Actuary Associate Director - P&C Insurance Product & Pricing

Actuary Associate Director - P&C Insurance Product & Pricing

This is a hybrid role with the flexibility to work both virtually and from our Chicago offices

Aon is in the business of better decisions

At Aon, we shape decisions for the better to protect and enrich the lives of people around the world.

As an organization, we are united through trust as one inclusive team and we are passionate about helping our colleagues and clients succeed.

Aon's Strategy and Technology Group (STG) is seeking an experienced pricing actuary to join their team, and help to accelerate the development of their actuarial advisory business focused on clients in the insurance and reinsurance industries. STG is Aon's new global consulting and technology business focused on, but not limited to, insurance and reinsurance companies and other participants in the insurance industry.

What the day will look like

In this role, you will manage the development, pricing, and profitability of insurance products for commercial and specialty lines clients, covering both admitted and non-admitted markets. You will leverage your pricing and actuarial expertise to ensure products are competitive, compliant, and aligned with market needs. You will work closely with primary carriers across the US to drive the full product lifecycle from design to execution.

• Product Strategy & Development (Commercial and Specialty Lines Focus):
• Lead the development of commercial and specialty lines insurance products by identifying market opportunities, analyzing competitor offerings, and gathering client needs to design new or enhanced products.
• Manage the product lifecycle, from concept through to implementation, ensuring product features, pricing strategies, and underwriting guidelines align with client goals and market conditions.
• Collaborate with underwriting, distribution, claims, and marketing teams to define product features, coverage options, and policy terms for commercial and specialty lines products.
• Pricing Strategy & Actuarial Analytics:
• Develop and implement pricing strategies for commercial and specialty lines insurance products based on data analysis, loss experience, market conditions, and regulatory requirements.
• Perform actuarial pricing analysis, including rate indications, loss ratio forecasting, and profitability modeling, to optimize pricing for commercial and specialty products.
• Leverage predictive modeling, statistical techniques, and analytics to refine pricing strategies and improve risk segmentation for commercial and specialty lines.
• Client Collaboration & Advisory:
• Serve as a trusted advisor to clients, offering recommendations on product development, pricing strategies, and performance improvements that align with their commercial and specialty lines business goals.
• Provide actionable insights to clients on how to adjust product features and pricing to stay competitive in the market and adapt to changing regulations.
• Present complex pricing models and strategic recommendations to senior client stakeholders, ensuring clear communication and alignment on business objectives.
• Cross-functional Collaboration:
• Collaborate with underwriting, distribution, and marketing teams to ensure seamless product development and pricing implementation for commercial lines and specialty products.
• Provide support to sales and marketing teams by offering product insights and pricing strategies that enhance client communication and market positioning.
• Regulatory & Compliance:
• Ensure all commercial and specialty lines products and pricing models meet state and federal regulatory standards, guiding clients through product filings, approvals, and updates.
• Stay informed on regulatory changes impacting commercial and specialty lines and advise clients on necessary product or pricing adjustments to ensure compliance.
• Performance Monitoring & Continuous Improvement:
• Continuously monitor the performance of commercial and specialty lines products, analyzing key metrics such as loss ratios, profitability, and market share to assess product effectiveness.
• Recommend and implement product enhancements or pricing adjustments based on performance data, competitor analysis, and market shifts.
• Use data insights to drive product and pricing optimization, ensuring that commercial and specialty lines products remain competitive and aligned with client objectives.
• People Leadership:
• Mentor and develop actuarial and product management team members, fostering a culture of continuous learning and professional growth.
• Demonstrate strong leadership qualities by setting clear goals, providing constructive feedback, and encouraging collaboration and innovation within the team.
• Implement effective performance management practices to ensure team members are meeting objectives and contributing to the overall success of the organization.
• Participate in the recruitment and selection process to attract and retain top talent in the actuarial and insurance product management fields.

Skills and experience that will lead to success

• 8+ years of experience in P&C commercial and specialty lines product management or pricing, with a focus on business analytics or pricing analytics.
• Strong knowledge of commercial and specialty lines insurance, including product development, pricing methodologies, underwriting, and regulatory compliance, with experience in both admitted and non-admitted markets.
• Excellent communication and presentation skills, with the ability to present complex pricing strategies and product concepts to both technical and non-technical stakeholders.
• Ability to manage multiple client projects and collaborate across teams in a fast-paced consulting environment.
• Bachelor's degree in Business, Actuarial Science, Economics, Mathematics, a related field or equivalent years of industry experience

How we support our colleagues

Aon offers a comprehensive package of benefits for full-time and regular part-time colleagues, including, but not limited to: a 401(k) savings plan with employer contributions; an employee stock purchase plan; consideration for long-term incentive awards at Aon's discretion; medical, dental and vision insurance, various types of leaves of absence, paid time off, including 12 paid holidays throughout the calendar year, 15 days of paid vacation per year, paid sick leave as provided under state and local paid sick leave laws, short-term disability and optional long-term disability, health savings account, health care and dependent care reimbursement accounts, employee and dependent life insurance and supplemental life and AD&D insurance; optional personal insurance policies, adoption assistance, tuition assistance, commuter benefits, and an employee assistance program that includes free counseling sessions. Eligibility for benefits is governed by the applicable plan documents and policies.

In addition to our comprehensive benefits package, we encourage an inclusive workforce. Plus, our agile environment allows you to manage your wellbeing and work/life balance, ensuring you can be your best self at Aon. Furthermore, all colleagues enjoy two "Global Wellbeing Days" each year, encouraging you to take time to focus on yourself. We offer a variety of working style solutions for our colleagues as well.

Our continuous learning culture inspires and equips you to learn, share and grow, helping you achieve your fullest potential. As a result, at Aon, you are more connected, more relevant, and more valued.

Aon values an innovative and inclusive workplace where all colleagues feel empowered to be their authentic selves. Aon is proud to be an equal opportunity workplace.

Aon provides equal employment opportunities to all employees and applicants for employment without regard to race, color, religion, creed, sex, sexual orientation, gender identity, national origin, age, disability, veteran, marital, domestic partner status, or other legally protected status. People with criminal histories are encouraged to apply.

We welcome applications from all and provide individuals with disabilities with reasonable adjustments to participate in the job application, interview process and to perform essential job functions once onboard. If you would like to learn more about the reasonable accommodations we provide, email ReasonableAccommodations@Aon.com

For positions in San Francisco and Los Angeles, we will consider for employment qualified applicants with arrest and conviction record in accordance with local Fair Chance ordinances.

Aon is not accepting unsolicited resumes from search firms for this position. If you are a search firm, you will not be compensated in any way for your submission of a candidate, even if Aon hires that candidate.

Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.

Pay Transparency Laws:

The salary range for this position (intended for U.S. applicants) is $150000 to $200000 annually. The actual salary will vary based on applicant's education, experience, skills, and abilities, as well as internal equity and alignment with market data. The salary may also be adjusted based on applicant's geographic location.

Familiarity with commercial and specialty lines pricing methodologies, product management tools, and insurance technology platforms.

experience with predictive modeling, loss experience analysis, and risk segmentation in commercial and specialty lines.

Knowledge of multiple commercial and specialty lines of business.

Ability to drive client relationships and deliver results in a consulting capacity.

#LI-AR1

#LI-HYBRID