Head of Actuarial Pricing – Commercial Lines

Personal, compassionate service is what we're known for at NJM. We seek the best and brightest to help our customers when they need us most. As part of the NJM team, you'll not only enjoy some of the best benefits in the industry, you'll also be joining a company that's committed to professional development, diversity and innovative thinking.

West Trenton, NJ

NJM Insurance Group

<p><strong>Come Grow with Us!</strong></p> <p>&nbsp;</p> <p>For more than a century, our policyholders have trusted us to serve them in their times of need. For just as long, we have supported our employees by providing a competitive compensation package and opportunities for growth. If you are looking to be part of something special and make a difference each day, we invite you to come grow with us. There's never been a better time to join the NJM family.&nbsp;</p> <h3>This isn't just insurance.&nbsp;&nbsp;<strong>It's NJM</strong><strong>.<br /><br /><br /></strong>If you don't see the job you're looking for below, please click <a href="https://chu.tbe.taleo.net/chu02/ats/careers/v2/searchResults?org=NJM3&amp;cws=47" target="_blank" rel="noopener noreferrer">here</a> to create a search agent, or log in to check the status of your previous application.&nbsp;</h3> <h3><em><strong>&nbsp;</strong></em></h3> https://www.njm.com/about/careers

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Full Time

Overview: <div> <p>The Head of Commercial Lines Pricing will support the mission and goals of NJM by achieving strategic objectives for all aspects of commercial lines pricing.&nbsp;</p> </div> <div><strong>Reporting Structure</strong></div> <div>The Head of Commercial Lines Pricing will report directly to the NJM Group Chief Actuary as a member of the Actuarial Leadership team , and will interface closely with Commercial Lines leadership.&nbsp;</div>
Responsibilities: <ul> <li>This position directly oversees the Commercial Lines Pricing unit and is responsible for commercial lines rate adequacy reviews, rate filings, large account pricing, and supporting new product development in partnership with the Commercial Lines Underwriting team.</li> </ul>
Requirements: <ul> <li>Leads and manages all aspects of commercial lines rate and loss cost reviews and filings for both existing and proposed new lines of business and jurisdictions; effectively provides presentations of results to senior and executive management.</li> <li>Manages all aspects of commercial lines large account pricing and financial analyses.</li> <li>Directly oversees the evaluation of commercial auto class plans and potential incorporation within NJM&rsquo;s rating plan.</li> <li>Provides workers compensation TPA pricing insight and support.</li> <li>Supports the Chief Actuary with analyses and presentations to the NJCRIB and NJCAIP.</li> <li>Collaborates with underwriting and actuarial staff to develop transparent and user-friendly commercial lines pricing predictive models.</li> <li>Develops profitability and competitor analyses, performs and monitors individual risk rating plans.</li> <li>Supports ad hoc research requests from NJM staff, clients, and brokers.</li> <li>Partners with commercial lines sales staff when conducting presentations that help clients develop optimal insurance risk management decisions.</li> <li>Educates staff about the pricing/rating of new products and creates clear and informative management reports as needed.</li> <li>Maintains clear and detailed documentation of all projects.</li> <li>Develop and coach a technically competent, proactive, customer-service oriented team.&nbsp; Teach, advocate and mentor staff on how to apply actuarial standards, tools, and methodologies while delivering high-quality business-focused customer service.</li> <li>Foster teamwork and accountability within and outside the Commercial Lines pricing unit.</li> </ul> <div><br /><strong>Strategic Thinking</strong></div> <ul> <li>Maintains awareness of commercial lines industry and actuarial trends and applies this knowledge to enhance existing products and services and support the creation of new ones.</li> <li>Proactively researches and implements actuarial pricing best practices to promote adequate and competitive premium as well as NJM business growth and retention targets.</li> </ul> <br /> <div><strong>Qualifications</strong></div> <div><strong>Education and Experience</strong></div> <div>&bull; BS in Actuarial Science, Mathematics, Statistics, Finance, or related discipline.</div> <div>&bull; Fifteen years of commercial lines pricing experience within the property/casualty primary insurance industry, including at least five years managing other commercial lines pricing actuaries<br /><br /><strong>Skills,&nbsp;Knowledge, and Abilities</strong><br /> <ul> <li>Fellow of the Casualty Actuarial Society preferred, ACAS minimum.</li> <li>Deep understanding of NCCI and Auto ratemaking methodologies.</li> <li>Comprehensive primary insurance company ratemaking, rate and loss cost filing, and large account pricing experience for the following lines of business/products, preferably for several Mid-Atlantic states:</li> <li>Workers Compensation including large deductible and sliding scale dividend plans</li> <li>Commercial Auto including the new ISO class plan</li> <li>General Liability, BOP and Commercial Property</li> <li>Additional pricing experience corresponding to commercial umbrella/excess insurance as well as workers compensation TPA programs preferred.</li> <li>Exceptional interpersonal and communication skills in order to establish and build relationships.</li> <li>Direct experience in creating and implementing commercial lines predictive models (especially commercial auto and workers compensation), overseeing individual risk rating plan development, and conducting profitability and competitor analyses.</li> <li>Advanced user skills in Microsoft Office Suite and SAS.</li> <li>Service-oriented self-starter possessing an excellent professional demeanor and interpersonal skills; accountable for accurate and timely work products.</li> <li>Team-builder and strategic planner with experience collaborating with underwriting, sales, product development staff, and the broker market.</li> <li>Exceptional verbal and written communication skills; outstanding ability to clearly explain and document technical concepts and conduct presentations to senior and executive management, clients and brokers</li> </ul> </div>