Please note, employment offered to residents in the following states only: Connecticut, Delaware, Massachusetts, Maryland, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont.

At Preferred, we understand the importance of holistic health. To meet the diverse needs of our employees, we offer a comprehensive set of benefits:

Financial

• Short-term disability, long-term disability, and life insurance coverage are provided at no cost
• Optional benefits include enhanced life insurance and critical illness plans
• 401k plan with an employer contribution that you will receive regardless of your own contribution to the plan
• Pension Plan
• Certain positions may also be eligible for short-term incentive plans.

Social

• Generous paid time off, offering of 25 days at hire (prorated based on start date for the first year)
• 7 days of paid sick leave
• 10 paid company holidays
• Personalized paid time off after 3 years!

Emotional

• Access to Modern Health, a provider of accessible, personalized mental health care

Physical

• Medical, dental, and vision coverage options begin on the first day of employment
• Health Savings Accounts (with employer contribution) are available based on the medical plan you choose

YOUR PURPOSE AND FUNCTION IN OUR COMPANY:

The Senior Associate Actuary will provide actuarial sophistication to ensure the adequacy of our capital continually improves while increasing the likelihood of achieving expected levels of performance for assigned segments of Preferred Mutual business.

Success in this position will be characterized by continual improvement in the Risk-adjusted Return on Equity, in risk-adjusted capital adequacy, revenue growth, and achievement of performance goals for the assigned segments of business.

The Senior Associate Actuary will:

Core Functions:

• Have ownership over the financial performance of assigned business segments (Auto & Umbrella):
  • Support pricing, reserving, and modeling projects.
  • Assist in evaluating rate adequacy and making recommendations for rate changes.
  • Coordinate with Product Development and Underwriting to maintain a competitive position of rates
  • Assist in reinsurance pricing analysis and support treaty negotiations.
• Conduct deep-dive analyses into emerging market trends, competitor pricing strategies, and industry developments.
• Review actuarial methodologies and implement newer techniques
• Ensure compliance with regulatory requirements and actuarial standards.
• Manage the technical efforts of a team of actuarial analysts/trainees (project management)

Data Analytics/Reporting

• Work with Underwriting and Analytics to implement changes to improve performance
• Help the Management and business teams understand the results through effective analysis and communication
• Become an expert in the use of company data sources
• Partner with the Data & Analytics team to:
  • Ensure effective actuarial reports and dashboards
  • Identify and adjust rating algorithms to grow the book of business.
  • Monitor emerging trends in both claims and premiums
  • Develop models & rating algorithms in partnership with Underwriting & Sales
  • Monitor performance of Pricing/Underwriting Models and change as necessary

KEY CAPABILITIES FOR SUCCESS:

• Ability to identify & resolve complex problems.
• Ability to craft innovative approaches to challenges, adapt to new regulations, technologies, and evolving industry & business conditions
• Communicate clearly and share data, information, facts, and ideas in a cooperative and supportive manner with attention to detail
• Ability to work with a team of business professionals to achieve the best outcomes
• A strong sense of ownership over the performance of assigned segments
• Conduct business with honesty, fairness, respect, and transparency
• Effective management of team member efforts

QUALIFICATIONS:

• Bachelor’s degree in Actuarial Science, Mathematics, or a related area.
• 7-15 years of actuarial experience in comparative areas
• Successful completion of 6 full actuarial exams
• Strong knowledge of property and casualty insurance products
• Sophisticated computer skills including Access, Excel, SQL, and SAS
• Reserving experience not required but would be a plus
• Experience working with Pricing Models, but not necessarily modeling experience

CAREER ADVANCEMENT BENEFITS:

• PMIC will support completing actuarial exams and obtaining FCAS designation

ABOUT US: As a mutual company, we are independent by nature, so we think about insurance solutions a little differently. Through listening, problem solving, examining your challenges and collaborating on the right solutions for you, Preferred Mutual independent agents provide flexible solutions and adapt to your evolving needs. We do the same for our employees. We are process and domain experts, focused on the solutions that deliver results for our clients and our company. We offer a great work environment, professional development, challenging careers, and competitive compensation. With Preferred, there are no surprises. You can count on us to deliver on our promises and be there when you need us, as your insurance provider and your employer. Preferred Mutual is an Equal Opportunity Employer. Employment decisions are made without regard to race, color, religion, national or ethnic origin, sex, sexual orientation, gender identity or expression, age, disability, protected veteran status or other characteristics protected by law.

DISCLAIMER: This role (job) description indicates in general terms, the type and level of work performed as well as the typical responsibilities of employees in this classification. The duties described are not to be interpreted as being all-inclusive to any specific employee. Management reserves the rights to add, modify, change or rescind the work assignments of different positions and to make reasonable accommodations so that qualified employees can perform the essential functions of the job. Nothing in this position description changes the at-will employment relationship existing between Preferred Mutual Insurance Company and its employees.

The salary range for the role is $104,000 to $155,000 per year paid on a salaried basis. The rate offered to any candidate will be reflective of the candidate’s experience and any relevant education, certification, or qualifications related to their ability to perform the responsibilities of this position as permitted by law.