Actuarial Analyst

What We Do Shepherd is an AI-native commercial insurance platform transforming how high-hazard industries get covered. Our mission is to make risk frictionless for the builders and operators shaping the physical world — protecting progress from concept through construction and into decades of operation. The infrastructure behind the AI boom — data centers, semiconductor fabs, renewable energy assets — has to be built and insured.

But traditional carriers weren't built for this speed: Complex commercial construction projects routinely wait weeks for a single quote Legacy carriers rely on static applications and disconnected systems Brokers chase carriers through calls, emails, and resubmissions We built Shepherd to solve that. Our AI performs the same underwriting workflows in seconds, and integrates real-time data from construction technology partners — Procore, Autodesk, OpenSpace, DroneDeploy, and others — to see risk as it actually exists, not just as it was reported on a static form. We're pursuing the most ambitious technical vision in commercial insurance: fully autonomous underwriting.

We're closing in on the first fully agentic submission in the industry — email in, price out, no human intervention until the last mile. With Shepherd, safety, speed, and quality no longer trade off against one another — they compound. We're building: Faster decisions Smarter, more accurate pricing Better risk outcomes for insureds who invest in safer practices We're not just modernizing insurance products.

We're building the risk infrastructure for the next generation of financial services. Our Investors In March 2026, Shepherd raised a $42M Series B — bringing total funding to over $60M — led by Intact Private Capital, the investment arm of one of the largest insurers in the world. Intact is not only our lead investor but also a carrier partner, a testament to the confidence the incumbent industry has in what we're building.

Our investors: Intact Private Capital Spark Capital Costanoa Ventures Y Combinator Susa Ventures And several others Our Team We're a team of technologists and insurance enthusiasts, bridging the two worlds together. Check out our About page to learn more. Actuarial Analyst Chicago, San Francisco or New York City (Onsite) Department: Actuarial Team Reports to: Actuarial Lead Location: Chicago, San Francisco, New York Experience Level: 2 - 5 years Salary Range: $110,000 - $140,000 What We Do Shepherd is a technology-driven Managing General Underwriter (MGU) transforming commercial Property & Casualty insurance for high-hazard industries.

Our mission is to make risk frictionless for the builders and operators shaping the physical world — protecting progress from concept through construction and into decades of operation. We’re building the fastest, smartest commercial risk platform, where underwriting expertise, data, and automation work together to deliver: Faster decisions Smarter, more accurate pricing Better risk outcomes With Shepherd, safety, speed, and quality no longer trade off against one another — they compound. We’re not just modernizing insurance products.

We’re building the risk infrastructure for the next generation of financial services, where technology, underwriting, and partnerships operate in harmony to support the world’s most important industries — and the progress they make possible. Our Investors To date, Shepherd has raised over $20M from leading investors, including: Spark Capital Costanoa Ventures Y Combinator Susa Ventures Intact Ventures And several others Our Team We're a team of technologists and insurance enthusiasts, bridging the two worlds together. Check out our About page to learn more.

About the Role We are seeking a detail-oriented and analytical Actuarial Analyst to join our actuarial team supporting multiple commercial lines of business, including General Liability, Workers' Compensation, Commercial Property, and Excess Casualty. This role is perfect for someone who thrives on executing rigorous insurance analysis, collaborating cross-functionally, and delivering precise, actionable insights that drive competitive advantage. As an Actuarial Analyst, you will be the bridge between market intelligence, regulatory requirements, and data-driven product decisions.

You will be joining a small team of actuaries to play a critical role in ensuring our products remain competitive while maintaining compliance across all jurisdictions where we operate. The actuarial team works in close partnership with underwriters and software engineers, translating actuarial insights into the technology and decisions that power a modern insurance platform. Key Responsibilities Ratemaking and State Filings (40%) Assist in the development, pricing, and implementation of rating plans for filing with state Departments of Insurance across commercial lines Support the Compliance team in the preparation, documentation, and submission of rate and form filings through SERFF and related platforms Research and draft comprehensive responses to rate-related objections, ensuring clear actuarial justification Competitive Intelligence (35%) Conduct comprehensive competitor analysis of rate and form filings across all commercial lines, utilizing SERFF, S&P Capital IQ Pro, and other regulatory databases Analyze filings, rate manuals, underwriting guidelines, and coverage forms from ISO manuals, NCCI data, and other industry resources to develop benchmarks and strategic recommendations Synthesize market trends and competitive positioning into actionable insights for the actuarial and underwriting teams Monitor regulatory developments and emerging filing trends across target states Actuarial Reporting & Portfolio Monitoring (25%) Manage statutory reporting obligations to state rating bureaus and advisory organizations, including unit statistical and policy data submissions, ensuring accuracy and timeliness Develop and maintain reporting deliverables for reinsurers and capacity partners, including bordereaux and portfolio reporting Write SQL queries to extract and validate data needed for external reporting from internal PostgreSQL databases Coordinate with internal teams on data accuracy and timely delivery for all external reporting obligations Required Qualifications Experience & Education 2-5 years of experience in commercial P&C insurance product analysis, actuarial, or competitive analysis functions Bachelor's degree in Mathematics, Statistics, Economics, Finance, or related analytical field Demonstrated experience with commercial insurance products and insurance data analytics Actuarial exams such as P, FM, MAS-I, MAS-II, 5 (preferred but not required) Technical Skills SERFF system knowledge including navigation, filing preparation, and objection response processes Experience with industry databases including ISO manuals, NCCI data, and regulatory research platforms Advanced spreadsheet modeling skills for financial analysis and data manipulation Working SQL proficiency for data extraction and validation from relational databases Python experience for advanced analytics (preferred but not required) Insurance Knowledge Understanding of commercial insurance products including rating methodologies and underwriting guidelines Knowledge of the state insurance filings process across multiple lines and jurisdictions Understanding of ISO forms, NCCI guidelines, and industry standard practices Familiarity with actuarial concepts including loss development, rate adequacy, and ratemaking fundamentals Core Competencies Strong research and analytical skills with the ability to synthesize regulatory and market data into clear recommendations Exceptional attention to detail and accuracy, especially for time-sensitive regulatory deliverables Clear communication skills for both technical and non-technical audiences Cross-functional collaboration experience working with actuarial, underwriting, compliance, and product management teams What We Offer Competitive salary based on experience and qualifications Equity participation with significant upside potential in our growing organization Comprehensive benefits package including health, dental, vision, and 401(k) with company match Professional development opportunities including conference attendance and certification support Collaborative startup environment with opportunities for rapid career growth and expanded responsibilities Benefits Premium Healthcare 100% contribution to top-tier health, dental, and vision