What are the responsibilities and job description for the Actuarial Manager position at Western Reserve Group?
The Actuarial Manager is responsible for managing actuarial staff in achieving adequate, competitive pricing of all major insurance products. This includes monitoring financial results of individual products, implementing decisions that result from rate reviews communicating pricing impacts to internal audiences, and gaining rate filing approval from insurance department regulators. The Actuarial Manager may also manage projects intended to improve risk selection, claims settlements, or improve the general financial outlook of the company.
Salary Grade (18) 120,205 - 156,267 - 192,328
Individuals in this position need to work both independently and with others. Attention to detail is critical. Most projects require adherence to strict timelines. Most projects directly impact the financial results of the company and are very visible to senior management.
The Actuarial Manager may be expected to retain some of the aforementioned projects and responsibilities as an individual contributor in addition to project management of staff.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.
Manages actuarial staff and serves as the resident ratemaking expert for the company.
Reviews, analyzes, and makes recommendations on specific product pricing. Obtains and analyzes competitor and rate bureau pricing along with researching new pricing methods. Works with the Product Analysts in developing rate review agendas.
Analyzes all required data that applies to company premium and loss experience. Extracts relevant data from company statistical databases. Performs standard actuarial rate level indications while performing analysis of rating variables and general rate levels.
Makes selections and recommendations on pricing philosophy and methodologies used in ratemaking analyses. Stays up to date on the latest developments in actuarial pricing theory.
Coordinates the implementation of rate review decisions with Strategic Development, Underwriting, Marketing and IT including updates of policy processing systems and release of revised rate manuals.
Ensures company compliance with state regulations regarding rate filings. This includes filing and seeking approval of revised rate levels with state insurance regulators. Coordinates with company Product Analysts regarding rate-filing submissions.
Represents Actuarial through participation in inter-departmental meetings, and discussions with other departments.
Ensure that data-related initiatives meet the informational requirements of the organization in support of managements` needs and adhere to corporately defined data strategy.
Assists in the training and development of professional actuarial personnel as assigned.
Conduct performance appraisals, salary reviews and goal development of any assigned staff.
Performs special actuarial assignments requiring professional expertise.
Provides information to Underwriting/Marketing staff pertaining to the pricing segmentation and classification studies, as appropriate.
Works with the Data Analysts to ensure that appropriate data is being captured in internal company systems in order to evaluate company loss experience and pricing.
Works with the Product Analysts regarding the pricing of new and revised insurance products.
SUPERVISORY RESPONSIBILITIES
Yes
QUALIFICATIONS
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.
EDUCATION AND EXPERIENCE
BS/BA or equivalent in Actuarial Science, Mathematics or other quantitative field of study.
Fellow of the Casualty Actuarial Society (FCAS) highly preferred; ACAS required at minimum.
7 years of actuarial experience (minimum 10 years, if not FCAS) with at least 5 years pricing.
2 years previous managerial experience preferred.
Advanced computer skills including spreadsheets, databases, and experience with at least one statistical programming language such as R, Python, or SAS.
Strong communications skills.
Ability to manage multiple concurrent projects.
Familiarity with state insurance department regulatory processes.
LANGUAGE SKILLS
Ability to communicate effectively with various audiences including analysts, programmers, technicians, insurance department personnel, underwriters, and marketing staff.
MATHEMATICAL SKILLS
Expert-level knowledge of mathematical, statistical, and actuarial concepts.
REASONING ABILITY
Advanced ability to understand issues regarding price and profit and the ability to formulate appropriate recommendations.
CERTIFICATES, LICENSES, REGISTRATIONS
Fellow of the Casualty Actuarial Society (FCAS) highly preferred,
Associate of the Casualty Actuarial Society (ACAS) required.
PHYSICAL DEMANDS
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of the position. Reasonable accommodations may be made to enable individual with disabilities to perform the essential functions.
Employee is required to sit at a desk to perform various computer and other related electronic and/or hard copy related duties/tasks. Additionally, the employee is required to devote substantial time to telephone communication.
While performing the duties of this position, the employee is regularly required to sit, talk, or hear. The employee frequently is required to use hands to finger, handle or feel. The employee frequently is required to stand, walk, and reach with hands or arms.
WORK ENVIRONMENT
The work environment characteristics described here are representative of those the employee encounters while performing the essential functions of the position. Reasonable accommodations may be made to individuals with disabilities to perform the essential functions.
The Actuarial Manager will be assigned an office with desk and other necessary equipment to perform the essential functions of the positions.
The work environment is reasonably quiet with ongoing interaction between departmental employees and other corporate employees. Moderate noise level from telephone and other electronic equipment is expected.
