Senior Actuarial Analyst Richfield, MN

  • Richfield, MN
  • Salary: USD 67218 - 112719 ANNUAL

Website Best Buy

At Geek Squad and Best Buy we offer much more than a paycheck. Surrounded by the latest and greatest technology, a team of amazing coworkers and a work environment where anything is possible, you’ll find it easy to be your best when you work with us. We provide an exciting work environment with a community of techno learners where you can be yourself while investing in your career. Empowered with knowledge you will discover endless opportunities to grow. We believe the success of our company depends on the passion of employees for learning, technology, and people.What you will do:Participate in Best Buy’s Actuarial Student program to grow into your actuarial science careerWork closely with the department’s Actuaries to develop and maintain actuarial modelsDevelop basic underwriting and actuarial skills as you build your knowledge of the Services Warranty businessIdentify opportunities for process improvementsPerform root cause analysisFinancial reporting and analysisThe impact you will have:Drive business decisions that have material financial impactHighly visible role that is working with a number of cross-functional partnersLeverage your analytical capabilities to bring value added insights to various stakeholders across the enterpriseWhy considers this opportunity?Participate in the transformation of the Services business by playing a key role within the actuarial departmentPartner and help make financial decisions that drive the Services warranty businessBe a consultative partner to drive efficiencies and cost reductionEntrepreneurship and innovation is not only welcomed, but highly encouraged and appreciatedHow we take care of our employees:In addition to offering a challenging and fulfilling opportunity, we have a competitive salary and bonus program, full benefits including 23 days of PTO (that is 4 weeks!), and a generous employee discount. Our campus has many amazing amenities, including full cafeteria, fitness center, onsite discounted daycare, not 1 but 2 Caribou’s, US Bank, dry-cleaning service, company store, Farmers Market ONSITE during the summer, and free covered parking.Formal Job Description:The Geek Squad Protection (GSP) actuarial function provides critical analytics and cost management on our warranty reserve portfolio and the related annual written premium. This role is critical to drive costs out of the GSP warranty model, to enable new innovative product offerings and solutions which drive higher sales and longer term customer relationships, and to serve as Best Buy’s subject matter expert in the business and industry drivers impacting the underwriting and actuarial results within our warranty service contracts business.This role is highly cross-functional and is required to operate independently in managing the warranty service contract reserve associated with all of the product categories. This role is expected to lead without authority to drive to business decisions that have material financial impact to the Geek Squad Protection warranty portfolio and overall Best Buy profitability. This role is a key strategic player in managing the relationship with our 3rd party warranty obligor and underwriter, along with our internal reserve and management, and is expected to achieve strategic and financial outcomes that are mutually acceptable and agreeable between the parties.Essential Functions:Provide actuarial and business insights to the warranty portfolio and larger Services business, including analyzing frequency, severity, and claims mix trends, developing forecast and financial models, managing data from a wide variety of systems, and preparing monthly/weekly reporting packages and communicating them out to all levels, including executives.Perform analytical and actuarial duties as assigned.Become familiar with company operations, systems, and actuarial methodologies.Identify opportunities for business process improvement, pricing optimization and cost savings, as well as risks to the current business plan.Work with other internal and external actuaries by sharing business trends/decisions and aligning on methodologies.Manage actuarial relationship with 3rd party warranty underwriter & obligorManage internal reserve by understanding usage of benefits and claiming patternsPerform root cause analysis for increasing frequencies, excessive claim payments, and compliance related issues.Present oral and written reports by interpreting data to explain the trending and tracking of warranty sales and expensesDevelop SQL programming skills to become self-sufficient in pulling data needed for various analysisAd hoc reporting and analytics as required.Basic Qualifications:BS/BA in Actuarial Science, Mathematics, Statistics, or related subjects2 or more Societies of Actuaries (SOA) or Casualty Actuarial Society (CAS) actuarial exams3+ years of actuarial experiencePreferred Qualifications:Computer programming experience (SQL, VBA, other object-oriented languages)Experience with rate making or P&C actuarial concepts is a plus.A strong mathematical understanding combined with analytical and modeling skillsExcellent verbal and written communication skills requiredA high level of proficiency in ExcelShow more

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