Actuary

New York
Insurance
Full-Time
The Company

Boost powers white-labeled insurance programs for innovators across all industries. Our platform helps tech companies offer modern insurance products to their customers within their own front-end environments. Boost’s infrastructure-as-a-service product, IaaS for short, abstracts and simplifies an old school, complicated industry – and unlocks access to it through a cutting-edge API platform. Our customers are leading consumer and enterprise technology companies as well as game changing insurtech startups. We provide everything they need to quickly get to market with their own programs to monetize the insurance vertical.

What does that mean? That’s ‘abstracted and simplified’ language for insurance stuff like ‘A’-rated insurance paper, dedicated risk capacity to pay claims, and ongoing policy and claims administration – but it’s all powered programmatically by our back-end API-driven systems. Technically we’re a licensed managing general agency, we’re just redefining what that means.

Our company is well-funded and backed by an awesome group of investors that includes Greycroft, Norwest Venture Partners, Tusk Venture Partners, State National, and Nephila. We’re having a ton of fun, growing like crazy, and looking for forward thinking builders to join our team.

The Job

This role offers a creative and forward-thinking actuary the unique opportunity to be part of a bottoms-up approach to product development. You will be able to set insurance pricing and rating while working cross-functionally to support our Growth and Tech teams and create innovative digital insurance programs with some of the most cutting edge technology companies in the world.

Reporting directly to the Chief Insurance Officer, Boost’s Actuary will play a critical role on the Insurance Team while working cross functionally to support the development of new products and programs through analysis of competitive marketplace, loss projections, and pricing structure.

The Actuary will act as a product line expert and maintain a thorough knowledge of product features and benefits as well as industry product trends and develop tools that monitor and measure rate adequacy, determine expected loss ratios for Boost’s program partners. The Actuary will be responsible for analyzing the profitability of ongoing programs to determine and execute necessary changes to achieve desired returns.  

Responsibilities

    • Implement pricing for new products and manage the maintenance and enhancement of existing products
    • Lead the rate review process, including the proposal, filing and implementation of all pricing and product changes
    • Develop actuarially sound pricing and rating for new products
    • Maintain current knowledge of competitor actions, industry developments and drive product innovation to meet the needs of Boost’s program partners
    • Analyze products in existing states to ensure competitive position, underwriting profitability, and assist in recommending and implementing changes from inception through systems implementation
    • Lead the review and analysis of general industry assumptions to use in determining loss profiles
    • Assist in preparing premium funding and reserving reports for Boost programs.
    • Assist in developing and refining financial modeling tools (e.g. dynamic financial analysis, capital modeling)
    • Collaborate cross-functionally in the research and diligence of potential program opportunities

Job Requirements

    • Bachelor’s Degree
    • Must have 5+ years of experience as a P&C actuary
    • ACAS designation required; FCAS designation preferred
    • Expertise in insurance pricing and reserving principles
    • Demonstrated experience developing pricing models from scratch
    • Experience in SQL/PostgreSQL or other database tools
    • Experience with modeling in Python or other modeling tools
    • Ability to translate insurance pricing models into financial projections
    • Willing to work in New York City full-time or relocate
    • Authorized to work in the United States 

Extra Credit

    • Experience developing catastrophe models
    • Reinsurance modeling and pricing experience
    • Experience developing pricing models in multiple lines of business
    • Working knowledge of insurtech trends, alternative pricing and analytics models, and the startup landscape
    • Previous experience working at startups or tech companies

Important Qualities

    • Long-term goal-oriented consistent with startup life
    • Self-starter with the ability to derive need without being told exactly what to do
    • A fun, badass attitude with a desire to build something huge
    • Willingness to “get in the weeds” and “get hands dirty” with a “no task is too small” attitude
    • Adept at learning and utilizing new technologies in the workplace
    • Insatiable intellectual curiosity and creativity

Compensation & Benefits

    • Salary + equity commensurate with experience and company stage
    • Healthcare with employer contribution
    • A close-knit team that always has each other's backs
    • Best office dogs in the business
    • Jeans and t-shirts environment
    • Huge bags of Swedish Fish
    • Office Beer (it’s 5 o'clock somewhere)