Actuarial Professional

SFM Mutual Insurance Company; Minnesota; Hybrid; USD 67,724 - 175,909; Full time

Benefits offered by this job

Comprehensive medical, dental, and vision coverage

Flexible hybrid work environment

401(k) with company match

Generous PTO and paid holidays

Monthly home internet allowance

Job summary

SFM Mutual Insurance Company is looking for an Actuarial Analyst in Minnesota. In this role, you will analyze, evaluate, and model business processes to support SFM’s goals. Candidates should possess a Bachelor's in a quantitative field and be on the actuarial exam track.

The position offers a flexible hybrid work arrangement and a range of benefits, including comprehensive health coverage, 401(k) matching, and generous PTO. SFM is recognized as a top workplace, emphasizing employee growth.

Qualifications

• Must have passed at least two actuarial exams.
• 3 or more years of analytical experience in insurance preferred.
• Experience with workers' compensation insurance is a plus.

Responsibilities

• Conduct in-house financial loss and expense reserve calculations.
• Prepare and coordinate all rate filings necessary for Departments of Insurance.
• Analyze reinsurance contracts and retention selections.
• Participate in corporate predictive modeling initiatives.

Skills

Actuarial exam track

Analytical experience

Statistical modeling

Strong communication skills

Education

Bachelor’s degree in Mathematics, Actuarial Science, or Statistics

Tools

Python

SAS

R

Visual Basic for Applications (VBA)

Job description

Pay: $67,724 to $175,909 (DOE)

About the Role

As a member of the actuarial team, you’ll support SFM’s business needs and strategic goals by analyzing, evaluating, and modeling business processes and outcomes. This role can be filled at the Actuarial Analyst (entry level) up through the Sr. Actuary (FCAS credentialed) level, depending on work experience. Your project work and assignments will be geared towards your experience level, while providing the opportunity to grow and develop. This position will afford you the opportunity to drive the execution of the core actuarial duties of reserving, reinsurance, ratemaking, financial projections, and claim calculations focusing on Workers’ Compensation Insurance. In addition, we’ll count on you to provide expertise, including consultation and recommendations, on actuarial models and issues. SFM believes that our exceptional and motivated employees are our greatest strength. You will have many opportunities to grow and stretch yourself while giving you balance in your life. SFM offers a flexible hybrid work environment, so some office time is required. The Corporate Headquarters are in Minnesota.

What You’ll Do

Actuarial Focus

• Reserving: Conducts in‑house financial loss and expense reserve calculations while collaborating with consulting actuaries in related analyses and presentations. Performs financial projections, including but not limited to accounting and budgeting for frequency, severity, audit, expense and annual statement. Provides individual claim projections for case reserve, settlement and interest purposes.
• Ratemaking: Conducts reviews of rating components for insurance rates, procedures and plans. Assists in preparation and coordination of all rate filings necessary for Departments of Insurance.
• Pricing: Monitors pricing including loss sensitive and dividend plans, making recommendations for changes when appropriate. Develops pricing methodologies, tools and assumptions.
• Reinsurance: Analyzes reinsurance contracts and retention selections. Interfaces with reinsurance broker to understand and implement alternative structures/offerings where appropriate.
• Analytics: Participate in corporate predictive modeling initiatives as part of department cross‑training and development. May participate in Enterprise Risk Management and Business Intelligence initiatives.

Business Service Focus

• Business Partnership: Provides ad hoc data analyses as requested. Participates in company initiatives and projects, including but not limited to those with underwriting, claims, finance and Information Services. Works extensively with business leaders and technical experts to develop innovative business solutions and insights. Acts as a champion to leverage internal and external data to improve efficiencies, decision‑making and allocation of resources. Will mentor business on value proposition of use of analytics to overhaul existing processes. Use analytics to analyze and make recommendations on new opportunities.
• Communication: Communicates effectively with leaders and management on project status and work assignments. Presents analysis findings to leaders, internal stakeholders, vendors, clients and industry conferences. Provides clear and concise documentation.

What We’ll Like About You

• Bachelor’s degree in Mathematics, Actuarial Science, Statistics or related quantitative field.
• Must be on the Actuarial exam track, having passed two exams (or more) in pursuit of Associate of the Casualty Actuarial Society (ACAS) or Associate of Society of Actuaries (ASA) designation, preferred.
• Highly desirable to have 3 or more years of analytical experience such as actuarial, modeling or analytics in an insurance setting, or other relevant experience.
• Property/casualty with workers’ compensation insurance experience preferred.
• ASA, ACAS designation or Fellow of the Casualty Actuarial Society (FCAS) is a plus.
• Some experience with statistical modeling and/or programming preferred, including working knowledge of Python, SAS, R or Visual Basic for Applications (VBA).
• Strong analytical and problem‑solving skills, with sound judgment, decision‑making capabilities and curiosity to find solutions to problems.
• Excellent attention to detail.
• Strong oral and written communication skills, including presentation abilities and desire to be customer focused.

Why You’ll Love Working Here

• Comprehensive medical, dental, and vision coverage (plus HSA/FSA options).
• Significant Cash Benefit if You Opt Out of Our Health Plan.
• Flexible hybrid work environment.
• 401(k) with both Traditional and Roth options + company match.
• Contributions toward student loan repayment.
• Generous PTO, 9 paid holidays, and paid parental leave.
• Monthly home internet allowance.
• Free life insurance, short‑term & long‑term disability coverage.
• Incentive bonus opportunities.
• Discounts on gyms, fitness apps, and wellness programs.

Who We Are

SFM is the leading workers’ compensation insurer in Minnesota, with a growing presence across the Midwest. We’re proud to be recognized as a Top Workplace (#8 midsize employer in MN) thanks to our supportive culture, commitment to our employees, and focus on doing what’s right. Learn more by clickinghere.

Because This Role Can Be Filled at a Variety of Levels, Salary Will Be Increased to Reflect Factors Such as Work Experience, Education, Number of Exams Passed and Actuarial Credentials

The base pay posted is just one component of SFM’s total compensation package. The salary range listed reflects the full compensation range for the position of Actuarial Analyst, Sr. Actuarial Analyst, Actuary and Sr. Actuary. Job title and starting pay will be based on the selected candidate’s relevant knowledge, skills, abilities and/or experience, and education, if applicable as well as internal equity with other employees in the same job classification.

Work Environment and Physical Demands

Regular attendance is required. Work takes place in a semi paperless environment within an office setting, either on business premises or other remote location, using standard office equipment such as computers, phones and copiers, which requires being stationary for extended periods of time. While performing the duties of this job, the employee is regularly required to talk or hear. The employee frequently is required to stand; walk; use hands and fingers, handle or feel; and reach with hands and arms and work with close vision. This position requires the ability to occasionally lift office products and supplies, up to 20 pounds. Work is performed indoors with little to no exposure to extreme outdoor weather conditions.

Equal Opportunity/AA Statement

SFM Mutual Insurance Company and each of its parent companies, subsidiaries and/or affiliated companies are Equal Opportunity/Affirmative Action Employers. SFM provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, status with regard to public assistance, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.

EEO/AA Employers

SFM Companies, EEO/AA Employers. SFM is a participant of E‑Verify. Applicants have rights under Federal Employment Laws.

Equal Opportunity Employer

This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.