Best Buy is a company committed to enriching lives through technology. The Actuarial Analyst will provide critical analytics and cost management on warranty reserves, drive innovative product offerings, and manage relationships with third-party warranty underwriters.
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 & 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.
Qualification
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
Preferred
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
Benefits
Competitive pay
Generous employee discount
Physical and mental well-being support
Best Buy is a multinational retailer of technology and entertainment products and services offering consumer electronics and more.
