The Best Buy Protection (BBP) and Geek Squad Protection (GSP) actuarial function provides critical analytics and cost management on our warranty reserve portfolio and the related annual written premium. This role is critical to drive costs out of the BBP and GSP warranty model, to enable new innovative product offerings and solutions which drive higher sales and longer term customer relationships, and to serve as Best Buy's subject matter expert in the business and industry drivers impacting the underwriting and actuarial results within our warranty service contracts business.
This role is highly cross-functional and is required to operate independently in managing the warranty service contract reserve associated with all of the product categories. This role is expected to lead without authority to drive to business decisions that have material financial impact to the Geek Squad Protection warranty portfolio and overall Best Buy profitability. This role is a key strategic player in managing the relationship with our 3rd party warranty obligor and underwriter, along with our internal reserve and management, and is expected to achieve strategic and financial outcomes that are mutually acceptable and agreeable between the parties.
This role is remote eligible, which means you would work virtually from home or other non-Best Buy location.
What you'll do
- 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.
- 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
- 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
We're committed to helping our people thrive at work and at home. We offer generous benefits that address your total well-being and provide support as you need it, especially key moments in your life.
Our benefits include:
- Competitive pay
- Generous employee discount
- Physical and mental well-being support
As part of the Best Buy team, you'll help us fulfill our purpose to enrich lives through technology. We bring that to life every day by humanizing and personalizing tech solutions for every stage of life - in our stores, online and in customers' homes.
Our culture is built on deeply supporting and valuing our amazing employees who make it all possible. We're committed to being a great place to work, where you can unlock unique career possibilities. Above all, we aim to provide a place where you can bring your full, authentic self to work now and into the future. Tomorrow works here.™
Best Buy is an equal opportunity employer
Benefits
Best Buy offers a range of benefits to support your overall well-being, as outlined in the Benefits Guide. Eligibility may vary.