Director, Actuarial and Analytics - Commercial Auto Pricing Analytics
Company: The Travelers Indemnity Company
Location: Hartford
Posted on: May 19, 2023
Job Description:
Who Are We?Taking care of our customers, our communities and
each other. That's the Travelers Promise. By honoring this
commitment, we have maintained our reputation as one of the best
property casualty insurers in the industry for over 160 years. Join
us to discover a culture that is rooted in innovation and thrives
on collaboration. Imagine loving what you do and where you do
it.Compensation OverviewThe annual base salary range provided for
this position is a nationwide market range and represents a broad
range of salaries for this role across the country. The actual
salary for this position will be determined by a number of factors,
including the scope, complexity and location of the role; the
skills, education, training, credentials and experience of the
candidate; and other conditions of employment. As part of our
comprehensive compensation and benefits program, employees are also
eligible for performance-based cash incentive awards.Salary
Range$125,600.00 - $207,200.00Target Openings1What Is the
Opportunity?The Director, Actuarial and Analytics is an analytic
leadership role that is responsible for the implementation of a
variety of actuarial/statistical techniques and analyses which may
include reserving, rate making, pricing, planning/forecasting,
project management and research. This role is expected to execute
strategic and operational initiatives, drive change within assigned
unit, provide analytical insights and recommendations to leadership
and business partners, and share ownership of the business's
financial results. The Director, Actuarial and Analytics will work
within broad limits and authority on complex assignments requiring
specialized knowledge and expertise in breadth and/or depth in one
or more of the following areas: Actuarial and/or research methods
Advanced statistical analyses Broad business knowledge In-depth
Line of Business knowledge Broader awareness of enterprise
Actuarial & Analytics community This role may act as a manager of a
small team.In Business Insurance Actuarial and Analytics, we
deliver tailored analytics and innovative data science solutions
that influence decisions and enable superior results. We have an
inclusive culture where everyone feels that they belong, can be
authentic, are valued, respected, empowered and part of our
success. We see strength in the uniqueness that each of us
contributes to creating innovative solutions and improving business
outcomes.This position will be primarily responsible for our new
commercial auto product TCAP Benchmark implementation and
maintenance and ongoing support of existing middle market benchmark
tools. Specific responsibilities include: 1. TCAP Benchmark:
Support Implementation of TCAP Benchmark and restatement. This role
will make a significant contribution in setting up monitoring
initiatives for new auto products with analytics around Pricing,
Segmentation and Profitability such as variable distribution, loss
ratio, model performance etc.2. MM Benchmark and TCAP Benchmark:
Responsibility for monthly restatement, monitoring and calibration.
Use of analytical tools to understand factor movement and mix
changes for supporting strategic goals of growth and profitability
initiatives. In collaboration with IM&A, address issues and
answer questions related to Point of Sale tool used by field and
underwriters. Use analytical tools such as Hot Spot Detection to
monitor data quality and model effectiveness.3. Auto Data Product:
This new data source is in development and is a mix of policy
attributes, vehicle attributes and 3rd party data used across
actuarial organization for modeling and analytical purposes. This
role will be responsible for helping create subject matter
expertise within the Auto team for this capability and will have
the responsibility for support and enhancement of data quality and
consistent use of auto data product in pricing analytics.4. UPP
benchmark model development: implementation of new machine learning
models for commercial auto benchmark.What Will You Do?Strategy:
- 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.Operational:
- 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.Communication:
- 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.Talent:
- 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.What Will Our Ideal Candidate
Have?
- College degree in STEM related field.
- Associate Actuarial Credential preferred.
- 7+ years of quantitative analysis experience.
- Strong understanding of insurance products and industry.
- Demonstrated ability in actuarial and quantitative analysis and
statistical concepts.
- Management experience.
- Excellent communication, collaboration and
relationship-building skills.
- Ability to present and translate complex information in
relevant business terms.
- Strong PC skills (MS Office) and programming skills (eg. SQL,
SAS).Leadership:
- Begins to challenge conventional thinking.
- Takes ownership of projects related to strategic initiatives
and makes recommendations to influence business outcomes.
- Proficient in Leading Self, exhibiting decisiveness and
self-awareness while also effectively managing ambiguity.
- Initial development of Leading Others, including modeling the
way for others and effectively leading team projects.
- Initial development of Leading the Business, including actively
engaging in driving business results, broad thinking and promoting
an Enterprise culture.Business Acumen:
- Has an in-depth understanding and knowledge of certain key
business drivers and disciplines such as: underwriting, products,
reinsurance, distribution, sales, operations, risk control, claim,
and financials.
- Able to effectively utilize this business knowledge in
developing and implementing analytic solutions.
- Has a general perspective of the industry and developing
trends, including: technology, analytic methodology, products, and
performance of competitors.
- Is familiar with other key business drivers and
disciplines.Relationship Management:
- Proactively build and own professional business relationships
across the Enterprise.
- Generate and solicit ideas, and build consensus
- Aware of potential conflict and address proactively.
- Acknowledge accomplishments of others within your primary
working group.
- Set and manage expectations with business partners for large
projects.
- Understand diverse perspectives to effectively accomplish
business goals.Quantitative Analysis:
- Able to introduce innovative techniques to existing
problems.
- Independently perform and implement complex analytics.
- Leads and actively engages in technical/peer reviews.
- May offer technical consultative feedback.
- Can assess various technical solutions to optimize analytical
outcomes.What is a Must Have?
- Bachelor's Degree required.
- Minimum of 4 years of experience performing quantitative
analysis required.What Is in It for You?
- Health Insurance: Employees and their eligible family members -
including spouses, domestic partners, and children - are eligible
for coverage from the first day of employment.
- Retirement: Travelers matches your 401(k) contributions
dollar-for-dollar up to your first 5% of eligible pay, subject to
an annual maximum. If you have student loan debt, you can enroll in
the Paying it Forward Savings Program. When you make a payment
toward your student loan, Travelers will make an annual
contribution into your 401(k) account. You are also eligible for a
Pension Plan that is 100% funded by Travelers.
- Paid Time Off: Start your career at Travelers with a minimum of
20 days Paid Time Off annually, plus nine paid company
Holidays.
- Wellness Program: The Travelers wellness program is comprised
of tools and resources that empower you to achieve your wellness
goals. In addition, our Life Balance program provides access to
professional counseling services, life coaching and other resources
to support your daily life needs. Through Life Balance, you're
eligible for five free counseling sessions with a licensed
therapist.
- Volunteer Encouragement: We have a deep commitment to the
communities we serve and encourage our employees to get involved.
Travelers has a Matching Gift and Volunteer Rewards program that
enables you to give back to the charity of your choice.Employment
PracticesTravelers is an equal opportunity employer. We believe
that we can deliver the very best products and services when our
workforce reflects the diverse customers and communities we serve.
We are committed to recruiting, retaining and developing the
diverse talent of all of our employees and fostering an inclusive
workplace, where we celebrate differences, promote belonging, and
work together to deliver extraordinary results.If you are a
candidate and have specific questions regarding the physical
requirements of this role, please send us an so we may assist
you.Travelers reserves the right to fill this position at a level
above or below the level included in this posting.To learn more
about our comprehensive benefit programs please visit .
Keywords: The Travelers Indemnity Company, Hartford , Director, Actuarial and Analytics - Commercial Auto Pricing Analytics, Executive , Hartford, Connecticut
Didn't find what you're looking for? Search again!
Loading more jobs...