Insurance Actuary Associate(Hybrid)

Introduction

The Connecticut Insurance Department (CID) is currently accepting applications for an Insurance Actuary Associate position within the Actuarial Division.

WHAT WE CAN OFFER YOU

• Visit our State Employee Benefits Overview page!
• Work at a Forbes-recognized company! Connecticut is proud to be featured on both America's Best Employers by State and Best Employers for New Grads in 2024. With our dynamic job market and commitment to fostering a thriving workforce, Connecticut stands out as a top destination for both seasoned professionals and fresh graduates seeking to launch their careers.
• Professional growth and development opportunities
• A healthy work/life balance to all employees

POSITION HIGHLIGHTS

• Full Time, 40 hours per week
• Location: 153 Market Street in Downtown Hartford, easily accessible for all commuters.
• Monday - Friday
• 8:00 AM to 4:30 PM
• Hybrid (combination of in-office/telework)

THE ROLE

As an Insurance Actuary Associate within the Actuarial Division, you will play a vital role in our mission. You will collaborate with a team of dedicated professionals to analyze insurance data, assess risk, and make critical recommendations. Your expertise will help us ensure that insurance rates are fair and adequate, and that insurance companies are financially stable.

The Insurance Actuary Associate will perform the following functions with guidance from an Insurance Actuary, Insurance Actuary Supervisor, and Chief Insurance Actuary:

• Analyze insurance data and perform actuarial calculations to determine risk and pricing for various insurance products
• Conduct research and evaluate insurance industry trends to inform pricing strategies and rate filings
• Assist in developing and maintaining actuarial models and tools to support business decisions
• Create reports and presentations to effectively communicate actuarial findings and recommendations to relevant individuals or groups
• Collaborate with cross-functional teams to support the implementation of actuarial initiatives and projects
• Stay updated on regulatory changes and industry standards to ensure compliance and drive continuous improvement

ABOUT US

Our mission at the State of Connecticut, Connecticut Insurance Department (CID) is consumer protection. The department carries out its mission by enforcing state insurance laws to ensure policyholders are treated fairly, by providing assistance, outreach, and education to help consumers make sound choices, and by regulating the industry in a fair and consistent manner that fosters market competition for the availability of insurance.

Watch the video below to see what it's like to be a State of CT employee!

Selection Plan

FOR ASSISTANCE IN APPLYING:

Check out our Applicant Tips on How to Apply! Need more resources? Visit our Applicant Reference Library for additional support throughout the recruitment process.

BEFORE YOU APPLY:

• Meet Minimum Qualifications: Ensure you meet the Minimum Qualifications listed on the job opening by the job closing date. You must specify your qualifications on your application. The minimum experience and training requirements listed must be met by the close date on the job opening, unless otherwise specified.
• Educational Credits:List your earned credits and degrees from accredited institutions accurately on your application. To receive educational credits towards qualification, the institution must be accredited. If the institution of higher learning is located outside of the U.S., you are responsible for providing documentation from a recognized USA accrediting service which specializes in determining foreign education equivalencies to the contact listed below by the closing date listed on the job posting.
• Resume Policy: Per Public Act 21-69, resumes are not accepted during the initial application process. As the recruitment process progresses, candidates may be required to submit additional documentation to support their qualification(s) for this position. This documentation may include: a cover letter, resume, transcripts, diplomas, performance reviews, attendance records, supervisory references, licensure, etc., at the request and discretion of the hiring agency.
• Preferred Shift/Location: Select all location(s) and shift(s) you are willing to work on your application. Failure to do so may result in not being considered for vacancies in that specific location or shift.
• Timely Submission: All application materials must be received by the job posting deadline. You will be unable to make revisions once you officially submit your application to the State. Late submissions are rarely accepted, with exceptions only for documented events that incapacitate individuals during the entire duration of the job posting. Request exceptions by emailing DAS.SHRM@ct.gov.
• Salary Calculations: For current state employees, salary calculations are not necessarily comparable from one of the three branches of state government (i.e., Executive, Legislative, Judicial) to the other.

• Note: The only way to apply to this posting is via the ‘Apply’ or ‘Apply Online’ buttons on the official State of Connecticut Online Employment Center job posting.

AFTER YOU APPLY:

• Referral Questions: This posting may require completion of additional Referral Questions (RQs), which must be completed by the questionnaire’s expiration date. If requested, RQs can be accessed via an email sent to you after the job close date or by visiting your JobAps Personal Status Board (Certification Questionnaires section).
• Prepare For An Interview: Interviews are limited to those whose experience and training are most aligned with the role. To prepare, review this helpful Interview Preparation Guide to make the best impression!
• Stay connected! Log in daily to your JobAps Personal Status Board to track your status and check email (including spam/junk folders) for updates and tasks.
• The immediate vacancy is listed above, however, applications to this recruitment may be used for future vacancies in this job class.
• Note: This position will be filled in accordance with contractual language, reemployment, SEBAC, transfer, promotion and merit employment rules. Candidates who are offered and accept a position with the State of Connecticut are bound by the State Code of Ethics for Public Officials and State employees, available at www.ct.gov/ethics.

QUESTIONS? WE’RE HERE TO HELP:

Due to high volume, we are unable to confirm receipt or provide status updates directly. For recruitment updates, please check your Personal Status Board and review our Frequently Asked Questions. If you have additional questions about the recruitment process, reach out to Sharon McIntosh, at Sharon.McIntosh@ct.gov.

PURPOSE OF JOB CLASS (NATURE OF WORK)

In the Department of Insurance this class is accountable for independently performing a full range of tasks in actuarial work involving casualty or life and health insurance, and conducting research and special studies.

EXAMPLES OF DUTIES

• Conducts analytical studies of insurance rate filings, rating plans, and various special programs;
• Provides support for the approval or disapproval of requests made by insurance companies and rating organizations for changes in rates and rating plans;
• Reviews insurance company’s loss and loss adjustment incurred but not reported reserves and insurance valuations;
• Reviews actuarial opinions, actuarial reports and actuarial memorandum;
• Prepares and reviews reports and agreements;
• Reviews fields exams regarding actuarial subjects;
• Participates in committees;
• Performs related duties as required.

KNOWLEDGE, SKILL AND ABILITY

• Knowledge of
  • relevant federal and state laws and regulations pertaining to insurance companies;
  • actuarial principles, standards and methods;
  • statistical methods and computer models as they relate to insurance rates and rating procedures;
  • the operation of relevant insurance programs;
  • the methods used by other states in the regulation of insurance companies;
  • relevant insurance coverages, rates, rating plans and special programs;
  • insurance company financial statements;
• Considerable
  • interpersonal skills;
  • oral and written communication skills;

MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE

Seven (7) years of experience as an actuary with an insurance company, an insurance regulatory agency, or in a consulting actuary's office performing actuarial insurance work.

MINIMUM QUALIFICATIONS - SUBSTITUTIONS ALLOWED

• College training in mathematics, actuarial sciences, statistics or a related field may be substituted for the General Experience on the basis of fifteen (15) semester hours equalling one-half (1/2) year of experience to a maximum of four (4) years.
• A Master's degree in mathematics, actuarial sciences, statistics or a related field may be substituted for one (1) additional year of the General Experience.

PREFERRED QUALIFICATIONS

• Actuarial experiences in both actuarial pricing and/or reserving
• Fellow of the Casualty Actuarial Society (FCAS), Associate of the CAS (ACAS), or near ACAS actuarial students
• Experience with P&C rate making in Personal Lines and/or Commercial Lines

SPECIAL REQUIREMENTS

An Associate membership, by examination, in a relevant actuarial society. For Property and Casualty, membership in the Casualty Actuarial Society is required. For Life and Health area, membership in the Society of Actuaries is required.

Conclusion

AN AFFIRMATIVE ACTION/EQUAL OPPORTUNITY EMPLOYER

The State of Connecticut is an equal opportunity/affirmative action employer and strongly encourages the applications of women, minorities, and persons with disabilities.

ACKNOWLEDGEMENT

As defined by Sec. 5-196 of the Connecticut General Statutes, a job class is a position or group of positions that share general characteristics and are categorized under a single title for administrative purposes. As such, a job class is not meant to be all-inclusive of every task and/or responsibility.