The Travelers Companies, Inc.
Director, Actuarial & Analytics - Construction, Loss Sensitive
Company InformationSolid reputation, passionate people and endless opportunities. That's Travelers. Our superior financial strength and consistent record of strong operating returns mean security for our customers - and opportunities for our employees. You will find Travelers to be full of energy and a workplace in which you truly can make a difference.
Job SummaryThis position provides a challenging and exciting opportunity in the Business Insurance Loss Sensitive Pricing Group, leading the actuarial support for the Construction underwriting organizations. We are looking for a leader who can partner with the Construction underwriting leadership to provide actuarial analysis and implement long term strategic initiatives related to the loss sensitive business. The Loss Sensitive Pricing Director will price individual large accounts for the Construction Business Units, working in collaboration with our field management, underwriting staff, and service partners. As part of the Business Unit actuarial staff, this Director role is involved in developing, improving, and maintaining pricing models that underlie the individual risk rating process, as well as participating in book of business analyses and factor reviews. This role requires a close working relationship with the BU Underwriting management teams in Construction as well with actuarial managers across Business Insurance, including members of the Loss Analytics and Actuarial Product teams. This is a business-focused position requiring strong leadership, critical and strategic thinking, relationship management, communication and business acumen skills. Primary line focus is on Workers Compensation, General Liability, and Auto. Position includes supervision of one staff member.
Primary Job Duties & ResponsibilitiesStrategy:
Assess, prioritize, influence and communicate strategic initiative options to senior leaders. Demonstrate effective execution and completion of assigned strategic initiatives and projects. Regularly generate process improvements and explore opportunities for innovation. Lead assigned unit strategic initiatives (narrow scope, limited and well defined) and cross-unit initiatives on a limited basis and is expected to participate in Enterprise initiatives on a limited basis.
Independently perform actuarial and analytic analyses to solve business problems and apply judgment appropriately. Drive day to day execution within unit. Support broad department initiatives. Promote efficiency across primary working group, balancing additional effort against incremental lift gained from work. Begin to make decisions independently in accordance with department practices. Provide direction and review others' analytical work. Translate business requests into analytical solutions. Provide support as necessary for initiatives across the Enterprise within the scope of influence.
Communicates on a regular basis with staff, peers and business partners and on an occasional basis with senior leaders. Tailors communication of analysis, project results, and other business initiatives to audience. Communicates technical topics to non-technical audiences with limited guidance. Leads group discussions with primary working group. Creates formal written communication such as memos or presentations with limited guidance. Able to influence and collaborate with peers and partners to take actions to enhance business outcomes.
Staff responsibilities are likely to include direct management of a small team of individual contributors. Acquisition, retention, and development of talent for assigned unit. Execute and communicate talent development processes, including performance and personal development goals. Succession planning and talent assessment recommendations. Performance management. Support staff engagement cross Enterprise initiatives. Mentor less experienced talent across the Enterprise. Onboard new employees and interns in unit. Support various training and skill development initiatives across Segment and the Enterprise. May provide support for recruiting efforts and candidate talent assessment efforts. Perform other duties as assigned.
Minimum QualificationsBachelor's Degree required. Minimum of 4 years of experience performing quantitative analysis required.
Education, Work Experience & Knowledge
- College degree in STEM related field
- 7+ years of quantitative analysis experience
- Strong understanding of insurance products and industry
- Demonstrated ability in actuarial and quantitative analysis and statistical concepts
- Excellent communication, collaboration and relationship-building skills
- Ability to present and translate complex information in relevant business terms
- Understanding with base knowledge in complete range of actuarial functions, including but not limited to, reserving, pricing, business planning, financial reporting, management information, product development, reinsurance and database management. Independent analysis of challenging business issues.
- Strong PC skills (MS Office) and programming skills (eg. SQL, SAS)
Job Specific & Technical Skills & CompetenciesPricing / Ratemaking:
Forecasting losses and claim counts below the client retention for individual large accounts. Examining and recommending changes for excess layer pricing. Supporting underwriting requests on cash flow, collateral, corridors, and clash products. Building a collaborative working relationship with Construction field management, underwriting staff, and service partners. Will support pricing analyses for National Accounts and Technology, and will help identify potential consistencies and efficiencies in pricing large accounts across different business units. May include participation in account CURE discussions.
Participation in book of business analyses and factor reviews, including identifying areas of needed improvement and pursuing business solutions. Developing, improving, and maintaining pricing models that support the individual risk rating process. May oversee the implementation of actions decided upon through research. May develop and work with predictive modeling concepts. Research and tools work will support Construction, in addition to broader loss sensitive pricing across Business Insurance.
Manage or participate in key actuarial projects, including complex cross-company initiatives. Present projects to senior level underwriting and actuarial management.
Responsible for understanding Construction benchmark models, including TALE and representing Construction’s interests/needs in the broader BI NextGen benchmark builds.
Supervision of one staff member. Assist in determining goals and setting priorities for the team.