Catastrophe Risk Modeling Analyst – Broomfield - 2023
ICAT, a division of Victor Insurance Holdings was founded in 1998 and based in Broomfield, Colorado; ICAT is a leading provider of property insurance protection to homeowners and businesses located in hurricane- and earthquake-exposed regions of the United States. ICAT draws from highly specialized underwriting expertise and advanced technology tools to offer brokers and their client’s market-leading catastrophe coverage. Along with its subsidiary, Boulder Claims, ICAT’s inherent promise to policyholders is to assist people and businesses as they recover from disasters. ICAT programs currently protect over 85,000 homeowners and business owners in catastrophe-exposed regions of the US.
This position is responsible for manipulating large databases of property insurance data, running natural disaster computer simulation models, analyzing loss estimates and presenting the results to internal and external clients via reports, exhibits, maps and graphs and formal presentations. The position requires strong technical, analytic, and communication skills.
Essential Duties
- Understanding general catastrophe modeling techniques and peril-specific modeling methodologies including specific inputs, outputs and processing components for models used by ICAT.
- Performing sophisticated analytical risk analyses using RMS and AIR 3rd party technology platforms for internal and external reporting, support of reinsurance structures, technical evaluation of business opportunities and pricing support for large individual accounts.
- Responsibility for catastrophe modeling process efficiency, data and report effectiveness, and quality assurance processes.
- Understanding modeling related data flows and impacts, intelligent decision-making with regards to use of various company data elements, and documentation such as technical specifications and position papers.
- Supporting requests by the business and product unit leaders to help assess, manage, and price catastrophe risk through the use and interpretation of modeling results.
- Serving as the modeling subject matter expert through understanding and communication of modeling methodologies, sensitivities and uses.
Catastrophe Model Analytics
- Assisting with the installation, quality assurance, and resolution of technical problems associated with the software.
- Analyzing the changes in loss estimates produced by the models and communicating model change impacts to underwriting and leadership teams.
- Supporting the operational and underwriting transition to the new models and the associated computing infrastructure.
Catastrophe Event Response
- Constructing and improving the annual claim potential reports which are built using historical claims experience and catastrophe modeling software.
- Analyzing real-time catastrophe events to determine the potential number of claims and amount of loss.
- Compiling historical loss data, comparing with modeled results, and communicating observations and recommendations.
- Understanding and articulating the basic scientific concepts associated with earthquakes and hurricanes relevant to understanding catastrophe risk.
Other Relevant Experience
- Working knowledge of RMS and/or AIR catastrophe modeling software products.
- Data processing using Microsoft Access and Microsoft SQL Server.
- Advanced skills in Microsoft Excel and Access (such pivot tables and data queries).
- Skills in Microsoft Word and PowerPoint.
- Knowledge of statistical software is a plus.
- Experience in running catastrophe models.
- Understanding and articulating the basic scientific concepts associated with earthquakes and hurricanes relevant to understanding catastrophe risk.
- Actuarial or property underwriting experience in insurance or reinsurance.
Application Requirements
- Current Seniors with an expected graduation date between December 2022 and May/ June 2023 (Bachelor's Degree)
- Majors: Mathematics, Actuarial Science, Engineering, Computer Science, Business, Geography, or related sciences preferred with emphasis on data analysis.
Diversity Matters at ICAT
At ICAT, we believe that diversity and inclusion are vital components of our future, and our goal is to leverage the unique skillsets that each person brings to the company. We provide our colleagues with a supportive, collaborative environment that leads to innovative ideas and the ability to make an impact.
What’s Next?
We will review application submissions on a rolling basis. You will be contacted only if you are selected for a first-round interview. The first-round interview will consist of a recorded video interview through the online Hirevue platform. The applicable base pay for this role is $55,000.
The base pay offered will be determined on factors such as experience, skills, training, location, certifications, and education. Decisions will be determined on a case-by-case basis. In addition to the base salary, this position may be eligible for performance-based incentives.We are excited to offer a competitive total rewards package which includes health and welfare benefits, tuition assistance, 401K savings and other retirement programs as well as employee assistance programs.