RLI Insurance Company
Sr. Commercial Auto Pricing Actuary (Peoria, IL or Chicago, IL)
RLI Insurance Company, Chicago, Illinois, United States, 60290
Sr. Commercial Auto Pricing Actuary (Peoria, IL or Chicago, IL)
About Us
We’re not like other insurance companies. From our specialty products to our business model, our culture to our results — we’re different. Different is who we are, and how we work, interact, deliver and succeed together. Creating a different and better insurance experience doesn’t just happen. It takes focus and a shared passion for going beyond the expected to forge relationships and deliver care that makes a difference. This approach rises from and is supported by our talented, ethical and smart team of employee owners united around a single purpose: to work alongside our customers and partners when they need us, in unexpected ways, with exceptional results. Apply today to make a difference with us.
RLI is a Glassdoor Best Places to Work company with a strong, successful background. For decades, our financial track record has been stellar — a testament to our culture and validation of our reputation as an excellent underwriting company.
Position Purpose In addition to product support, actively provides oversight and recommendations regarding actuarial processes and analyses specifically within the commercial auto insurance sector. Responsible for providing feedback on the reasonableness of the data, selection of parameters, and calculations involved with conducting actuarial analysis related to commercial auto pricing. Evaluate profitability of commercial auto products and recommend corrective action and/or identify growth opportunities. Position has regular contact with field underwriting and other Risk Services personnel.
Principal Duties & Responsibilities
Advanced statistical analysis
Reinsurance evaluation
Individual risk pricing
Making formal recommendations to management
Financial planning
Assess rate adequacy and propose adjustments to pricing models, making filings when necessary
Education & Experience
Typically requires a bachelor’s degree in mathematics, statistics, actuarial science or a related field
Minimum of 3 years of relevant experience (6+ years preferred) in commercial auto pricing and actuarial support, with a strong understanding of the commercial auto insurance market
Completion of at least 4 actuarial exams; ACAS or FCAS designation preferred
Knowledge, Skills, & Competencies
Ability to make good business judgments based on sound actuarial analysis
Ability to use advanced complex analytical methods in actuarial processes to find workable solutions
Ability to generate innovative solutions within the Risk Services department
Strong communication skills, both verbal and written
Ability to apply a strategic perspective to improve risk services functions
Regularly offers and executes new ideas to enhance analyses
May have supervisory responsibility
Types of projects include advanced statistical analysis, reinsurance evaluation, develop and implement rating models, individual risk pricing, due diligence on large/high risk opportunities, making formal recommendations to management, auditing underwriters for effective use and compliance of rules and rating plans, leading predictive analytics projects
Compensation Overview The base salary range for the position is listed below. The base salary is only one component of our Total Rewards package. The salary offered will take into account factors including geographic location, experience, scope & responsibilities, qualifications, talent availability, and business needs. The below range may be modified in the future.
Base Pay Range
$116,696.00 - $170,085.00
Total Rewards
Employee Stock Ownership plan (ESOP)
401(k) — automatic 3% company contribution
Annual 401k and ESOP profit-sharing contributions (up to 15% of eligible earnings)
Work & Life
PTO and holidays
Paid volunteer time off (VTO) to support communities
Parental and family care leave
Flexible & hybrid work arrangements
Fitness center discounts and free virtual fitness platform
Employee assistance program
Health & Wellness
Comprehensive medical, dental and vision benefits
Flexible spending and health savings accounts
2x base salary for group life and AD&D insurance
Voluntary life, critical illness, & accident insurance for purchase
Short-term and long-term disability benefits
Personal & Professional Growth RLI encourages its employees to pursue professional development work in insurance and job-related areas. We provide educational opportunities to enhance skills and career advancement. Our growth benefits include:
Training & certification opportunities
Tuition reimbursement
Education bonuses
Diversity & Inclusion Our goal is to attract, develop and retain diverse talent while promoting an environment where all viewpoints are valued and individuals feel respected. We actively support initiatives to increase diversity in the insurance industry. RLI is an equal opportunity employer and does not discriminate in hiring or employment on the basis of protected characteristics.
Job Details
Seniority level: Mid-Senior level
Employment type: Full-time
Job function: Finance and Sales
Industries: Insurance
Referrals increase your chances of interviewing at RLI Insurance Company. Get notified about new Pricing Actuary jobs in Chicago, IL.
#J-18808-Ljbffr
We’re not like other insurance companies. From our specialty products to our business model, our culture to our results — we’re different. Different is who we are, and how we work, interact, deliver and succeed together. Creating a different and better insurance experience doesn’t just happen. It takes focus and a shared passion for going beyond the expected to forge relationships and deliver care that makes a difference. This approach rises from and is supported by our talented, ethical and smart team of employee owners united around a single purpose: to work alongside our customers and partners when they need us, in unexpected ways, with exceptional results. Apply today to make a difference with us.
RLI is a Glassdoor Best Places to Work company with a strong, successful background. For decades, our financial track record has been stellar — a testament to our culture and validation of our reputation as an excellent underwriting company.
Position Purpose In addition to product support, actively provides oversight and recommendations regarding actuarial processes and analyses specifically within the commercial auto insurance sector. Responsible for providing feedback on the reasonableness of the data, selection of parameters, and calculations involved with conducting actuarial analysis related to commercial auto pricing. Evaluate profitability of commercial auto products and recommend corrective action and/or identify growth opportunities. Position has regular contact with field underwriting and other Risk Services personnel.
Principal Duties & Responsibilities
Advanced statistical analysis
Reinsurance evaluation
Individual risk pricing
Making formal recommendations to management
Financial planning
Assess rate adequacy and propose adjustments to pricing models, making filings when necessary
Education & Experience
Typically requires a bachelor’s degree in mathematics, statistics, actuarial science or a related field
Minimum of 3 years of relevant experience (6+ years preferred) in commercial auto pricing and actuarial support, with a strong understanding of the commercial auto insurance market
Completion of at least 4 actuarial exams; ACAS or FCAS designation preferred
Knowledge, Skills, & Competencies
Ability to make good business judgments based on sound actuarial analysis
Ability to use advanced complex analytical methods in actuarial processes to find workable solutions
Ability to generate innovative solutions within the Risk Services department
Strong communication skills, both verbal and written
Ability to apply a strategic perspective to improve risk services functions
Regularly offers and executes new ideas to enhance analyses
May have supervisory responsibility
Types of projects include advanced statistical analysis, reinsurance evaluation, develop and implement rating models, individual risk pricing, due diligence on large/high risk opportunities, making formal recommendations to management, auditing underwriters for effective use and compliance of rules and rating plans, leading predictive analytics projects
Compensation Overview The base salary range for the position is listed below. The base salary is only one component of our Total Rewards package. The salary offered will take into account factors including geographic location, experience, scope & responsibilities, qualifications, talent availability, and business needs. The below range may be modified in the future.
Base Pay Range
$116,696.00 - $170,085.00
Total Rewards
Employee Stock Ownership plan (ESOP)
401(k) — automatic 3% company contribution
Annual 401k and ESOP profit-sharing contributions (up to 15% of eligible earnings)
Work & Life
PTO and holidays
Paid volunteer time off (VTO) to support communities
Parental and family care leave
Flexible & hybrid work arrangements
Fitness center discounts and free virtual fitness platform
Employee assistance program
Health & Wellness
Comprehensive medical, dental and vision benefits
Flexible spending and health savings accounts
2x base salary for group life and AD&D insurance
Voluntary life, critical illness, & accident insurance for purchase
Short-term and long-term disability benefits
Personal & Professional Growth RLI encourages its employees to pursue professional development work in insurance and job-related areas. We provide educational opportunities to enhance skills and career advancement. Our growth benefits include:
Training & certification opportunities
Tuition reimbursement
Education bonuses
Diversity & Inclusion Our goal is to attract, develop and retain diverse talent while promoting an environment where all viewpoints are valued and individuals feel respected. We actively support initiatives to increase diversity in the insurance industry. RLI is an equal opportunity employer and does not discriminate in hiring or employment on the basis of protected characteristics.
Job Details
Seniority level: Mid-Senior level
Employment type: Full-time
Job function: Finance and Sales
Industries: Insurance
Referrals increase your chances of interviewing at RLI Insurance Company. Get notified about new Pricing Actuary jobs in Chicago, IL.
#J-18808-Ljbffr