Rate Analyst

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Company Overview

Alfa Insurance is an A-rated insurance carrier that offers an excellent array of automobile, home, life, farm and business insurance products.

Alfa is known for its superior customer service and boasts 94% claims satisfaction. Since its humble beginnings in 1946, Alfa and its affiliates now serve more than 1 million customers across 14 states.

Working as a Rate Analyst will involve preparing insightful reports, organizing data from Ratabase RIA outputs, and maintaining algorithms for accurate pricing and product revisions.

We’re looking for someone who is not only highly organized and proactive but also thrives on taking initiative and working independently.

If you’re excited about using your expertise to drive strategic decisions and be a key player in a collaborative and innovative environment, we want to meet you.

Join us and make a meaningful impact on our company’s growth and success! As part of the Alfa family, you can discover your purpose and help make a difference in the lives of our policyholders and your community.

Job Summary

Are you a detail-oriented professional with a passion for problem-solving? We’re looking for a motivated and organized Rate Analyst to join our team and help shape the future of our product offerings.

In this role, you’ll be at the heart of determining and developing rates for both our current and new products, ensuring our pricing structures are both competitive and profitable.

You'll have the opportunity to dive into analyzing loss experiences, conduct studies, and assess the profitability, competitiveness, and adequacy of our loss reserves.

From preparing and managing rate filings across various states to handling electronic submissions and maintaining clear communication with regulatory bodies, your work will be pivotal in our rate determination process.

Responsibilities

• Support the determination of rates and rate structures for existing products and development of rates for new products.
• Assist in monitoring the loss experience and conducting studies to analyze profitability, competitiveness, and adequacy of loss reserves.
• Prepare exhibits, rates, and relativities for rate filings in all companies in all states.
• File rates electronically, monitor SERRF communications and handle correspondence until filings are approved.
• Prepare reports from Ratabase RIA output and organize analysis.
• Write and maintain roadmaps algorithms and enter rates for pricing or product revisions.
• Perform testing as needed to ensure rate accuracy.

Qualifications

• B.A. or B.S. degree with focus on mathematics, statistics, business, and / or insurance required.
• Broad insurance experience with an emphasis on actuarial and / or pricing knowledge preferred.
• Broad knowledge of the company and its activities, policies, and underwriting rules preferred.
• Willingness to learn to use rating engine (Ratabase) required.
• Strong spreadsheet and / or database skills desired.
• Excellent organizational skills.
• Good interpersonal, written, and oral communication skills.
• Be self-motivated and able to work well with minimum supervision.

Benefits

• Onsite Childcare Center
• Onsite Cafeteria
• Dental insurance
• Health insurance
• Paid time off
• Savings bank
• Opportunity for annual performance bonus
• Discounts on your auto insurance (underwriting approval required)
• Benefits include : Health, dental, supplemental cancer, vision insurance and 401(k) plan
• Paid time off bank to include 3 days PTO after 80 hours worked
• Short-term and long-term disability
• Flexible Healthcare and Childcare spending accounts for tax savings
• Opportunities for advancement
• Continuous training and support throughout your career with Alfa
• College tuition discounts at various colleges in Alabama
• Fitness center

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