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SalaryCompany Overview:
Mitsui Sumitomo Marine Management U.S.A., Inc. is one of the world’s top ten property/casualty insurance carriers with over 40,000 employees worldwide.
Position Overview:
We are a multinational casualty insurance company operating in various countries, dedicated to providing exceptional insurance solutions and risk management services to our clients. We are seeking a skilled and experienced Junior. Pricing Actuary to join our dynamic team and contribute to our continued success. As a Junior Pricing Actuary, you will work closely with senior actuaries, underwriters, and data scientists to support the development and implementation of pricing strategies for our insurance and reinsurance products. You will play a vital role in analyzing data, conducting pricing analysis, and creation of pricing models. This is an excellent opportunity to gain hands-on experience in actuarial pricing and contribute to the growth and success of our organization
Essential Duties and Responsibilities include the following. Other duties may be assigned.
- Collaborate with senior actuaries to develop and enhance pricing models, rating plans, and algorithms. Assist in the implementation and testing of new pricing tools and techniques to improve pricing accuracy and profitability.
- Assist in the analysis of data related to insurance policies, claims, and customer behavior to support pricing decisions.
- Participate in actuarial analysis, including rate level indications, analysis of trends, projections of loss ratios and reserve assessments.
- Review pricing models and perform data validations to ensure accuracy and reliability.
- Support the development of financial projections and conduct rate monitoring analyses for insurance products. Assist in identifying areas of improvement and recommending pricing adjustments. Assist, where necessary, in determining risk transfer for gross or ceded insurance contracts.
- Assist in ensuring compliance with regulatory requirements by reviewing pricing models and strategies. Stay updated on relevant laws and guidelines affecting insurance pricing.
- Work closely with underwriters, actuaries, data scientists, and other cross-functional teams to gather input, share insights, and support pricing-related initiatives. Collaborate on special projects as needed.
- Collaborate with senior actuaries to develop and enhance pricing models and tools for casualty insurance products.
- Prepare and manipulate large datasets using statistical software and programming languages such as R, Python, or SAS. Conduct data validations and ensure data integrity to support pricing analysis.
- Document pricing assumptions, methodologies, and models. Prepare reports and presentations summarizing pricing analysis, findings, and recommendations for senior management and other stakeholders.
- Stay abreast of actuarial techniques, methodologies, and industry trends. Seek opportunities for professional development and pursue actuarial credentials. More geared to a lower level.
Education and/or Experience
- Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related field.
- Pursuit of a professional designation (such as an ACAS, FCAS or equivalent).
- A minimum of 3 years of experience in actuarial pricing roles within the Insurance industry (preferably non-life).
- Strong mathematical and analytical skills, with a attention to detail.
- Basic knowledge of actuarial concepts, pricing principles, and statistical modeling.
- Excellent problem-solving abilities and the ability to work with complex datasets.
- Strong written and verbal communication skills.
- Ability to work collaboratively in a team environment and adapt to changing priorities.
- Highly motivated, proactive, and eager to learn and grow in the actuarial field.
The Company is an Equal Opportunity / Affirmative Action employer, all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, or protected veteran status.
