Get to know the business
General Insurance is a leading provider of insurance products and services for commercial and personal insurance customers. It includes one of the world’s most far-reaching property casualty networks. General Insurance offers a broad range of products to customers through a diversified, multichannel distribution network.
As an actuary at AIG, you will be challenged and encouraged to reach your greatest potential. Every day will bring new opportunities to stretch your analytical and problem- solving skills as you improve how we predict and mitigate risk. Our Financial Actuaries are on the frontlines, quantifying risk, pricing insurance and reserving losses for AIG’s major regulated and rated insurance operating companies globally. Portfolio Analytics and Pricing Actuaries support AIG’s businesses and are responsible for technical pricing, product development analytics and performance measurement. They collaborate with Marketing, Operations and Financial Management.
We are seeking an actuarial professional with industry expertise to lead the Lexington Professional Lines Actuarial Team consisting of pricing and reserving professionals aligned with the business. The Head of Actuarial, Lexington Professional Lines will partner with the business and support teams on strategy, risk selection, pricing, and portfolio construction. They will also direct the business reserving responsibilities, presenting recommendations on underlying performance and recommending actions for improved profitability. The Head of Actuarial Lexington Professional Lines will report into the Head of Actuarial, Lexington.
About the role
What you need to know:
- Define the structure and workflow within Lexington Professional to bring pricing & reserving responsibilities under one business aligned team, providing team members with a 360-degree view of the business.
- Be accountable for the Lexington Professional results and in partnership with the business develop and execute on strategic actions based on actuarial analysis focusing on profitability and organizational goals while anticipating business implications.
- Make informed reserving recommendations based on the results of the reserve valuation reviews and actual versus expected results.
- Guide profitability studies and develop rate and retention recommendations at appropriate segment levels.
- Encourage advanced analytics capabilities for predictive modelling and segmentation analysis within the business.
- As part of the annual plan, develop initial plan loss ratio recommendations, quantify the impact of underwriting actions and change in business mix, and assist the business in executing on the business unit plan.
- Provide recommendations to rating methodologies, parameters and tools to improve accuracy of technical pricing reflecting latest market and economic conditions and product offerings.
- Organize proper training and support for pricing tools and strategies for underwriters.
- Provide oversight over individual account pricing and structure recommendations at the transactional level where appropriate.
- Research, compile, analyze and summarize key finding for special projects and/or reports.
- Develop, evaluate, monitor and encourage a consistent view of business metrics, parameters and data.
- Provide guidance on regulatory needs and rate filings support for any admitted products.
- Direct process improvements weighting cost and benefit to reduce manual work efforts and improve efficiency and accuracy.
- Manage data support where not maintained centrally and reinforce the importance of high-quality data.
- Drive a culture that promotes collaboration, diversity and inclusion.
- Attract and retain top industry talent and develop a high performing team.
- Support and make recommendations for a professional development strategic approach that provides broader actuarial and insurance exposure to the team.
- Think ahead and focus on longer term future exploring new technologies, techniques, and methodologies to maintain a high level of learning and to encourage curiosity.
What we’re looking for:
The candidate should possess strong technical and business expertise with the ability to build sustainable, collaborative relationships, influence business stakeholders, and lead, motivate and gain commitment from key constituents.
Additional requirements include:
- Fellow of the Casualty Actuarial Society with significant actuarial experience, preferably in professional lines and multifunctional areas (pricing, reserving, data, analytics).
- Experience leading a team.
- Capacity to enforce accountability and learn the strengths and development opportunities of the team so as to put people in a position to succeed.
- Exceptional communication skills, including ability to develop and present clear and concise analysis and recommendations to senior management.
- Proven ability to dissect complex business issues, perform research and analysis, and synthesize conclusions into a value-maximizing strategy.
- Willing and able to continuously learn and adapt in a dynamic and fast changing environment.
- Ability to dive into technical and execution level details, do hands-on work, connect the dots while thinking strategically and serve as strong thought partner of cross functional leaders.
- Comprehensive awareness of the business, regulatory environment, competitors, market cycle, technology and legislative trends.
- Enjoys working hard and looks for challenges.
- Not afraid to take charge of a situation and can overcome resistance to change, taking unpopular stands when necessary.
- Timeliness and attention to detail.