Actuary - Lead In-House Actuary - Hybrid Work Environment

Are you ready to lead and elevate your influence on business outcomes? As Beacon’s internal Actuary, you will collaborate with senior executives to design and implement strategic plans related to the Reserving Process and IBNR Selection.  You will create Pricing Models; Rate Formulae; Rating Structures; and Systems at Beacon.  As our resident subject matter actuarial expert, you will occupy an instrumental role as a key leader in contributing to the financial success of Beacon.

Additionally, you will oversee the operational, reporting, and compliance functions of the Actuarial Department; including leading and developing a professional staff.

In return, you will enjoy an exceptional culture and supportive Work Environment.  There is a reason why Beacon Mutual – the leading provider of workers’ compensation in Rhode Island - was 2023’s winner of the number one Best Places to work award.  Our employees, our programs, comprehensive benefit package, and Hybrid Work/work from home environment have all contributed to this prestigious award.  

As our Lead Actuary, you will:

Develop Pricing Models and Systems:

Conduct statistical analysis and predictive modeling

Create Loss Cost Multiplier and individual pricing tools

Implement pricing, risk management and reserving practices

Operational Oversight:

Lead the Actuarial Department

Oversee external audits and assure compliance

Continuously improve operational efficiencies

Maintain relationships with internal and external stakeholders

Regulatory and Compliance Oversight

Manage NCCI reporting and regulatory compliance

File rate adjustments and negotiate with authorities

Ensure all pricing models comply with state and federal regulations

Stay updated on industry trends and recommend solutions

Strategic Counsel and Execution:

Monitor profit trends and claims management

Analyze data to gain insight into key issues and recommend appropriate course of action

Evaluate loss trends to determine a net loss ratio pick for the budget

Participation in the annual reinsurance renewal process

Stakeholder Focus

Modeling of dividend distribution

Develop and maintain relationships with executives and regulatory bodies

Assure accurate information is provided to Senior Leadership and Board of Directors.

Requirements

Bachelor’s Degree in Mathematics, Statistics, or Actuarial Science and eight or more years of related experience.   Experience in pricing Property/Casualty products required, Workers’ Compensation experience preferred.   Familiarity with regulatory and compliance reporting requirements; reserving process, and rate formulae.  Experience managing professional staff preferred.  Excellent communication skills necessary in order to present complex information in a clear and compelling manner.    Must be credentialed by The Casualty Actuarial Society, Associate level required.   Demonstrated leadership characteristics are necessary.   

Why Work Here…

Competitive base salary along with a broad range of compensation initiatives

Comprehensive health plans, life insurance, and well-being programs

Generous vacation time, plus telecommuting and Hybrid Work schedule arrangements

Outstanding 401(k) retirement savings plan and educational programs

Learning and development opportunities

Friendly, supportive and inclusive environment

Professional environment based on knowledge sharing and teamwork

Work/Family Friendly 

Dedication to the health and wellness of our employees, Beacon is a long-standing winner of numerous Wellness Awards

First Place winner of the 2023 Best Places to Work in RI Award

First Place winner of the RI Common Goods Award for our employee commitment to community service

Beacon is the proud to be an EEO/AA Employer