What does the Actuarial Department do?
Dive into the core functions of Admiral’s actuaries, who play a crucial role in evaluating risks associated with non-standard insurance policies through meticulous analysis of factors like market trends and historical data.
Join Admiral’s Actuarial department and be part of a dynamic team driving innovation in the E&S market!
Risk Assessment and Pricing
Our pricing actuaries are responsible for evaluating and quantifying risks associated with non-standard or high-risk insurance policies. This involves analyzing various factors such as the nature of the risk, market trends, and historical data to determine appropriate premium rates.
Reserving
Our reserving actuaries use their statistical and actuarial knowledge to calculate how much money needs to be set aside to pay future claims.
Modeling and Data Analysis
Actuaries extensively use mathematical models and statistical techniques to analyze data and project future trends. They develop models to simulate different scenarios, helping the company understand potential financial impacts and make informed decisions about risk management.
Continuous Learning
Given the dynamic nature of the insurance industry and the specialized risks involved in excess and surplus lines, Admiral’s actuaries are committed to continuous learning. Staying updated on industry trends, advancements in modeling techniques, and changes in regulatory frameworks is crucial.
Actuaries typically pursue professional certifications, such as those offered by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS), to enhance their qualifications and stay current in the field.
As part of Admiral’s commitment to professional development, we reward employees with a financial incentive for the successful completion of certain programs and certifications.
Collaboration with Underwriting and Claims Departments
Actuaries collaborate closely with underwriters and claims professionals to assess and price risks accurately. This involves ongoing communication to understand emerging risks, claim trends, and market conditions.
Product Development
Actuaries contribute to the development of new insurance products tailored to the unique needs of excess and surplus lines clients. They assess the viability of new products by conducting thorough risk assessments and pricing analyses.
Regulatory Compliance
Actuaries ensure that the company’s insurance practices comply with regulatory requirements. They stay abreast of changes in regulations related to excess and surplus lines, and they work to adapt the company’s practices accordingly.
What’s it like to work in Admiral’s Actuarial Department?
Curious about life in our Actuarial department? Learn more about some of our teammates in their Q&As below, exploring the experiences and expertise that make our team thrive!
Daria Kachev
Lead Pricing Actuary
Moorestown, NJ
Sophia Law
Actuarial Analyst – Reserving
Moorestown, NJ
Interested in a Career in Actuarial?
Ready to define your actuarial journey?
Join Admiral’s Actuarial department and be part of a dynamic team driving innovation in the E&S market!
