About this Commercial Lines Pricing Actuary - Hybrid role at NJM Insurance Group
New Jersey Manufacturers Insurance Company (NJM) was founded in 1913 by a group of manufacturers seeking to provide cost-effective, safety conscious and financially secure workers' compensation insurance for their workers. From inception the Company has operated as a mutual, with a focus on the needs of its policyholders.
Today, NJM Insurance Group, is a leading mid-sized U.S. property and casualty insurance company with 90 consecutive years of A+ financial strength ratings by AM BEST. Due to exceptional employee experience, NJM has been included on the latest Forbes List of Best Employers in New Jersey for the fourth year in a row. The NJM reputation for being a top provider of outstanding customer service was reaffirmed by the most recent J.D. Power Auto Insurance Claims Survey.
Over the last five years, the Company has focused on a strategic plan that calls for it to become a regional property & casualty insurer and has transitioned away from its affinity-based membership model. To that end, the Company has added an independent agency model for new lines of middle and large commercial and has more than doubled its product offerings. NJM now offers its various products to businesses across New Jersey, Pennsylvania, New York, Maryland, Delaware, and Connecticut.
NJM’s Commercial Lines department conducts business for policyholders and preferred agencies within the Mid-Atlantic region, specifically NJ, PA, NY, MD, DE, CT. Products include Commercial Auto, G/L, Workers Comp, BOP, Excess/Umbrella, and Package. The Commercial Lines function encompasses Underwriting, Sales, Operations, Premium Audit, Product Management, Product Development, Loss Prevention and Business Process Unit.
The Actuary (this role can be filled at the level, I, II , Senior or Associate level) will support NJM’s efforts to attract new policyholders, retain existing policyholders, and honor our commitment to pay claims by developing fair and competitive pricing, providing comprehensive product analysis, and ensuring that NJM maintains a strong financial position.
This role is hybrid working 3 days in the West Trenton, NJ office and 2 days from home.
Essential Duties and Responsibilities: Essential functions of this job are listed below in order of priority. Reasonable accommodations may be made to enable individuals to perform the essential duties. Regular and predictable onsite attendance is an essential function of the job.
Perform pricing studies to evaluate the profitability of our Auto, Workers’ Compensation, and Commercial Package insurance products.
Analyze rating variables based on company data and competitor information and recommend changes.
Perform analysis of frequency, severity, and premium trends.
Perform analysis of loss and LAE reserves.
Assist with the annual loss and LAE ratio planning process.
Collaborate with cross-functional teams to develop business insights and recommendations.
Contribute to the ongoing development of actuarial tools and processes to enhance the department’s capabilities over time.
Required Qualifications: Knowledge, skills & abilities, experience, minimum & desired education, certification and/or license requirements.
Bachelor’s degree in actuarial science, mathematics, statistics, or related field.
Property and casualty actuarial experience.
Proficiency in Microsoft Excel, Word, and PowerPoint.
Excellent verbal and written communication skills.
Preferred Qualifications:
Experience with SQL, SAS, or other programming languages a plus.
ACAS or FCAS credential.
This role can be filled at the Analyst, Associate or Senior level and the salary is commensurate based on experience.
Legal Disclaimer: NJM is proud to be an equal opportunity employer. We are committed to attracting, retaining and promoting a diverse and inclusive workforce that is fully representative of the diversity that exists in the communities in which we do business.
NJM reserves the right at any time to amend, add or delete any aspect of the job description for this position based on business needs.
Compensation: Salary is commensurate with experience and credentials.
Pay Range: $116,749-$147,145Eligible full-time employees receive a competitive Total Rewards package, including but not limited to a 401(k) with employer match up to 8% and additional service-based contributions, Health, Dental, and Vision insurance, Life and Disability coverage, generous PTO, Paid Sick Leave, and paid parental leave in addition to state-mandated leave. Employees may also be eligible for discretionary bonuses.
Legal Disclaimer: NJM is proud to be an equal opportunity employer. We are committed to attracting, retaining and promoting a diverse and inclusive workforce that is fully representative of the diversity that exists in the communities in which we do business.
