Farm Mutual Consulting Services -Actuary

Overview

The Actuary leads the rate review process for multiple lines of business to achieve Farm Mutual business objectives. Responsibilities include competitor analysis, review of company and client (mutual) experience, assessment of industry trends, application of predictive modeling techniques, and ensuring compliance with regulatory requirements. These analyses help influence strategic direction.

Responsibilities

• Reviews mutual experience by line of business and performs actuarial analyses including rate indications and relativity analysis.
• Performs competitive analysis using competitor filings to support the development of marketable rating plans.
• Develops and refines rating structures considering pricing competitiveness, systems impact, and regulatory requirements.
• Develops new insurance products and innovates rating plans.
• Analyzes product profitability and sensitivity to key assumptions, providing insights for pricing and underwriting.
• Analyzes loss data and renders opinions to support premium growth and risk mitigation.
• Assesses and quantifies financial, market, and operational risks.
• Improves financial decision-making by developing models to evaluate financial implications of uncertain future events.
• Presents rate proposals to management and collaborates on implementation of rate actions.
• Provides actuarial support for filings, creates specifications for rate and methodology changes, and oversees regulatory filings, including certification.
• Monitors statutes, regulations, and bulletins to determine pricing impacts and ensure compliance.
• Uses data mining and predictive modeling techniques to identify patterns and relationships.
• Analyzes and cleans data, presenting findings clearly and accurately.
• Utilizes modeling and analytical software proficiently (e.g., Excel, SQL, R, Python).
• Determines data requirements and definitions with system management and evaluates data accuracy.
• Assesses the company’s position and recommends strategies to achieve optimal profitability.
• Evaluates and proposes alternative business strategies.
• Reviews existing processes and controls, providing recommendations and documenting improvements.
• Assesses actuarial implications of business decisions.
• Participates in peer reviews to ensure quality and drive innovation.
• Assists internal departments with inquiries related to rates, rules, and pricing.
• Makes presentations and responds to external customer inquiries.
• May represent the company with regulators, auditors, and other external partners.
• Trains and mentors staff on rating procedures and identifies training needs for new associates.
• Coordinates cross-functional efforts and influences outcomes without direct authority.
• Maintains strong relationships across departments and levels.
• Travel required as business needs dictate.
• Performs other duties as assigned.

Qualifications

• Bachelor’s degree in Actuarial Science, Statistics, Mathematics, or related field.

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