Company:NICO National Indemnity Company
As a member of the Berkshire Hathaway group of insurance companies, we offer outstanding opportunities for professionals interested in working with a successful company. We offer unparalleled financial strength, stability and "large company" benefits, in addition to an exciting, friendly, "small company" atmosphere.
Responsible for analyzing segments of the National Indemnity Company Primary Group business, including product research and maintenance. Provides direction of an actuarial nature regarding the development of Company price levels and Department's pricing system for the Primary Group operations. Responsible for oversight of segments of pricing research, system development, and implementation. Manages the Pricing Department's data and coding needs. Maintains Loss Reserve analysis for Primary Group and portions of Berkshire Hathaway insurance business activities apart from the Primary Group (i.e. MedPro, GAUM, USAU and BHIIL).
- a. Serves as product administrator responsible for research and maintenance of specific Primary Group products. Determines approach to use in analyzing data, selecting appropriate ratemaking techniques, and developing solutions to pricing problems. Interprets statistical measures in evaluating various techniques and the assumptions underlying each. Analyzes conclusions used in final decision making process. Communicates with outside data sources (ISO, PCIAA, other) to discuss interpretations and techniques of the data gathering and compilation.
b. Oversees preparation of or prepares final ratemaking proposals without supervision and assists in preparation of rating manuals. Oversees software configuration for both pricing analysis and rate delivery in the field (NICO-Rate or GLS/GLASS). Initiates foundational analysis for territorial, classification, size type, etc. rating variable indications.
c. Understands and is able to teach pricing concepts such as TIRF analysis, physical damage versus liability rate making (percentage of value versus per unit and inflation sensitive exposure bases), deductible rate making, uninsured motorists coverage rate making (policy level, stacking and increased limits), and increased limits rate making.
- a. Coordinates compilation of rate and rule filings and negotiates and/or coordinates communication of most rate filing issues with state regulators. Handles complex or sensitive rate filing issues along with pricing managers. Coordinates rate filings for other Berkshire Hathaway insurance operations that use 3024 Harney company paper.
b. Develops and maintains the Pricing Department's electronically transferred data files. Coordinates with Berkshire Hathaway Systems employees in the creation and completion of data files. Responsible for the integrity of pricing analysis data. Ensures data accuracy, identifies distortions and corrects material problems in the data.
c. Administers coding changes and suggests changes for the department's coding needs. Maintains accuracy in coding and identifies areas where simplification and improvement in the coding can occur. Communicates needs and decisions with company personnel to provide interpretation of current coding issues.
d. May work with other Berkshire Hathaway companies where technical objectives or resources are shared (e.g. BH Internal Audit, BH tax, BHHC/Primary Group CAB relationship, etc.).
- Communicates Pricing decisions with personnel from Underwriting, Software Development, Claims, and General Agents' offices. Visits General Agents' offices and delivers WebEx's to General Agents to instruct on new rating revisions and pricing approaches. Meets with Underwriting and Software departments to communicate revisions to rating approaches and rules.
- Responsible for the design, security, accuracy, and maintenance of Primary Group pricing and analytical programs used by the department and senior management to produce standard actuarial reports. Participates in product design teams for company software development (e.g. NICO-Rate, Garage-Rate, NIFIS, etc.). Oversees verification of all rating software.
- Supervises unit personnel including interviewing job candidates, initiating or recommending personnel actions
including hiring, promotions, transfers, discharges, disciplinary methods, performance appraisals, salary
adjustments and staffing levels.
- a. Participates in the development of loss and loss adjustment expense reserve analysis and indications for other Berkshire Hathaway insurance operations (e.g. Med Pro, GAUM, USAU and BHIIL), communicates selections to Senior Management, and discusses with Senior Management the ultimate selections posted by the companies. May participate in discussions with other Berkshire Hathaway actuarial areas and management regarding emerging developments.
b. Coordinates the development and compilation of Primary Group reserve analysis package for use in determining the financial statement reserves. Prepares analysis for senior management which includes identification of changing indications within the Primary Group reserves and possible explanations regarding reserve development anomalies.
c. May participate in reinsurance purchasing analysis for other Berkshire Hathaway insurance operations (USAU). Is developing a working knowledge of reinsurance pricing analysis.
- Researches, interprets, and communicates state law coverage requirements (e.g. uninsured motorists laws, no-fault laws, etc.) to management for review. Cooperates with Industry & Regulatory Relations Unit to determine the impact of laws and implement appropriate rate structures.
- Performs related duties as situation dictates such as participating in special projects, etc.
Knowledge, Skills, and Abilities: (*minimum qualifications needed to perform essential job function)
*Bachelor degree in mathematics or related field or equivalent
*Math (including algebra, calculus, probability, and statistics)
*PC hardware/software capabilities and limitations
*Personal computer related spreadsheet and database manipulation software
*Principles of finance, business, insurance, insurance accounting, and financial reporting
*5-7 years related work experience
*Company and department practices and procedures
*Mainframe, PC network, and PC systems
*Personal computer statistical software, programming, and data structures
*Insurance agency operations
*Progress toward professional accreditation (Actuarial exams, CPCU exams, etc.) or progress toward advanced degree (MBA, Masters in Math, etc.)
*Excellent oral and written communication with all levels of the organization
*Mathematical and statistical analysis
*Work well with others
*Respond well to demands on time and resources
*Identify problems & make decisions, motivate, train, and supervise personnel and organize workflow
*Delegate, plan, prioritize, and meet deadlines
*Design and use computer programs to analyze data
*Research, evaluate alternatives, reach decisions, and make recommendations