The Company:
The client was established to support the financial security of working individuals. Over the years, it has evolved to offer a diverse range of insurance solutions catering to various needs. Today, the organization provides group life and disability insurance, accidental death and dismemberment coverage, medical stop-loss insurance, and voluntary benefits such as individual and group disability, accident, portable term life, and critical illness insurance. Through its affiliated entities, the company serves as a comprehensive resource for numerous essential products and services, further enhancing its value proposition to its clientele.
The Scope:
The Senior Vice President & Chief Actuary will play a crucial role in evaluating the financial implications of company-wide initiatives, both direct and indirect, on financial outcomes. This role will also oversee the company's reserve calculations. Additionally, the incumbent will be involved in new product development, contributing expertise in design and pricing, and will serve as a business advisor to the leadership team on special projects, including the annual AM Best Company presentation. Reporting directly to the EVP of Finance, this position will be an integral part of the leadership team, providing strategic insights and guidance on critical financial matters.
The Senior Vice President & Chief Actuary will be the appointed actuary and have responsibility for:
- Client s Actuarial Opinion
- Profitability analysis of Client s product lines and recommendations for updating policies and pricing
- Reserving-Statutory and GAAP
- Actuarial systems
- Profitability and other analyses of reinsurance programs
- Analysis of certain strategic partnerships during the diligence phase and the on-going relationship
- Capital Planning
- Leading of 3 full-time actuarial staff specializing in life, health, and pension, as well as managing consulting actuaries.
Primary Responsibilities:
- Provide leadership and strategic oversight between the various actuarial roles that will effectively position the company to take advantage of available opportunities
- Coordinate with underwriting, sales and operational departments throughout the sales and implementation cycle for the company's various products
- Maintain a comprehensive policy and procedures guide detailing data source extraction, actuarial assumptions, and methodologies used to calculate all reserves
- Active management, analysis and recommendations on the group life insurance, medical stop loss, disability and voluntary books of business
- Ensure compliance with state and federal requirements for the insurance company
- Evaluate, negotiate, and manage reinsurance treaties
Experience and Skill Set:
- At least 10-15 years of combined experience with health, life and disability insurance underwriting, reserving and pricing
- Strong experience in individual or group life insurance; medical stop loss and voluntary benefits products lines is desired
- Deep understanding of market dynamics and demonstrated business acumen
- Understanding of GAAP and Statutory accounting
- Strong management and supervisory skills, and excellent verbal, written and interpersonal skills
- Superior analytical skills and ability to work with financial and other professionals
- Excellent organizational, process management skills, as well as computer skills with respect to database management and spreadsheet preparation
- Familiarity with New York State valuation and other actuarial matters will be helpful
- Experience with reporting to top management
- Fellow of the Society of Actuaries
- Member, American Academy of Actuaries