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Actuary, Individual Health Product Performance
Education Requirements: Degree preferred.
Other Requirements: Include:
- Minimum Qualifications:
- Health or Pricing experience.
- Seasoned knowledge of advanced actuarial assumptions and formulae and in-depth knowledge and understanding of actuarial and statistical sciences, economics, or computer sciences.
- Aptitude for statistical interpretation, a strong knowledge of advanced actuarial assumptions and formulae and accounting practices.
- Thorough financial and actuarial background.
- Extensive experience in the development and presentation of financial reports.
- Excellent human relations and oral and written communication skills, analytical and decision-making abilities, and sound judgment.
- Insurance product and insurance industry knowledge.
- Preferred Qualifications:
- Experience in actuarial product performance and pricing experience for individual disability and supplemental health product.
- Experience with actuarial modeling software, MG-ALFA preferred.
- Experience with predictive modeling and use of SAS.
Salary Range: $80k to $145k + bonus DOE
Description: Our Client, an A+ AM Best organization, is seeking a motivated and driven Actuary on their Individual Health Insurance Product Performance and Pricing Team. This Description is reflective of the Managing Actuary essential functions and qualifications. The Associate level has variable essential functions and qualifications. Competency and skill set will determine level of placement within the posted job family. Insurance products managed include individual disability income, critical illness, accidental death insurance and other supplemental health insurance products. The role requires a creative and results oriented actuary who can incorporate customer driven insights into new product development and ongoing product management activities. This position will provide advanced rating, pricing and analytical actuarial support and contribute to the effective product management and development of these products. In addition, this role will contribute to the measurement and achievement of corporate profit and growth objectives through effective supervision, direction, development, reporting and execution of product line initiatives. Duties and responsibilities include:
- Plans and executes projects designed to meet specified product development, pricing, reserving, projection, and financial or risk management objectives. May have direct reports and engage in human resource management functions such as coaching, performing appraisals, and handling other HR administrative tasks. May review the work of actuarial students in the execution of specific projects or tasks.
- Manages development of new product rates, directs determination of the impact on premiums and/or profits of various product proposals, and directs both long and short term experience studies to be completed in a timely manner and providing useful results.
- Develops improvements to actuarial models, methods, procedures, and systems and keeps abreast of legislative and other changes to determine their effect on assumptions and formulas.
- Provides recommendations to management based on analysis of financial and non-financial data regarding trends and indicators of the product or product grouping.
- Directs the rate development for new products and product modifications and directs re-rating activity. Develops rate assumptions and manages the development of rate scales and detailed rates.
- Participates in the initial viability assessment for new product ideas and modifications, including preliminary pricing. Reviews product specifications and estimate cost and schedule. Consults competitive research to balance pricing/competitive issues.
- Manages development of financial projections (preliminary and detailed) and develops detailed financial projections for new and existing products.
- Directs financial impact assessment activities related to compliance changes and other environmental factors impacting the product or product grouping.
- Prepares actuarial memoranda for filing with state insurance departments.
- Establishes and maintains systems for producing reserves and other actuarial values. Analyzes experience and provides reserve recommendations for claim reserves where needed.
- Risk Management; Identifies and assesses risk in actuarial responsibilities. Complies with actuarial standards of practice, precepts and enterprise risk management responsibilities. Supports enterprise-wide risk management initiatives.