Actuarial Consultant

Ohio Farmers Insurance Company; Westfield Center (OH); Hybrid; USD 120,000 - 180,000; Full time

Job summary

Westfield is seeking an Actuarial Consultant to advance loss reserving, reporting, and R&D. You will be a technical expert, leading reserve analyses, communicating to management, and partnering with Claims, Finance, and IT to implement rating rule changes.

You will mentor junior analysts, supervise 1-2 staff, apply methods like Bornhuetter-Ferguson and loss development, and benchmark reserves against peers while staying current with regulatory developments.

Qualifications

• 7+ years of experience in Actuarial or a related field.
• Bachelor's degree in Actuarial Sciences, Mathematics, Statistics, Finance, Economics or related field and/or commensurate work experience.

Responsibilities

• Leads the preparation and analysis of loss and loss adjustment expense reserves across assigned lines of business, applying actuarial methods (e.g., loss development, Bornhuetter-Ferguson, frequency/severity) to estimate ultimate losses and reserve adequacy.
• Performs quarterly and annual reserve reviews, documents key assumptions and judgments, and communicates reserve indications and drivers of change to management and Financial Reporting.
• Identifies opportunities to streamline and automate the reserving process, improving turnaround time, consistency, and data quality across reserving cycles.
• Develops and maintains reserving tools, models, and templates, partnering with IT and Data teams to enhance efficiency and reduce manual effort in reserve calculations and reporting.
• Conducts competitor and industry benchmarking studies, comparing the Company's reserve levels, loss development patterns, and reserving assumptions against peer and industry data to identify emerging trends and potential areas of exposure.
• Monitors external actuarial research, regulatory developments, and industry reserve adequacy studies, incorporating relevant findings into internal reserving practices.
• Analyzes emerging loss trends, claim frequency/severity shifts, and portfolio mix changes, assessing their impact on reserve estimates and flagging areas of concern.
• Provides technical guidance and support to other members, mentors Actuarial Analysts, and less experienced Actuarial Consultants. Empowers team members and project groups to build reserving methodologies, pricing oversight, and related monitoring techniques consistent with best practice standards.
• May supervise 1-2 employees, support employee selection, performance management, coaching, and development. Manages priorities and workload distribution and removes barriers that impede project progress.

Skills

Actuarial analysis

Data analysis

Communication

Team mentorship

Reserving optimization

Insurance industry knowledge

Education

Bachelor's degree

Tools

Statistical Modeling

Data Analysis

Competitor Benchmarking

Corporate Reserving

Reserving Process Optimization

Financial Acumen

Insurance Industry Knowledge

Job description

Job Summary

The Actuarial Consultant utilizes advanced actuarial skills, work experience, and insurance products knowledge and serves as a technical expert and thought leader on Loss Reserving, Actuarial Reporting, and Research and Development, with a particular focus on optimizing reserving processes and conducting competitor and industry benchmarking. The role works with internal business partners in Claims, Financial Reporting, Investments, Finance Committee, etc. in support of the Company's operations, objectives, and goals. The role leads discussion on the pricing of new and existing products, delivers management reporting, collaborates with analysts on complex analytical projects, provides support to Finance Reporting, and partners with the IT team to implement rating rule changes.

Job Responsibilities

• Leads the preparation and analysis of loss and loss adjustment expense reserves across assigned lines of business, applying actuarial methods (e.g., loss development, Bornhuetter-Ferguson, frequency/severity) to estimate ultimate losses and reserve adequacy.
• Performs quarterly and annual reserve reviews, documents key assumptions and judgments, and communicates reserve indications and drivers of change to management and Financial Reporting.
• Identifies opportunities to streamline and automate the reserving process, improving turnaround time, consistency, and data quality across reserving cycles.
• Develops and maintains reserving tools, models, and templates, partnering with IT and Data teams to enhance efficiency and reduce manual effort in reserve calculations and reporting.
• Conducts competitor and industry benchmarking studies, comparing the Company's reserve levels, loss development patterns, and reserving assumptions against peer and industry data to identify emerging trends and potential areas of exposure.
• Monitors external actuarial research, regulatory developments, and industry reserve adequacy studies, incorporating relevant findings into internal reserving practices.
• Analyzes emerging loss trends, claim frequency/severity shifts, and portfolio mix changes, assessing their impact on reserve estimates and flagging areas of concern.
• Provides technical guidance and support to other members, mentors Actuarial Analysts, and less experienced Actuarial Consultants. Empowers team members and project groups to build reserving methodologies, pricing oversight, and related monitoring techniques consistent with best practice standards.
• May supervise 1-2 employees, support employee selection, performance management, coaching, and development. Manages priorities and workload distribution and removes barriers that impede project progress.

Job Qualifications

• 7+ years of experience in Actuarial or a related field.
• Bachelor's degree in Actuarial Sciences, Mathematics, Statistics, Finance, Economics or related field and/or commensurate work experience.

Location

Hybrid - defined as working three or more days per week in the office if the employee's residence is within 50 miles of Westfield Center, OH; or Remote - if the employee resides more than 50 miles from Westfield Center, OH.

Licenses and Certifications

• Associate of the Casualty Actuarial Society - ACAS; required
• Fellow of the Casualty Actuarial Society - FCAS; preferred

Behavioral Competencies

• Collaborates
• Communicates Effectively
• Customer Focus
• Decision Quality
• Nimble Learning

Technical Skills

• Statistical Modeling Software
• Data Analysis and Reporting
• Competitor Benchmarking
• Corporate Reserving
• Reserving Process Optimization
• Business Process Improvement
• Financial Acumen
• Insurance Industry Knowledge

This job description describes the general nature and level of work performed in this role. It is not intended to be an exhaustive list of all duties, skills, responsibilities, knowledge, etc. These may be subject to change and additional functions may be assigned as needed by management.

Founded in 1848, Westfield is a global leader in property and casualty insurance, delivering superior risk insights and innovative solutions to customers through a diverse portfolio of insurance products. Westfield underwrites commercial, personal, surety, and specialty lines of coverage through a network of leading independent agents and brokers in the United States and specialty products through Lloyd's of London Syndicate 1200. As a mutual insurance company with more than 3,000 employees, Westfield has revenues in excess of $4 billion and more than $10 billion in assets.