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Associate Actuary

Supports the Predictive Analytics department in statistical analysis and in the development, evaluation, and implementation of Selective's predictive models in the areas of underwriting, claims, marketing, and other insurance related functions. Provides analysis support of new ideas for how statistical analysis and predictive modeling can add value to insurance operations. All job duties and responsibilities must be carried out in compliance with applicable legal and regulatory requirements.
RESPONSIBILITIES
Assist in the development of underwriting predictive models. Make recommendations regarding appropriate modeling period, target variables, and data records that should be included and excluded. Assist in variable creation and selection, including univariate analysis. Evaluate the strength of the predictive models through the use of lift curves and other statistical diagnostics.
Work with our IT partners to develop modeling database files. Make recommendations on appropriate adjustments to raw historical policy data that will be used in modeling, including loss development, trend, premium on-leveling, elimination of discretionary pricing activity, etc. Perform testing and reconciliation of data used in modeling to other sources.
Provides research, analysis and support of new opportunities and alternative uses of predictive models beyond underwriting and claims modeling that would add value to insurance operations. This may include marketing, customer segmentation, premium audit, etc.
Provide research and analysis of external data sources on how they might enhance our existing predictive models.
Compare candidate predictive models and make recommendations about which models are the most appropriate. Analyze consistency of predictive models for new business vs. renewal business and across different lines of business. Analyze new business/renewal business disruption.
Work with IT and other partners for the successful deployment of the predictive models. Provide proper documentation, data testing files, and analysis and testing support as needed.
Perform analysis regarding the impact of proposed models on individual SBUs, regions, policy sizes, etc. Share results with our business partners and obtain sign-off.
Document all analysis and recommendations regarding the development and evaluation of predictive models.
QUALIFICATIONS
Advanced knowledge of statistics, including regression models, correlation analysis, and measures of fit.
Commercial lines pricing/ratemaking experience.
Knowledge of commercial lines rating plans.
Ability to explain complex actuarial/statistical issues to others.
Good organizational skills and attention to detail.
Proficiency in Microsoft Excel and Access.
Experience with predictive modeling software.
College degree in Mathematics, Actuarial Science, Statistics, or Economics required.
5 or more years of Actuarial experience.

Selective is an Equal Employment Opportunity employer. Selective maintains a drug-free workplace.

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