensure compliance to established statutory requirements of the District of Columbia.
- Expert knowledge of rate determination methods, procedures and techniques utilized to assure accuracy in comparative computations of investment income and rate charges and preparing comprehensive profitability analysis reports.
- Demonstrated knowledge of statutes and regulations related to the insurance industry; financial, and modeling principles.
- Comprehensive knowledge and skill in interpreting and applying legal decisions pertaining to insurance and business law.
- Demonstrated knowledge in presenting factual material in oral written or graphic form.
We offer competitive compensation and benefits packages. This is a full-time position.
Job Type: Full-time
Pay: $122,504.00 - $157,829.00 per year
Benefits:
- 401(k)
- Dental insurance
- Employee discount
- Flexible schedule
- Health insurance
- Health savings account
- Life insurance
- Paid time off
- Professional development assistance
- Retirement plan
- Vision insurance
Experience level:
- 10 years
- 11+ years
- 7 years
- 8 years
- 9 years
Schedule:
- 8 hour shift
- Monday to Friday
People with a criminal record are encouraged to apply
Education:
Experience:
- Analytics: 7 years (Preferred)
- Mathematical aptitude: 7 years (Preferred)
Ability to Commute:
- Washington, DC 20002 (Required)
Work Location: In person