Insurance & Actuarial Science

Insurance & Actuarial Science

Selby Jennings: A Specialist Talent Partner in Insurance & Actuarial Science Recruitment

Selby Jennings Jennings is a leading Insurance & Actuarial Science recruitment talent partner for financial sciences & services. Our global Insurance & Actuarial Science team provides permanent, contract, and multi-hire recruitment from our offices across three continents.

For more than 20 years, clients and candidates have had peace of mind that the specialist Insurance and Actuarial recruitment process is in safe hands.

During a time of automated machinery and innovative technology, the demand for insurance and protection has increased due to the exposure of new risks. To develop policies that reduce, manage and analyze risk effectively, companies must seek to attract top insurance and actuarial talent. Around 2,400 insurance and actuarial job openings are projected each year as businesses in the US compete for the best risk managers and problem solvers.

Donโ€™t miss out on hiring top insurance and actuarial management professionals or becoming the next candidate to secure a job in financial insurance. Selby Jenningsโ€™ extensive portfolio, specialist salary and benefits knowledge, and expertise make us the best insurance and actuarial management recruiter talent partners for insurance and actuarial management jobs.

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Benefits of working with Selby Jenningsโ€™ global Insurance & Actuarial Science team

We are a specialist Insurance and Actuarial Science recruiter talent partner. Among the many benefits of working with Selby Jenningsโ€™ global Insurance and Actuarial Science team are:

Experience

Experience

We have nearly 20 years of experience as a leading talent partner in financial sciences & services.

Network

โ€‹Network

A vast, global network of the best, in-demand professionals, working with the worldโ€™s largest financial institutions to innovative fintech start-ups and beyond.โ€‹

Knowledge

โ€‹Knowledge

Our award-winning talent specialists offer bespoke, tailored guidance on the latest hiring trends and industry news to help you achieve your goals.

At Selby Jennings, we pride ourselves on establishing long-term partnerships founded on trust, integrity, and mutual success. Our Investment Management headhunters are dedicated to delivering custom solutions designed to meet your specific needs, offering adaptable strategies to fit your hiring protocols. Whether you're looking for rapid placements in pivotal Insurance & Actuarial Science roles or seeking comprehensive talent acquisition solutions, our resources and expertise are primed to deliver. Kickstart your recruitment journey with us by submitting your vacancy today.

Begin the process to solve your talent needs in the Insurance & Actuarial Science field by filling out our form today.

Insurance & Actuarial Science Jobs

In the complex world of finance, Insurance & Actuarial Science professionals play a key role. As risk assessment and financial security become more critical, individuals with these skills are highly sought-after. Partnering with Selby Jennings, an expert in Insurance & Actuarial Science, could significantly advance your career. Browse our available roles or submit your resume, and we'll reach out when a suitable opportunity arises.

Senior Reinsurance Accountant

We are seeking a skilled Reinsurance Accountant to join a top P&C Reinsurance firm as part of their Reinsurance Accounting team. This role is crucial for managing and processing reinsurance accounts and ensuring accurate documentation and reconciliations. Key Responsibilities: Analyze and process various reinsurance technical accounts, including quarterly accounts, profit commission calculations, sliding scale commissions, and premium adjustments. Evaluate and reconcile technical accounts by understanding underwriting contract wordings and identifying discrepancies. Monitor and update assigned accounts, addressing any missing statements or issues through effective communication with stakeholders. Collaborate with the Claims department to report paid losses and reserves. What you'll need to be successfulโ€ฆ 5+ years of experience in accounting, auditing, or finance. Experience in the P&C insurance or reinsurance industry. Preference for Cession or Bordereau experience, but not mandatory. What makes this role specialโ€ฆ Be part of a top-tier firm renowned for excellence in P&C reinsurance. Work in a forward-thinking company that embraces the latest technologies and industry best practices. Enjoy a hybrid work schedule that balances in-office and remote work, supporting a better work-life balance while maintaining team connectivity.

US$90000 - US$120000 per year
Garden City
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P&C Insurance Sales Representative

We have a current opportunity for a Insurance Sales Representative on a permanent basis. The position will be based in Dallas. For further information about this position please apply. Key Responsibilities: Sales and Prospecting: Identify and pursue new sales opportunities through various channels, including referrals, networking, and cold calling. Client Consultation: Conduct thorough needs assessments to understand clients' insurance requirements and recommend appropriate coverage options. Policy Management: Assist clients with policy applications, renewals, and modifications. Ensure all documentation is accurate and up-to-date. Customer Service: Provide exceptional customer service by addressing client inquiries, resolving issues, and offering ongoing support. Qualifications: Proven experience in insurance sales, preferably in personal lines. Strong understanding of P&C insurance products and services. Excellent communication and interpersonal skills. Ability to build rapport and establish trust with clients. Valid insurance license (or willingness to obtain one).

Negotiable
Dallas
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Director of Surety

Key Responsibilities: Manage a portfolio of contract and commercial surety accounts, analyzing and supporting high-impact clients. Provide leadership for the Bond department, offering expertise in prequalification and account strategy. Develop and maintain relationships with Surety carriers and industry professionals. Cultivate new business and ensure client retention. Stay informed on market trends and attend relevant industry events. Collaborate with the Surety Service Team Lead on initiatives and performance. Additional Duties: Support miscellaneous tasks as needed. Qualifications: 5+ years in the surety industry (agency experience a plus). Property/Casualty License (all lines) and insurance designations required; Bachelor's degree preferred. Expertise in Surety underwriting and knowledge of local construction environments. Active involvement in industry groups. Ability to generate new business, retain accounts, and cross-sell services. Strong organizational, decision-making, and relationship-building skills. Proficiency in Microsoft Office; experience with Erlon/Applied/EPIC preferred.

Negotiable
Buffalo
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Senior Facilities Underwriting Manager

Title: Sr. Facilities Underwriting Manager Location: Remote Responsibilities: Underwrite P&C accounts for Healthcare facilities Ensure applications and financial requirements are in order to determine acceptability of risk Knowledge of pricing and rating methods as well as predictive modeling tools Oversee and create quotation proposals on submission and renewing accounts Manages portfolio to attain gross written premium, profitability, rate, retention, product mix, new business and portfolio management goals Gather and evaluate information in order to reach appropriate decisions on renewals and new business Process policy endorsements and policy issuance Assist with claims coverage verification's if needed Establish and maintains effective relationships and communications with brokers and agents Qualifications: Bachelor's Degree, or equivalent experience 5+ years experience with hospital professional liability insurance required; GL experience preferred Strong understanding of underwriting processes, coverages, and tools Ability to work without autonomously, make independent decisions and meet deadlines

US$100000 - US$140000 per year
New York
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Associate Actuary - Risk Management

Roles and Responsibilities: Execute independent validations of actuarial models Complete risk reviews of new models, implementations, changes, findings, simplifications, topsides, and supporting documentation Document and substantiate risk reviews and validations, providing detailed support as applicable Help build and maintain a stress testing framework for risk reporting Maintain monthly risk dashboards Support the development, maintenance, and enforcement of model risk policies and standards Cultivate productive relationships with modeling teams and other business partners Interact with management, auditors, and the US & Bermuda Risk Management Committees as needed Perform other duties as assigned Qualifications: 3+ years of experience in the life insurance industry Bachelor's Degree in Actuarial Science, Finance, Mathematics, or a related quantitative field At least 3 actuarial exams completed; ASA or near ASA preferred Experience with MG-ALFA or other modeling software preferred Ability to meet deadlines for deliverables in a timely and proactive manner Strong interpersonal skills with the ability to foster a collaborative environment Organized, disciplined, and detail-oriented with strong problem-solving skills and the ability to think creatively

Negotiable
United States of America
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Claims Supervisor, General Liabilty

Title: Claims Supervisor Location: Denver, CO Responsibilities: Lead and oversee the claims team, ensuring the quality, quantity, and timeliness of work product Maintain current company and department procedures to ensure efficient operations Assign work, provide training, and give feedback to team members to enhance performance Conduct timely evaluations of job performance and provide constructive feedback to staff Supervise and actively participate in the claims functions to meet the needs of both internal and external customers Review, analyze, and interpret policy conditions, exclusions, and endorsements to resolve coverage and liability issues for assigned claims Review and evaluate claim reserves to ensure they accurately reflect potential exposure Investigate claims to assess coverage, legal issues, and gather necessary statements, records, and other evidence Provide appropriate documentation and reporting of all investigation and claims handling activities Negotiate, settle, and resolve claims with claimants and insureds in a timely and effective manner Provide clear and appropriate claims resolution documents to claimants and insured parties Maintain a working knowledge of regulatory and jurisdictional requirements to ensure compliance in all aspects of claims handling Provide direction and management for independent adjusters and third-party service providers retained to assist with specific claims Work with claims management to staff the assigned claims team with individuals who have the necessary skills, abilities, and interests to fulfill job responsibilities effectively Qualifications: 5+ years of experience handling claims Supervisory or management experience preferred Knowledge of coverage, negligence principles, investigation, and negotiation techniques Ability to effectively communicate with both internal and external stakeholders Valid driver's license with acceptable motor vehicle report Benefits: Paid vacation and 12 paid holidays a year Health, dental, and vision insurance Company paid life insurance 401(k) Savings and Profit Sharing Plan Education & training opportunities Insurance designations encouraged (financial assistance available)

Up to US$110000 per year
Denver
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Claims Supervisor, General Liabilty

Title: Claims Supervisor Location: Denver, CO Responsibilities: Lead and oversee the claims team, ensuring the quality, quantity, and timeliness of work product Maintain current company and department procedures to ensure efficient operations Assign work, provide training, and give feedback to team members to enhance performance Conduct timely evaluations of job performance and provide constructive feedback to staff Supervise and actively participate in the claims functions to meet the needs of both internal and external customers Review, analyze, and interpret policy conditions, exclusions, and endorsements to resolve coverage and liability issues for assigned claims Review and evaluate claim reserves to ensure they accurately reflect potential exposure Investigate claims to assess coverage, legal issues, and gather necessary statements, records, and other evidence Provide appropriate documentation and reporting of all investigation and claims handling activities Negotiate, settle, and resolve claims with claimants and insureds in a timely and effective manner Provide clear and appropriate claims resolution documents to claimants and insured parties Maintain a working knowledge of regulatory and jurisdictional requirements to ensure compliance in all aspects of claims handling Provide direction and management for independent adjusters and third-party service providers retained to assist with specific claims Work with claims management to staff the assigned claims team with individuals who have the necessary skills, abilities, and interests to fulfill job responsibilities effectively Qualifications: 5+ years of experience handling claims Supervisory or management experience preferred Knowledge of coverage, negligence principles, investigation, and negotiation techniques Ability to effectively communicate with both internal and external stakeholders Valid driver's license with acceptable motor vehicle report Benefits: Paid vacation and 12 paid holidays a year Health, dental, and vision insurance Company paid life insurance 401(k) Savings and Profit Sharing Plan Education & training opportunities Insurance designations encouraged (financial assistance available)

US$75000 - US$110000 per year
Denver
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Financial Reporting Manager

Do you have a background in financial reporting? Do you enjoy working in a start-up type of environment where your work will have a direct impact on the entire organization? If so, this job is for you! A fast-growing value-based care company is seeking an Accounting Manager to join their team. What you'll be doingโ€ฆ Preparing and reviewing monthly, quarterly, and annual financial statements, with a specific focus on STAT reporting Closely analyzing industry trends and regulatory changes to stay current with accounting standards, while helping to implement best practices across the wider organization You will be responsible for addressing complex accounting issues, implementing new accounting standards, and providing expert guidance on technical accounting matters. What you'll need to be successfulโ€ฆ Strong knowledge of US STAT and GAAP financial reporting, preferably within the healthcare industry 5+ years of experience in accounting with 1-2 years of leadership or mentorship experience CPA designation is preferred, but not required What makes this role specialโ€ฆ You will be joining a rapidly expanding team and will have amazing growth opportunities within the firm This is a hybrid position where you will have remote days to maintain a flexible working environment. You will oversee various accounting processes and report directly to the Chief Accounting Officer.

US$140000 - US$180000 per year
Dallas
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Director of Actuarial Services - General (P&C) Insurance

Our client is a globally renowned consulting and advisory services firm, employing over 30,000 professionals across regional offices in over 100 different countries. They provide specialised, subject-matter expertise across a variety of service areas within the core industries they serve, helping their partners to improve their growth, efficiency, performance, and compliance. Their Actuarial division works to support clients in the insurance industry by enhance key functions within their businesses, aligning with market trends, leveraging emerging technologies, and aid them in navigating the growing complexities of the insurance and regulatory landscape. Their core services include Pricing & Reserving, Capital Management & Modelling, Auditing, IFRS 17 and Solvency II, and Transformation. Over the decades since its founding, this group has experienced impressive growth in headcount and profitability, and an ever-increasing demand for their services. They consistently deliver high-quality, transformative solutions to their well-established client network of insurers and reinsurers, and haev continued to grow their reputation in line with this. As a result, the company's executive leadership is making significant investments with the goal of maintaining this division's position at the forefront of the actuarial consulting market, especially as the importance of the actuarial function for (re)insurers is further cemented by various influencing factors. They are actively seeking a Director of Actuarial Services to join their leadership team in London and around the world. This individual will help drive the growth of their services dedicated to the Property & Casualty/General Insurance market in the UK, working closely with their existing actuarial and insurance consulting staff. Key Credentials: Minimum of a Bachelor's degree in Actuarial Sciences, or a numerate/quantitative field. Fellow of the Institute and Faculty of Actuaries (FIA) is a must. 10+ years of directly relevant experience, working within General Insurance/P&C product lines with demonstrable progression in seniority and role responsibilities. Proven track-record in division leadership, staff management and growth, and business development functions.

ยฃ140000 - ยฃ180000 per annum
London
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Senior Reinsurance Accountant

We are seeking a skilled Reinsurance Accountant to join a top P&C Reinsurance firm as part of their Reinsurance Accounting team. This role is crucial for managing and processing reinsurance accounts and ensuring accurate documentation and reconciliations. Key Responsibilities: Analyze and process various reinsurance technical accounts, including quarterly accounts, profit commission calculations, sliding scale commissions, and premium adjustments. Evaluate and reconcile technical accounts by understanding underwriting contract wordings and identifying discrepancies. Monitor and update assigned accounts, addressing any missing statements or issues through effective communication with stakeholders. Collaborate with the Claims department to report paid losses and reserves. What you'll need to be successfulโ€ฆ 5+ years of experience in accounting, auditing, or finance. Experience in the P&C insurance or reinsurance industry. Preference for Cession or Bordereau experience, but not mandatory. What makes this role specialโ€ฆ Be part of a top-tier firm renowned for excellence in P&C reinsurance. Work in a forward-thinking company that embraces the latest technologies and industry best practices. Enjoy a hybrid work schedule that balances in-office and remote work, supporting a better work-life balance while maintaining team connectivity.

US$90000 - US$120000 per year
Garden City
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Associate Actuary - Pricing

Support pricing and product development for new LTC products Maintain and adjust pricing models for long-term care products based on updated assumptions or changes Monitor product performance and analyze profitability Develop rate indications, evaluate pricing levels, and communicate results to decision-makers Assist with actuarial rate filings and ensure compliance with regulatory standards Track industry trends, market dynamics, and regulatory changes to inform pricing strategies Conduct advanced actuarial analyses for new products, repricing, and financial projections Review competitive market conditions, regulations, and research to meet financial goals Peer review pricing analyses from team members Contribute to the development of actuarial pricing tools and identify automation opportunities Maintain thorough documentation of actuarial analysis Interpret state-specific and NAIC regulations for policy filings Perform additional duties as assigned

Negotiable
Austin
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CPAC Manager

Title: Commercial Lines Manager, E&S Location: Arizona (Hybrid schedule-flexible) Responsibilities: Manage new business and binders Manage department expenses Conduct underwriting audits, overseeing a team Provide reports to upper management, such as production and profitability reports Qualifications: Strong technical background with specific knowledge of E&S underwriting Experience with Commercial Binding, Brokerage or Risk Management Management or Leadership experience Ability to work within a team; must be collaborative and have strong communication skills

Negotiable
Arizona
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News & Insights

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hiring advice

Insurance and Actuarial Talent Trends in 2024

One clear trend has emerged in the insurance industry in recent years โ€” Artificial Intelligence (AI) has well and truly arrived. You may have already seen evidence of this, such as algorithms in the actuarial back office to chatbots for claims resolution. AI disruption can be good for businesses in this sector, as those who embrace these tools can stand out among the sea of competitors.Using AI to Increase CompetitivenessAI has typically been about using machine learning to automate, iterate, and optimize models. In other words, AI insurance models feed off previous real-world events. The assumption here is that as AI technology matches risk data points to claims data points, future events will emulate the past.What this means is that success depends on talented actuaries providing data points and using AI to create pricing and instigate appropriate checks and balances. Those who embrace AI technology and use it to empower companies could evolve faster and capitalize on creating the best possible product.Actuaries need to embrace AI to communicate effectively on how different risks can impact customers and price points. As more data and tools will become available, the industry will still rely on actuaries to process cases.Humans Are Still NeededSome people have concerns that AI technology will eliminate human jobs completely for certain professions, including putting actuaries out of work. While machine learning has taken away certain repetitive or monotonous tasks, current technology still requires people to step in to guide and govern. In other words, machines wonโ€™t completely eliminate actuarial teams in the foreseeable future.As mentioned before, weโ€™re seeing trends where actuaries need to embrace these solutions so that machine learning becomes a tool that helps to enhance the quality of their work and therefore the organization. Companies will look to these skills as AI continues to evolve.Evolved RolesEven though machine learning will get more sophisticated, it cannot replace human completely. Risk and claims data points are complex and there is no evidence so far that points to machine learning being able to come up with the types of judgment or innovation needed, including asking thought-provoking questions or thinking up worst-case scenarios.Machine learning will require actuaries to tackle new problems or create new opportunities for their companies. Instead of analyzing data points as a skill, top talent could shortly be hired for their critical thinking and problem-solving skills such as market price reconstruction or innovative concepts to ensure customer retention.Thatโ€™s not to say tasks such as fraud detection and advanced claims handling will be taken over by AI anytime soon. Companies will still need actuaries who can use their current skill set. However, as more companies embrace machine learning, theyโ€™ll be looking towards talent who can keep up with trends and are willing to take on roles where it involves predicting and validating solutions for the future.Why Choose Us?During a time of innovative technology, the demand for insurance and protection has increased due to the exposure of new risks. To develop policies that reduce, manage, and analyze risk effectively, companies must seek to attract top insurance and actuarial talent. Around 2,400 insurance and actuarial job openings are projected each year as businesses in the US compete for the best risk managers and problem solvers.Selby Jennings is a leading Insurance & Actuarial Science recruitment talent partner in financial sciences & services. Our global Insurance & Actuarial Science team provides permanent, contract, and multi-hire recruitment from our offices across three continents. For more than 20 years, clients and candidates have had peace of mind that the recruitment process is in safe hands.Donโ€™t miss out on hiring top insurance and actuarial management professionals or your next potential career move if you are an insurance professional considering opportunities.Selby Jenningsโ€™ extensive portfolio, expertise, and specialist salary and benefits knowledge make us the best insurance and actuarial science talent partner.

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Become Part of the Actuarial Scientist Community with Selby Jennings

The world of actuarial science is dynamic, intricate, and holds the promise of a fulfilling career for those who are talented in quantitative analysis and have a knack for problem-solving. And what better way to dive into this promising career than joining the Selby Jennings Data Architect Community? Here's why:Why Join the Selby Jennings Data Architect Community?Exclusive Club: Joining Selby Jennings means becoming part of a unique community, an exclusive club that offers its members myriad benefits.Regular Updates: Stay ahead of the curve with exclusive updates on the latest trends in the data architecture landscape.Webinars & LinkedIn Lives: Engage in enlightening sessions, getting firsthand knowledge from industry leaders and experts.Reports: Access meticulously curated reports, giving you in-depth insights into industry shifts, best practices, and new innovations.Emerging Skills Training: The data landscape is ever-changing. Stay competitive with insights into emerging skills and tools.Mentorship Opportunities: Benefit from personalized mentorship, helping you navigate your career journey and scaling new heights in your professional growth.JOIN THE EXCLUSIVE DATA ARCHITECT COMMUNITYResponsibilities of an Actuarial ScientistActuarial Scientists play a crucial role in the financial planning and risk management sectors. Here's a snapshot of what they typically do:Compiling Statistical Data: Gathering relevant data to make informed decisions.Designing Investment and Pension Plans: Creating financial plans that ensure security and returns.Business Strategy Development: Drafting strategies that reduce risks and enhance profitability.Risk Analysis: Evaluating potential threats and devising ways to mitigate them.Estimating Economic Costs: Predicting the financial impact of unpredictable events.Policy Administration: Designing and overseeing insurance policies.Data Presentation: Producing clear visual representations of data and findings.Communication: Effectively explaining findings and recommendations to a variety of stakeholders.Essential Skills for an Actuarial ScientistTo excel in this field, an individual should possess:Numeracy Skills: Ability to deal with numbers effortlessly.Problem-solving Skills: Tackling challenges with innovative solutions.Tech Proficiency: Familiarity with advanced computer software and tools.Business and Financial Acumen: Understanding the financial sector's intricacies.Communication Skills: Conveying complex ideas simply.Research & Analytical Abilities: Delving deep into data to glean insights.Knowledge of Economics: Understanding global economic patterns and shifts.Qualification RequirementsA bachelor's degree in actuarial science, mathematics, statistics, or a related analytical field is typically essential given the role's complex nature.The Financial AspectsOn average, an Actuarial Scientist earns $117,774 annually in the US. However, factors like location, experience, and the employer can influence the actual compensation.Be a Part of the Future with Selby Jennings in the World of Actuarial ScienceAt Selby Jennings, our specialized Actuarial Scientist consultants have forged unparalleled partnerships with some of the leading names in the industry. Through these exclusive alliances, we provide a gateway to opportunities often beyond the reach of conventional avenues. Whether you aim to soar higher in your current trajectory or yearn for a fresh landscape, our robust connections guarantee that you gain entry to Actuarial Science jobs tailored to match your ambitions. Becoming a member of our community isn't just about securing a position; it's a significant stride in a career journey meticulously designed for you. If a shift in the domain of actuarial science is on your horizon, now is the prime time to immerse yourself in our community. Your ideal role could be on the horizon, possibly the one you've dreamt of.Eager to pioneer your path in the realm of actuarial science? Submit your CV without delay and harness the power of the Selby Jennings network. Dive into premier Actuarial Scientist opportunities and stay ahead of the game.

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Insurance-and-Actuarial

The Future of AI in Actuarial Science Services

In the rapidly evolving landscape of finance and services, one technological advancement stands out prominently: Artificial Intelligence (AI). The integration of AI in various industries has been reshaping processes, optimizing outcomes, and revolutionizing the way we conduct business. Actuarial science, a discipline at the crossroads of mathematics, statistics, and economics, is no exception to this transformative wave. In this blog, we will delve into the future of AI in actuarial science services, exploring its potential applications, its impact on jobs, and the pros and cons it brings to the industry.The AI Revolution in Actuarial ScienceAlgorithmic TradingOne of the most visible applications of AI in actuarial science is algorithmic trading. AI-driven algorithms analyze market trends, historical data, and real-time events to make informed trading decisions. This not only enhances the speed and accuracy of trading but also reduces the influence of human emotions, leading to more consistent results.Fraud Detection and PreventionAI's prowess in data analysis and pattern recognition equips it to detect fraudulent activities in financial transactions. Machine learning algorithms can identify unusual behaviors, flagging potentially fraudulent actions for human investigation. As financial transactions become increasingly digital, the need for robust fraud detection systems has never been greater.Risk ManagementAI augments actuarial analysis by processing vast amounts of data to assess and mitigate risks. Predictive modeling powered by AI can estimate potential losses, helping insurers and financial institutions make more informed decisions about risk exposure and pricing.Customer ServiceChatbots and virtual assistants are becoming integral parts of customer service in the financial sector. These AI-driven interfaces offer real-time support, answer frequently asked questions, and guide customers through various processes. This not only enhances customer satisfaction but also allows human agents to focus on more complex tasks.Effects on Jobs and Hiring PracticesJob Displacement and ReskillingThe rise of AI in actuarial science does raise concerns about job displacement. As routine tasks become automated, some traditional roles may become obsolete. However, this also presents an opportunity for professionals to upskill and reskill. Adaptation to new technologies and learning to work alongside AI systems will be crucial for staying relevant in the industry.Explore how to write an actuarial scientist job description.Demand for Specialized SkillsAs AI becomes more prevalent, the demand for professionals with specialized skills in data science, machine learning, and AI will soar. Actuaries who can effectively harness AI's potential to extract insights from data and develop advanced predictive models will be highly sought after.Evolving RolesRather than rendering human roles redundant, AI is likely to reshape job descriptions. Actuaries might transition from routine number-crunching to more strategic tasks such as designing AI algorithms, interpreting AI-generated insights, and making strategic decisions based on AI recommendations.Remote Work and CollaborationAI's integration in actuarial science services has been catalyzed by the global shift toward remote work and collaboration. Cloud-based platforms and AI-powered communication tools enable actuaries to collaborate seamlessly across geographical boundaries, increasing efficiency and expanding the talent pool.Advantages and Disadvantages of AI in the Actuarial Science IndustryAdvantagesIncreased Efficiency: AI automates repetitive tasks, allowing actuaries to focus on higher-value activities, resulting in increased efficiency and productivity.Enhanced Decision-Making: AI's data-driven insights provide actuaries with a more comprehensive understanding of risk factors, enabling them to make more informed decisions.Personalized Customer Experience: AI-powered algorithms can analyze customer data to tailor services, providing a more personalized and satisfying customer experience.DisadvantagesJob Displacement: Automation of routine tasks could lead to job displacement for those unwilling or unable to adapt to the changing landscape.Data Privacy and Security Concerns: The increased use of AI requires handling large volumes of sensitive customer data, raising concerns about data privacy and security.Ethical Considerations: As AI algorithms make critical decisions, concerns about bias, transparency, and fairness in decision-making processes come to the forefront.The future of AI in actuarial science services promises a revolution that will shape the industry's landscape in ways we can't fully anticipate. While there are challenges to address, the potential benefits are vast. As AI becomes an indispensable tool in the actuarial toolkit, professionals who embrace these changes, upskill, and leverage AI's capabilities will be well-positioned to navigate the evolving industry successfully.Are you a business looking to harness the power of AI in your actuarial services? Do you seek expert guidance on integrating AI seamlessly into your operations? Our team of experts is ready to assist you. Request a callback today and let us help you unlock the full potential of AI in the world of actuarial science. The journey ahead is one of adaptation, innovation, and collaboration between human intellect and artificial intelligence.

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Insurance-and-Actuarial

How to Write a Actuarial Scientist Job Description

An Actuarial Scientist is responsible for applying mathematical skills to all areas of the social sciences, in order to evaluate risk and maintain the economic stability of both insurance and financial organizations. A key part of the role is to anticipate future events and take preventive measures to minimize risk and impact. For example, Actuaries carefully analyze past data to determine how much money should be set aside to cover potential financial losses and the consequences that come hand-in-hand with these losses. The role is becoming more and more competitive, with lots of opportunities for strong candidates. The most effective way of hiring and attracting top industry talent is by writing an accurate, well-informed Actuarial Scientist job description. After all, a job description is an essential part of the job application process and will help you determine whether potential candidates are suitable for the role. View our current Actuarial Scientist roles available here.Main responsibilities As an employer, you should always mention the main responsibilities that the successful candidate would be expected to fulfill in the role. An Actuarial Scientistโ€™s main responsibilities may include:Carefully analyzing statistical data Determining potential risks and identifying ways to reduce themWorking in compliance with financial regulationsCommunicating findings to clients and colleagues in a clear and concise mannerPreparing presentations and reportsMonitoring and developing processes and IT systems to ensure they are efficient.The contracted hours the successful candidate will be required to work each day and week should also be clearly mentioned within a job description and, if evening and weekend work is required, this should also be stated. Of course, the main responsibilities of an Actuarial Scientist will vary depending on the organization as well as industry needs and requirements. Clearly stating why our company expects from potential candidates helps streamline the recruitment process and attract applicants that are well-suited to your business. Skill and qualificationsMentioning the skills and qualifications that your vacant Actuarial Scientist position requires will also help to refine candidate selection. A competent Actuarial Scientist should typically possess the following skills:Excellent numeracy skills Sound research and analytical abilityThe ability to analyze complex data A high level of computer literacyExcellent written and verbal communication skillsExcellent organization skills Excellent investigative skills and problem-solving abilitiesAble to apply meticulous attention to detail to all works.The majority of successful Actuarial Scientists have a bachelorโ€™s degree or masterโ€™s degree in Actuary Science degree. However, many Actuarial Scientists have also studied finance, mathematics, or statistics. Explore the evolution of Actuarial Scientists and new in-demand skills here.How to write a job description When writing an Actuarial Scientist job description, always mention the job title and job summary. This information should attract, engage, and appeal to your desired candidate. Always outline the core responsibilities and daily duties of the position and what you expect from employees. In addition, you should introduce your company and its culture to show why a candidate should want to work for your organization. Highlighting your business also helps the candidate determine if they share mutual synergy, helping to attract the best candidate for the position. Including a job location and details of work hours and environment will optimize your job search results and applications as candidates will only apply if they are happy to comply. List the hard and soft skills required by your company to fulfill the vacant role. However, be mindful that too many niche requirements could dissuade potential candidates. Finally, mentioning a salary range and work benefits helps you stand out among other employers and attract best-fit applicants. How to hire the best candidateTo hire the best candidate for your Actuarial Scientist position, get in touch with a talent partner today. Talent partners have access to industry-leading talent and are experts in identifying the right candidates for niche positions. To find the talent you need,submit your open vacancy to the Selby Jennings vacancy page or request a call backto elevate your recruitment process.

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The Evolution of Actuarial Science: New In-demand Skills for the Modern Actuary

In the dynamic world of today, industries are continually evolving to keep pace with emerging trends and technologies. One profession that has experienced notable change over the years is actuarial science. The Society of Actuaries (SOA), the premier professional organization for actuaries in North America, has been at the forefront of this evolution, regularly updating its curriculum and certification requirements to reflect the shifting needs of employers and the insurance industry.Embracing Data Science and Predictive AnalyticsOne of the most significant updates to the SOA's curriculum in recent years has been the introduction of a course on data science and predictive analytics. This is a testament to the growing relevance of these disciplines in the actuarial profession.Data science encompasses a broad array of techniques for extracting insights from data, including machine learning, statistical analysis, and data visualization. Predictive analytics, a subset of data science, involves using these techniques to make predictions about future events based on historical data.For actuaries, these skills are increasingly valuable. The insurance industry is awash in data, from customer demographics and policy details to claims history and risk factors. By applying data science and predictive analytics techniques, actuaries can glean more profound insights from this data, enabling more accurate risk assessments and pricing models. They can also help insurance companies identify trends and patterns that can inform strategic decision-making.The Importance of AdaptabilityIn addition to technical skills, the SOA has also recognized the importance of adaptability in the modern actuary's skill set. As the insurance industry evolves, actuaries must be able to quickly learn and apply new techniques, adapt to changes in regulatory environments, and navigate the complexities of global markets. This is particularly important in today's rapidly changing technological landscape, where advancements like artificial intelligence and blockchain are continually reshaping the industry.To foster adaptability, the SOA's curriculum emphasizes problem-solving, critical thinking, and continuous learning. It encourages actuaries to stay abreast of industry trends and advancements and to be open to new ideas and approaches.Micro-Credentials: A New Path to Professional DevelopmentAnother innovative addition to the SOA's offerings is the introduction of micro-credentials. Unlike traditional certifications, which can take years to earn, micro-credentials are smaller, more focused qualifications that demonstrate proficiency in a specific area.For actuaries, these micro-credentials offer a flexible way to enhance their skills and knowledge. They can pursue micro-credentials in areas like data science, predictive analytics, or business strategy, adding to their professional toolkit without committing to a full certification program.This flexibility is particularly beneficial in today's fast-paced business environment, where the ability to quickly acquire and apply new skills can be a significant competitive advantage.Attracting and Retaining Top TalentThese changes to the SOA's curriculum reflect not only the evolving needs of the insurance industry but also the shifting expectations of top talent. Today's actuaries are looking for opportunities to grow and develop their skills, and they are attracted to employers that can provide these opportunities, as Taylor Carrasco, Executive Director here at Selby Jennings, explains: โ€œTo attract and retain these high-performing individuals, employers must offer compelling value propositions. This includes not only competitive compensation packages but also strong benefits, professional development opportunities, and a culture that values innovation and continuous learning.โ€Taylor also believes due to the evolution of the SOA's curriculum, professionals must adapt to stay relevant in a changing world: โ€œBy embracing new skills like data science and predictive analytics, fostering adaptability, and offering flexible learning pathways like micro-credentials, the SOA is ensuring that actuaries are well-equipped to navigate the challenges and opportunities of the modern insurance industry.โ€โ€‹To better understand the evolving landscape of the insurance industry download our latest report here. This comprehensive guide provides deeper insights into the trends that are reshaping the industry, from the rise of data science to the increasing importance of adaptability.If your looking for career progression take a look at our live career opportunities or submit your resume to become discoverable to our Insurance & Actuarial Talent Consultants here at Selby Jennings. This report is an excellent resource for understanding the skills and competencies that employers are seeking. It can help guide you in aligning your professional development efforts with these trends, making you more attractive to potential employers.If you are looking for talent request a call back today. This report offers valuable insights into the changing landscape and how you also retain top actuarial talent. It provides practical tips and strategies for navigating the challenges of the modern insurance industry and creating a compelling value proposition for prospective employees.Download Report

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Insurance-and-Actuarial

The Growing Necessity: Employer Value Proposition in Financial Sciences & Services

In today's highly competitive business environment, financial sciences & services organizations are facing increasing pressure to attract and retain top talent. The competition for talent is fiercer than ever, with companies vying for the best and the brightest to drive innovation, customer satisfaction, and overall growth. One critical aspect that is quickly gaining traction in this landscape is the Employer Value Proposition (EVP). At Selby Jennings, we have explored the importance of EVP in financial sciences & services, why it is becoming a necessity, and how organizations can develop and leverage a strong EVP to attract and retain top talent.The Importance of Employer Value Proposition in Financial ServicesEmployer Value Proposition (EVP) refers to the unique combination of benefits, rewards, and opportunities an employer offers to its employees in exchange for their skills, performance, and commitment. In the financial services sector, a strong EVP is particularly crucial due to the following factors:Intense Competition for TalentThe financial services industry is known for its high demand for skilled professionals. With the rapid pace of digitalization, companies require a diverse range of expertise, from Quantitative Research & Trading to financial technology experts. A strong EVP can help financial institutions stand out and attract top talent in a competitive market. High Employee ExpectationsToday's workforce, expects more than just a competitive salary. They are looking for purposeful work, opportunities for personal and professional growth, work-life balance, and a supportive work environment. A compelling EVP that addresses these expectations can help financial services organizations retain their best employees.The Changing Landscape of Financial ServicesThe financial services industry is undergoing significant changes with the advent of fintech, blockchain, and artificial intelligence. A strong EVP can help organizations adapt to these changes by attracting employees with the required skill sets and fostering a culture of continuous learning and innovation.Creating a Strong Employer Value Proposition in Financial ServicesTo develop an effective EVP that resonates with employees and potential candidates, financial services organizations should consider the following steps:Understand Your Target AudienceBegin by identifying the type of talent you want to attract and retain. This could include specific skill sets, experience levels, or even cultural fit. Once you know your target audience, you can tailor your EVP to address their unique needs and preferences. Assess Your Current OfferingAnalyze your organization's existing rewards, benefits, and opportunities. Identify gaps and areas for improvement, and ensure that your EVP encompasses all aspects of the employee experience, from compensation and benefits to growth opportunities and company culture.Communicate Your EVP EffectivelyA well-crafted EVP is only as effective as its communication. Make sure your EVP is consistently communicated through all recruitment channels, as well as internally to current employees. This includes job postings, career websites, social media, and employee testimonials.Regularly Review and Update Your EVPAs the financial services industry evolves, so should your EVP. Continuously evaluate and update your EVP to keep it relevant and in line with industry trends, employee expectations, and organizational objectives.Selby Jennings excels in presenting Employer Value Propositions (EVP) to candidates, ensuring that businesses stand out in the competitive market. Our team of experts understand the importance of aligning your organization's values, culture, and growth opportunities with top talent. By leveraging our extensive network and industry insights, we're able to effectively showcase your business's unique advantages to attract and retain the best candidates. Don't miss the opportunity to work with a partner who will elevate your hiring process - request a call back today to explore how Selby Jennings can drive exceptional talent to your business.

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Highlights

Phaidon International Findings

โ€‹As a leading talent partner, we keep our finger on the pulse when it comes to hiring trends, and 2022 was no exception. It has never been more important for companies to understand what business-critical professionals are thinking when it comes to making career changes, what compensation theyโ€™re after, and what benefits they really desire. We surveyed our vast, global network of the best, in-demand professionals, and came up with a number of valuable insights that employers need to know about if they want to attract the best talent, and just as critically, keep them. Discover what is motivating top talent around the world right now with our highlights across Financial Sciences & Services.Download your copy of this report by completing the form below:โ€‹

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Insurance-and-Actuarial

Insurance and Actuarial Talent Trends in 2019

โ€‹One clear trend emerges in the insurance industry โ€” Artificial Intelligence has arrived. You may have already seen evidence of this such as algorithms in the actuarial back office all the way to chatbots for claims resolution. The AI disruption can be good for talent in this sector, as those who embrace these tools can stand out among the sea of competitors.Using AI to Increase CompetitivenessAI has typically been about using machine learning to automate, iterate and optimizing models. In other words, AI insurance models feed off previous real-world events. The assumption here is that as AI technology matches risk data points to claims data points, future events will emulate the past. What this means is that success depends on talented actuaries to provide data points and using AI in order to create pricing and instigate appropriate checks and balances. Those who embrace AI technology and use it to empower companies could evolve faster and capitalize on creating the best possible product.Actuaries need to embrace AI in order to communicate effectively on how different risks can impact customers and price points. As more data and tools will become available, the industry will still rely on actuaries to process cases.Humans Are Still NeededThere are some who predict that AI technology will eliminate human jobs completely for certain professions, including putting actuaries out of work. While machine learning has taken away certain tasks, current technology is still at a point where it needs humans to step in to intervene and govern. In other words, machines wonโ€™t completely eliminate actuarial teams in the foreseeable future.Like mentioned before, weโ€™re seeing trends where actuaries need to embrace these solutions โ€” no matter how crude or incomplete they may be โ€” so that machine learning becomes a tool that helps to enhance the quality of their work and therefore the organization. Companies will look to these skills as AI continues to evolve.Evolved RolesEven though machine learning will get more sophisticated, it cannot replace humans completely. Risk and claims data points are complex and there is no evidence so far that points to machine learning being able to come up with the types of judgment or innovation needed, including asking thought-provoking questions or thinking up worst case scenarios.Machine learning will require actuaries to tackle new problems or create new opportunities for their companies. Instead of analyzing data points as a skill, top talent in the near future could be hired for their critical thinking and problem solving skills such as market price reconstruction or innovative concepts to ensure customer retention.Thatโ€™s not to say tasks, such as fraud detection and advanced claims handling, will be taken over by AI anytime soon. Companies will still need actuaries who can use their current skill set. However, as more companies embrace machine learning, theyโ€™ll be looking towards talent who can keep up with trends and are willing to take on roles where it involves predicting and validate solutions for the future.Get in touch with a Selby Jennings representative today to learn how you can connect with forward-thinking talent.------------About UsSelby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries.ย Contact usย to find out how Selby Jennings can help you.

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Insurance-and-Actuarial

Actuarial Market Update - Life & Annuities

โ€‹OverviewAs we move into Q2, our team wanted to highlight a number of trends across the market that are affecting where talent pools are gravitating. We are currently in one of the most buoyant job marketscrossthe U.S. and organizations have started to pull out all the stops to attract and retain the best talent. One method that has become more popular over the past few months is allowing candidates to have the option to work remotely. The other issue that has put a strain on available talent is the appetite for organizations to sponsor visa candidates. With the expedited transfer process recently suspended, more and more companies are relying on organically growing the businesses or focusingon campusrecruiting where candidates will not require any work sponsorship.Roles in DemandGiven the time of year, we anticipate the market to be flooded with new FSAโ€™s in the coming months and most of these candidates are getting a jump on the competition by putting their names out to recruiters and companies prior to exam season, so they are ready to interview once they achieve their next designation. We are days away from the new class of ASAโ€™s being published and with changes to the exams in the coming months, companies are anticipating this class to produce an immense number of new actuaries.From a company perspective, most hiring managers are seeking candidates with strong backgrounds in Modeling and Valuations and demand is coming from organizations both large and small. The 7-10 year mark has been the key level of seniority that everyone is seeking as most have already searched internally for an organic hire, but end up going to market for someone with a deeperskillset.Additionallywe are seeing a recent push for Valuation, Governance and Regulatory talent from the 4-7 year mark, typically with some of the smaller shops. It has been interesting to see candidates who have come from a traditional actuarial background interested in making the switch to a non-traditional role.Apart from the typical hubs in the Midwest and the Northeast, we are seeing a pretty big push for talent in the Texas and Southeast markets. Organizations have realized that irrelevant of location, good candidates are going to achieve competitive salaries even if they in a lower cost of living location. This has helped drive the base salary figures up for candidates in the Midwest, wherecostof living is substantially cheaper than NYC, or more traditional financial hubs. However, even with a more level playing field from a base compensation perspective, candidates have proven to be focused on all in packages rather than just one element. Where companies have recently differentiated themselves has been around the non-financial benefits to sweeten an offer. Thingslike,work lifebalance, remote work capabilities, upward mobility and number of vacation days have proven to be a big deciding factor for about 70% of the candidates we have placed in the past year. On the financial sides of incentives, candidates are focused on bonus potential,long termincentives, and exam support.Hiring and Search AdviceGiven how competitive the market currently is, we recommend that hiring managers start to get a jump on their competition by making sure the interview process is quick and efficient. A number of our clients have lost out to other offers that were able to turn around a full interview process in under 14 days. Additionally, we also adviseto putyour best foot forward from anย offerย perspective from theย get go. Candidates tend to feel more appreciated when they are presented with a strong offer rather than having to go back and forth trying to negotiate.From a candidate perspective, we have seen and continue to recommend that candidates jump into the market a bit early. Even if you have not received your next designation yet, or want to start a search in the summer months, the time is now to start laying theย ground work, putting your name in the market and test the waters. We have seen that candidates who may be lighter on experience have a better chance of securing their dream job if they get ahead of the mass rush of resumes that tends to hit the market post bonus and exam season when the competition is extremely fierce.Outlook Moving ForwardWe anticipate that most of the hiring between now and the summer months will lean more towards the larger institutions with a wave of turnover in the middle of May once exam season wraps up. The majority of the roles in demand will remain at the 4-7 and 7-10 year mark with the majority of hires occurring in the Midwest. Overall we anticipate 2018 to continue to be a strong year of hiring regardless of the visa or salary restrictions that most of the country must face.--------------About UsSelby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides contingency and retained search recruitment across 11 offices in 6 countries.ย Contact usย to find out how Selby Jennings can help you.

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