Reserving Actuary

As a Reserving Actuary at Berkley Professional, your key responsibilities will revolve around managing quarterly and year-end reserving processes. You will be tasked with maintaining reserve files and ensuring their adequacy by collaborating closely with claims, finance, and underwriting teams. Supporting audits and complying with regulatory requirements are also crucial parts of the role. Continuous enhancement of reserving methodologies is encouraged to ensure the highest quality of work.

To become a Reserving Actuary at Berkley Professional, a BA/BS degree in mathematics or statistics is required, with a Master’s being preferred. Candidates should have a minimum of seven years of actuarial experience, ideally with familiarity in D&O and E&O reserving. Acquiring an ACAS or FCAS designation, along with proficiency in SQL, Excel, and familiarity with programming languages like R or Python, are recommended skills for success in this role.

Berkley Professional offers an engaging and collaborative work environment for Reserving Actuaries, characterized by a focus on teamwork and shared goals. You will work alongside talented professionals in a supportive setting where your skills in data analysis and problem-solving will be appreciated. The company also emphasizes professional development, allowing you to continuously enhance your actuarial skills.

Berkley Professional provides a comprehensive benefits package for Reserving Actuaries, which includes health, dental, and vision insurance, as well as life and disability coverage. Employees can also participate in wellness programs, paid time off, and a 401(k) profit-sharing plan. Additionally, there's an opportunity for annual discretionary bonuses, making it a rewarding place to work.

The Reserving Actuary role is crucial to Berkley Professional's success as it directly impacts the financial health of the company's insurance offerings. Your expertise in accurately assessing reserves ensures that the company maintains a profitable book of business while effectively managing risk. Collaborating with various departments allows for a holistic approach to decision-making, nurturing growth and sustainability.

In answering this question, describe the various loss reserving methods you have applied, such as the chain-ladder method or the Bornhuetter-Ferguson method. Providing examples of how you've implemented these techniques in your previous roles will demonstrate your practical knowledge and experience in this area.

Discuss how you monitor reserve adequacy by continuously analyzing claims data and trends, working closely with claims and finance teams. Sharing specific strategies you’ve employed to assess and adjust reserve levels will reveal your analytical abilities and attention to detail.

Highlight your proficiency with Excel, mentioning functions like VLOOKUP, pivot tables, and advanced formulas that you use for data analysis. Providing examples of how you use these tools creatively will showcase your skills and your ability to work efficiently.

Recall a specific instance where you discovered a discrepancy or area for improvement in reserve calculations. Detail how you approached resolving the issue, the steps you took to correct it, and the impact it had on your team or company.

Share your strategies for managing and analyzing large datasets effectively. This could include discussing software tools you use, your familiarity with SQL or programming languages like R or Python, and any methodologies you apply to ensure data accuracy.

Emphasize the importance of teamwork in actuarial roles. Share examples of how you’ve worked with underwriting, claims, and finance teams to solve complex problems, suggesting that collaboration enhances decision-making and solution development.

Express your belief in the necessity of adapting reserving methodologies to keep pace with changing market conditions. Cite how you proactively seek to improve processes, methodologies, or assumptions based on data analysis and industry trends.

Briefly explain your previous experience with audits, detailing how you've collaborated with external auditors or regulatory bodies to ensure compliance. Discuss the systems you have in place to track and report on reserve calculations during these audits.

Identify potential challenges like fluctuating market conditions or regulatory changes. Discuss strategies you would employ to mitigate these challenges, such as enhancing stakeholder communication or keeping abreast of regulatory updates.

Clearly articulate your interest in Berkley Professional, citing the company’s reputation, growth trajectory, and its commitment to innovation in the management liability market. Relate your personal values and career aspirations to those of the company's mission and vision.