Farm Mutual Consulting Services -Actuary

Overview

The Actuary leads the rate review process for multiple lines of business to achieve Farm Mutual business objectives. Responsibilities include competitor analysis, review of company and client (mutual) experience, assessment of industry trends, application of predictive modeling techniques, and ensuring compliance with regulatory requirements. These analyses help influence strategic direction.

Grinnell Mutual has been recognized 14 years in a row for being one of Iowa's Top Workplaces, four years running as a national Top Workplace USA winner, and three years as an international Gallup Exceptional Workplace. Since 1976 Grinnell Mutual has been rated A (Excellent) or higher by AM Best. This position qualifies for our flexible workplace options. Work at our Grinnell, Iowa, headquarters or from a home office in any of the following states: Alabama, Arizona, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Virginia, Wisconsin, and Wyoming. Please note that candidates must be eligible to work in the U.S. without Grinnell Mutual sponsorship.

Responsibilities

• Reviews mutual experience by line of business and performs actuarial analyses including rate indications and relativity analysis.

• Performs competitive analysis using competitor filings to support the development of marketable rating plans.

• Develops and refines rating structures considering pricing competitiveness, systems impact, and regulatory requirements.

• Develops new insurance products and innovates rating plans.

• Analyzes product profitability and sensitivity to key assumptions, providing insights for pricing and underwriting.

• Analyzes loss data and renders opinions to support premium growth and risk mitigation.

• Assesses and quantifies financial, market, and operational risks.

• Improves financial decision-making by developing models to evaluate financial implications of uncertain future events.

• Presents rate proposals to management and collaborates on implementation of rate actions.

• Provides actuarial support for filings, creates specifications for rate and methodology changes, and oversees regulatory filings, including certification.

• Monitors statutes, regulations, and bulletins to determine pricing impacts and ensure compliance.

• Uses data mining and predictive modeling techniques to identify patterns and relationships.

• Analyzes and cleans data, presenting findings clearly and accurately.

• Utilizes modeling and analytical software proficiently (e.g., Excel, SQL, R, Python).

• Determines data requirements and definitions with system management and evaluates data accuracy.

• Assesses the company's position and recommends strategies to achieve optimal profitability.

• Evaluates and proposes alternative business strategies.

• Reviews existing processes and controls, providing recommendations and documenting improvements.

• Assesses actuarial implications of business decisions.

• Participates in peer reviews to ensure quality and drive innovation.

• Assists internal departments with inquiries related to rates, rules, and pricing.

• Makes presentations and responds to external customer inquiries.

• May represent the company with regulators, auditors, and other external partners.

• Trains and mentors staff on rating procedures and identifies training needs for new associates.

• Coordinates cross-functional efforts and influences outcomes without direct authority.

• Maintains strong relationships across departments and levels.

• Travel required as business needs dictate.

• Performs other duties as assigned.

Qualifications

• Bachelor's degree in Actuarial Science, Statistics, Mathematics, or related field. • ACAS required; FCAS preferred.

• At least five years of P&C pricing or ratemaking experience; reinsurance knowledge preferred.

• High proficiency in Excel and analytical tools (SQL, R, Python).

• Strong communication skills with the ability to interpret technical documents and respond to stakeholders.

• Effective presenter to senior leaders, industry groups, and/or boards.

• Demonstrates uncompromising integrity and professional ethics.

• Exceptional analytical and problem-solving skills; able to work with abstract variables and draw sound conclusions.

• Effective time management; able to manage multiple projects and adapt to changes and interruptions.

• Strong business and product acumen; sound judgment under pressure.

• Strong interpersonal, collaboration, and negotiation skills.

• Ability to work independently or as part of a team.

• Able to drive continuous improvement and innovation.

• Must maintain confidentiality and adhere to all company policies and core values.

Working conditions and physical efforts

To perform this job successfully, an individual must be able to perform each job duty and responsibility satisfactorily. Reasonable accommodations may be made to enable individuals with disabilities to perform job duties and responsibilities.

• Work may be fast-paced with multiple projects and tight deadlines; hours outside core schedule may be required.

• This position follows the company's Work from Anywhere guidelines, ensuring business needs are met.

• Requires extended periods of stationary computer work.

• Internal contacts include project managers, analysts, finance, underwriting leadership, reinsurance leadership, and operations divisions.

• Frequent work with state regulators and occasional contact with auditors.

This job description is not intended to describe, in detail, the multitude of tasks that may be assigned, but rather to give the employee a general sense of responsibilities and expectations of his/her position. As the nature of the business demands change, so too may the job duties and responsibilities.