Actuarial Analyst
Share
Job Location:
Richfield, MN - USA
Monthly Salary:
Not Disclosed
Posted on:
30+ days ago
Vacancies:
1 Vacancy
Job Summary
TheBest Buy Protection (BBP) and Geek Squad Protection (GSP) actuarial functionprovides 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 BBP and 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 Buys 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.
This role is remote eligible which means you would work virtually from home or other non-Best Buy location.
What youll do
Were committed to helping our people thrive at work and at home. We offer generous benefits that address your total well-being and provide support as you need it especially key moments in your life.
Our benefits include:
As part of the Best Buy team youll help us fulfill our purpose to enrich lives through technology. We bring that to life every day by humanizing and personalizing tech solutions for every stage of life in our stores online and in customers homes.
Our culture is built on deeply supporting and valuing our amazing employees who make it all possible. Were committed to being a great place to work where you can unlock unique career possibilities. Above all we aim to provide a place where you can bring your full authentic self to work now and into the future. Tomorrow works here.
Best Buy is an equal opportunity employer
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.
This role is remote eligible which means you would work virtually from home or other non-Best Buy location.
What youll do
- 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 externalactuaries by sharing business trends/decisions and aligning on methodologies.
- Manage actuarial relationship with 3rd party warranty underwriter & obligor
- Manage internal reserve by understanding usage of benefits and claiming patterns
- Perform 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 expenses
- Develop SQL programming skills to become self-sufficient in pulling data needed for various analysis
- Ad hoc reporting and analytics as required.
- BS/BA in Actuarial Science Mathematics Statistics or related subjects
- 2 or more Society of Actuaries (SOA) or Casualty Actuarial Society (CAS) actuarial exams
- Actuarial experience in a professional setting
- 2 or more years of actuarial experience
- Computer programming experience (SQL VBA other object-oriented languages)
- A high level of proficiency in Excel
- Experience with rate making or P&C actuarial concepts is a plus.
- A strong mathematical understanding combined with analytical and modeling skills
- Excellent verbal and written communication skills required
Were committed to helping our people thrive at work and at home. We offer generous benefits that address your total well-being and provide support as you need it especially key moments in your life.
Our benefits include:
- Competitive pay
- Generous employee discount
- Physical and mental well-being support
As part of the Best Buy team youll help us fulfill our purpose to enrich lives through technology. We bring that to life every day by humanizing and personalizing tech solutions for every stage of life in our stores online and in customers homes.
Our culture is built on deeply supporting and valuing our amazing employees who make it all possible. Were committed to being a great place to work where you can unlock unique career possibilities. Above all we aim to provide a place where you can bring your full authentic self to work now and into the future. Tomorrow works here.
Best Buy is an equal opportunity employer
Required Experience:
IC
Key Skills
- SQL
- Python
- Compliance
- Access
- Actuarial Models
- Acturial support
- Data Collection
- Powerpiont
- SAP
- Tableau
- Excel
- Mathematics
- VBA
- Data Analysis
- Statistical Analysis
About Company
Take a minute to explore current opportunities and find the perfect job for you. You can also create an account or sign in to manage your candidate profile, applications and saved searches.
