Actuary & AVP - Lexington Property Pricing

About the role

Join us as a Actuary & Assistant Vice President - Lexington Property Pricing to take on key responsibilities within a world-class actuarial function. Make your mark in Actuarial Our Actuaries are on the front lines, quantifying risk, pricing insurance and reserving losses for AIG’s major insurance operating companies, globally. We collaborate with Finance, Claims, Operations, Marketing and Risk Management, among other functions. As an AIG actuary, you will be challenged and encouraged to reach your greatest potential to help improve how we predict, manage and mitigate risk.

Responsibilities

• Partner with the business and support teams on strategy, risk selection, pricing, and portfolio construction.
• Partner with other pricing actuaries in implementing best practices analytical techniques, catastrophe modelers to incorporate results into pricing and quantify portfolio risk, and reserving actuaries in assessing the impact of loss trends and claims emergence.
• Supervise the review of the parameters in the pricing systems, manage projects to improve the pricing systems, and monitor underwriter adherence to pricing procedures and methodologies.
• Coordinate pricing, planning, and accumulation management efforts with cat modeling team to ensure adequate risk-adjusted returns contemplating expected loss, reinsurance costs, and increased capital needs associated with cat-prone business.
• Develop analytical tools to help underwriters assess the risks posed by insureds, aligning the pricing framework across the different underwriting platforms and business classes written in Lexington’s property operations.
• Work closely with reserving actuaries to understand sources of reserve development and ensure appropriate recognition of pricing and underwriting actions impacting those estimates. Ensure underwriters are informed of and considering trends observed in analyses.
• Provide recommendations on rating methodologies, parameters and tools to improve accuracy of technical pricing reflecting latest market and economic conditions and product offerings.
• Work closely with the global property actuarial leads to ensure alignment of tools, reporting metrics and goals to optimize team efficiency while maximizing value and consistency across the property portfolios.
• Organize proper training and support for pricing tools and strategies for underwriters.
• Monitor trends, relevant industry dynamics, & catastrophe model enhancements; effectively communicate impact to underwriters and actuarial management.
• Ensure that all pricing and other actuarial requests are managed and completed in a timely and professional manner, monitoring adherence to appropriate procedures and methodologies.

Requirements

The candidate should possess strong technical and business expertise with the ability to build sustainable, collaborative relationships, influence business stakeholders, and lead, motivate and gain commitment from key constituents. Additional Requirements Include:

• Fellow of the Casualty Actuarial Society with at least 10 years of commercial lines actuarial experience, preferably with significant commercial property pricing experience.
• Experience leading a team, with the capacity to enforce accountability and learn the strengths and development opportunities of the team to put people in a position to succeed while fostering a culture that promotes collaboration, diversity and inclusion.
• Exceptional communication skills, including ability to develop and present clear and concise analysis and recommendations to senior management.
• Ability to dive into technical and execution level details, do hands-on work, connect the dots while thinking strategically and serve as strong thought partner of cross functional leaders.
• Willing and able to continuously learn and adapt in a dynamic and fast changing environment.
• Comprehensive awareness of the business, regulatory environment, competitors, market cycle, technology and legislative trends.
• Not afraid to take charge of a situation and can overcome resistance to change, taking unpopular stands when necessary.
• Timeliness and attention to detail.

Qualifications

Additional qualifications include:

• Master's degree in Actuarial Science or related field.
• Knowledge of actuarial standards of practice and principles of risk management.
• Experience with pricing models and tools.
• Experience with catastrophe modeling and its integration into pricing processes.
• Experience with underwriting and reserving processes.
• Experience with data analysis and statistical methods.
• Experience with software tools used in actuarial work.

Skills

Skills required for this role include:

• Strong analytical and problem-solving skills.
• Excellent communication and interpersonal skills.
• Ability to work independently and as part of a team.
• Proficiency in Microsoft Office Suite.
• Knowledge of actuarial software and tools.
• Understanding of insurance regulations and compliance requirements.

Benefits

At AIG, we provide a range of competitive benefits, including:

• Health, dental, and vision insurance.
• 401(k) retirement savings plan.
• Flexible spending accounts.
• Life insurance.
• Disability insurance.
• Employee assistance program.
• Generous paid time off.
• Professional development opportunities.
• Employee resource groups.

Pay

For positions based in New York, the base salary range is $199,000-$235,000, for the positions based in New Jersey, the base range is $190,000-$230,000, and for positions based in Illinois, the base range is $182,000-$230,000. In addition, the position is eligible for a bonus in accordance with the terms of the applicable incentive plan.

Schedule

AIG provides a flexible schedule to accommodate the needs of our team members. The exact schedule may vary depending on the location and role.