Chief Actuary - Personal Insurance

Salary depends on experience
Posted on 06/21/18
Accounting, Finance & Insurance
Salary depends on experience
Posted on 06/21/18

Position Mission:

  • Collaborate with the CEO of Personal Insurance and the Segment Managers to develop and execute Personal Insurance underwriting strategy.
  • Set pricing guidelines to help informing and shaping product strategy.
  • Aggregates macro, internal (e.g., client), and product-specific research / insights to inform business mix and portfolio strategy.
  • Drive advancement of pricing and analytics capabilities.
  • Work closely with the PI leadership team to effectively manage the risk accumulation through modeling catastrophe events and analyzing various reinsurance solutions.
  • Guides the development of data infrastructure that represents “one version of the truth” in a pragmatic way.

Position Description:

Reporting to the CEO of Personal Insurance, this position is a member of the Personal Insurance leadership team with areas of direct responsibility covering: Pricing, Profitability Studies, Analytics and Tools, and Risk Accumulations.

Position Responsibilities:

  • Establish target profit margins consistent with Personal Insurance objectives & establish pricing adequacy including loading for expenses.
  • Implement best practices for risk selection, segmentation, pricing and rating for each product line.
  • Help drive strategic underwriting decisions including reinsurance that ensure the financial and underwriting objectives are achieved.
  • Provide leadership/expertise in the development pricing and risk segmentation strategies for multiple distributionchannels (including brokers, independent agency, captive agency, direct marketing and alternative distributionchannels).
  • Provides actuarialsupport to each product tower and provides business solutions to maximize ROE.
  • Introduce innovative practices for pricing, risk selection and rating variables, including use of predictive modeling.
  • Continue enhancement and automation of portfolio management tools to provide timely insight to various key stakeholders.
  • Help manage risk accumulation by closely monitoring the exposure against the thresholds at various levels and recommending effective accumulation management solutions including reinsurance.
  • Lead the actuarial overall rate level reviews and actuarial pricing segmentation in every product in every market.
  • Ensure quality and overall rate level adequacy and establishes methodology, framework and tools.
  • Identify and create rate levels, rate structures and class plans for new country/product entries.
  • Lead all pricing efforts and perform highly complex product line evaluations to include analysis and advice onactuarial pricing tools and techniques, new products, andriskmodeling:
    • Manage pricing models, methodology, and tools.
    • Create the standards of practice for the development, implementation, and updating of pricing models for all product lines and regions.
    • Identify pricing review needs by line and country, set rate review schedules accordingly, and manage the review process to meet those schedules.
    • Set priorities for pricing actuaries, predictive modeling, and research (as it relates to input to underwriting), evaluate R&D input and coordinate price informative inputs (from pricing actuaries, predictive modelers, claims, and R&D) to reach best in class pricing information;
  • Ensure profitable testing and development of new products.
  • Lead and support consistent global underwriting practices and guidelines; responsible for Technical Price globally including accuracy and insight of predictive models.
  • Work with ERM in parameter selection for economic capital modeling, incorporating target underwriting profit in pricing.
  • Works closely with Reserving Actuaries to provide information affecting reserves
  • Identify and communicate best practices for actuarial. Ensure the effective recruiting, development and retention of actuarial staff to ensure competitive advantage.

Leadership & Technical Skills:

  • Broad based global insurance industry experience including overseas markets with strong technical underwriting background;
  • In-depth knowledge of analysis techniques, including all rate making techniques, generalized linear modeling, catastrophe modeling, return on equity analysis;
  • Knowledge of market segmentation, portfolio management, acquisition and multiple distribution systems;
  • Understanding of underwriting concepts, especially as they relate to pricing and rate segmentation
  • Preferred minimum of 20+ years of underwriting operational management experience in Property & Casualty lines of business;
  • Undergraduate degree and fellowship in Casualty Actuarial Society required
  • Strategic orientation, managing vision and purpose, developing organizational capability
  • Strong analytical, interpersonal;
  • Strong influencing and communications skills and ability to work across multiple areas of company
  • Proven ability to manage and build team consensus in an environment of diverse ideas and views
  • Strong technical Skills

PF-150918

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