Top Actuarial Executive provides leadership, innovation, and oversight to an organization's actuarial function. Develops policies, procedures, and formulas to guide statistical analysis and actuarial research and accurately evaluate the likelihood and financial impact of various risks. Being a Top Actuarial Executive ensures policies and procedures are implemented effectively to ensure regulatory compliance of all financial operations and products. Responsible for the strategic planning and oversight of product development. Additionally, Top Actuarial Executive establishes profitability targets and regularly reviews product rates, premium levels, and rating systems to evaluate effectiveness and measure performance against targets. Reviews and validates financial statements, regulatory filings, and other financial projections before publishing or submitting. Communicates with marketing and other key stakeholders to present rating structures and systems and ensure adequate understanding of products. Applies knowledge of mathematics, probability, statistics, principles of finance and business to calculations in life, health, social, and casualty insurance, annuities, and pensions. Requires a bachelor's degree. May require Associate of Society of Actuaries (ASA). May require Fellow of Society of Actuaries (FSA). Typically reports to top management. The Top Actuarial Executive manages a departmental function within a broader corporate function. Develops major goals to support broad functional objectives. Approves policies developed within various sub-functions and departments. To be a Top Actuarial Executive typically requires 8+ years of managerial experience. Comprehensive knowledge of the overall departmental function. (Copyright 2024 Salary.com)
Summary of Responsibilities:
Provides and verifies data and actuarial reports necessary for product and financial management utilizing actuarial principles and mathematical analysis. Works with some supervision and is responsible for making a minimal range of decisions, escalating to AVP when appropriate and updating AVP on a regular basis. Correctly applies actuarial principles to practical problems.
Position Responsibilities:
Gathers, organizes and formats data from various sources, reviews for reasonableness and provides this data for internal and external use.
Applies mathematical, statistical and technical skills to analyze data and reports.
Ensures accuracy of calculations and statistical analysis despite time constraints.
Answers mathematical, financial and/or product-related questions from other departments.
Learns and applies Company and departmental work standards, including those for documentation, functions and interrelationships of departments.
Obtains, verifies and organizes Company experience to be used in product development, financial reporting, forecasting and/or industry surveys.
Assists in the development and modification of complex technical programs, applying formulas and methods to analyze products, calculate reserves, project financial results and/or assess profitability and risk.
Implements actuarial measures with guidance. Verifies accuracy and maintains documentation.
Executes pricing, valuation and asset-liability runs, selecting the correct model and input data and ensuring internal consistency of all assumptions, product features and in-force data. Reviews for reasonableness and assists in analyzing results.
Documents projects in writing in accordance with established guidelines.
Performs other duties assigned by management.
Selection Criteria:
Proven strong analytical skills, including demonstrated experience identifying and quantifying problems and providing effective resolutions. Applies principles of logical thinking to define problems, collect data, establish facts and draw valid conclusions.
Proven experience in exercising good judgment, problem-solving skills and time management skills.
Demonstrated excellent verbal and written communication skills with the ability to successfully interpret and communicate complex business needs with internal and external partners in a clear, focused and concise manner. Prepares correspondence, reports and forms using prescribed formats and conforming to proper rules of punctuation, grammer, dictation and style as well as accuracy and timeliness.
Demonstrated ability to work independently, maintaining self-motivation, under limited supervision.
Demonstrated experience setting professional goals and successfully implementing and achieving those goals.
Cite examples of working effectively as part of a team.
Work Setting:
This position works in an office setting and remains in a continuous stationary position for long periods of time while working at a desk, on a computer or with other standard office equipment, or while in meetings.
Performs substantial movement of wrists, hands and fingers for continuous computer work.
Educational Requirements:
Bachelor’s degree in mathematics or related field.
Successful completion of at least one Society of Actuaries examination.
Computer Skills and Knowledge of Hardware & Software Required:
Proficient in word processing, spreadsheet and database applications.
Commitment to learn actuarial software packages such as those used for valuation (ARCVal), experience studies (ARCBase) and/or pricing and projections (MG-ALFA).
Commitment to learn the companies’ policy administrative systems: how they work and how to extract data from them.
Certifications & Licenses (i.e., Series 6 & 63, CPA, etc.):
Actively pursue FSA designation by attempting a Society of Actuaries exam at each sitting.
Passes at least 50% of the exams attempted.
Adheres to all other Actuarial Exam and other administrative rules.
Position Demands:
Extended hours required during peak workloads or special projects.
Balances work demands with the need to pass actuarial exams, which requires intense mental focus and approximately 300 hours of study time in a four-month period, with two such periods each year.
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