Accounting & Finance
Peoria, IL, USA
Posted on Friday, October 14, 2022
We’re not like other insurance companies. From our specialty products to our business model, our culture to our results — we’re different. Different is who we are, and how we work, interact, deliver and succeed together. Creating a different and better insurance experience doesn’t just happen. It takes focus and a shared passion for going beyond the expected to forge relationships and deliver care that makes a difference. This approach rises from and is supported by our talented, ethical and smart team of employee owners united around a single purpose: to work alongside our customers and partners when they need us, in unexpected ways, with exceptional results. Apply today to make a difference with us.
RLI is a Glassdoor Best Places to Work company with a strong, successful background. For decades, our financial track record has been stellar — a testament to our culture and validation of our reputation as an excellent underwriting company. Our insurance subsidiaries are rated A+ “Superior” by AM Best company and A “Strong” by Standard & Poor’s. Check out our strong financial track record here.
Under general supervision, conducts analysis and risk assessment to estimate financial outcomes. Responsible for the collection of data, selection of parameters, and calculations involved with conducting actuarial analysis. Evaluate profitability of products and recommend corrective action. Act as a steward of data quality by discovering and discussing data anomalies and issues with underwriting, claims, branch support, accounting, and IT. This is a hands-on position with more advanced analyses that creates value-added analytics. Should have an aptitude for problem solving, be able to manage multiple project deadlines at once, and be able to effectively communicate the results of your analyses to other departments and management.
Principal Duties & Responsibilities
New product development for organic opportunities
Increased limits studies
Loss reserve analysis
Actual vs. Expected analysis
Build exposure rating models for underwriting
Analyze the costs and benefits of risk transferred under reinsurance agreements via pricing analysis and risk modeling
Fit loss severity distributions
Education & Experience
Typically requires a bachelor’s degree in mathematics, statistics, actuarial science or a related field
3+ years of related experience and ACAS or near designation
Knowledge, Skills, & Competencies
Same knowledge, technical skills, and abilities required of an Actuarial Analyst with the addition of:
Ability to provide input or make recommendations to improve Risk Services functions.
Ability to make good business judgments based on sound actuarial analysis.
Regularly offers ideas for enhanced actuarial analysis and occasionally acts independently to execute.
Demonstrates capabilities on more complex projects.
Types of projects include new product development for organic opportunities, increased limits studies, Actual vs. Expected process, maintaining exposure rating models, support regulatory reporting, auditing underwriters for effective use and compliance of rules and rating plans, assisting with predictive analytics projects.
Personal & Professional Growth
RLI encourages its employees to pursue professional development work in insurance and job-related areas. We make a commitment to employees to provide educational opportunities that help them enhance their skills and further their career advancement. RLI fosters a true learning culture and encourages professional growth through insurance courses, in-house training and other educational programs. RLI covers the cost for most programs and employees typically earn a bonus upon successful completion of approved courses and certifications. Our personal and professional growth benefits include:
Nationwide employment opportunities
Training & certification opportunities
Diversity & Inclusion
Our goal is to attract, develop and retain the best employee talent from diverse backgrounds while promoting an environment where all viewpoints are valued and individuals feel respected, are treated fairly, and have an opportunity to excel in their chosen careers. We actively support, and participate in, initiatives led by the American Property Casualty Insurance Association that aim to increase diversity in the insurance industry. Cultivating an exceptional and diverse workforce to deliver excellent customer service reinforces our culture and is a key to achieving superior business results.
RLI is an equal opportunity employer and does not discriminate in hiring or employment on the basis of race, color, religion, national origin, citizenship, gender, marital status, sexual orientation, age, disability, veteran status, or any other characteristic protected by federal, state, or local law.
At RLI, we're all owners. We hire the best and the brightest employees and allow them to share in the company's success through our Total Rewards. With the Employee Stock Ownership plan at its core, the Total Rewards program includes all compensation, benefits and perks that come with being an RLI employee.
Employee stock ownership plan (ESOP)
401(k) — automatic 3% company contribution
Annual discretionary 401k and ESOP profit-sharing contribution (up to 15% of base salary)
Annual bonus plans
Work & Life
Paid time off (PTO) and holidays
Paid volunteer time off (VTO) to support our communities
Parental and family care leave
Flexible & hybrid work arrangements
Fitness center discounts and free virtual fitness platform
Employee assistance program
Health & Wellness
Comprehensive medical, dental and vision benefits
Flexible spending and health savings accounts
2x Base Salary for Group Life and AD&D insurance
Voluntary life insurance for purchase
Critical Illness & Accident insurance
Short-term and long-term disability benefits