Director, Actuarial Services

Preferred Mutual; United States; Remote; USD 155,000 - 220,000; Full time

Benefits offered by this job

Disability coverage

Life insurance included

Enhanced life insurance option

Critical illness plans

401k with match

Student loan repayment

Short-term incentive

PTO 25 days

Sick leave 7 days

Holidays 10 days

Personal PTO after 3 years

Therapy access (BetterHelp)

Family First care support

Medical from day 1

Health Savings Account

Job summary

Preferred Mutual is seeking a Director of Actuarial Services to oversee pricing, reserving, predictive modeling, and strategic planning. You will lead a team of actuaries, influence senior leadership, and drive core actuarial analyses to support corporate goals and regulatory requirements.

You will collaborate with Data, Underwriting, Claims, Product, and Finance to ensure accurate, timely results and to shape pricing strategies for personal and commercial lines.

Qualifications

• FCAS designation required.
• Minimum of 10 years of actuarial experience in pricing and predictive modeling.
• At least 5 years of experience as a strategic leader and manager in a P&C actuarial department.
• Loss reserving experience preferred.
• Strong knowledge of personal and/or commercial lines P&C products.
• Executive presence and business acumen.

Responsibilities

• Lead a team of actuaries to execute complex, strategic projects.
• Manage Actuarial unit for accuracy, efficiency and timeliness.
• Engage senior leadership to influence business decisions.
• Develop and validate actuarial analyses/methodologies.
• Lead pricing, reserving, and modeling strategies across the organization.
• Support rate filings and regulatory approvals.
• Assist with annual financial planning and reserves reviews.
• Provide actuarial support for reinsurance reviews.

Skills

Leadership

Communication skills

Analytical skills

Strategic thinking

Problem solving

Education

Bachelor’s degree in Actuarial Science, Mathematics or related field

Job description

Please note, employment offered to residents in the following states only: Connecticut, Delaware, Massachusetts, Maryland, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont.

At Preferred, we understand the importance of holistic health. To meet the diverse needs of our employees, we offer a comprehensive set of benefits:

• Short-term disability, long-term disability, and life insurance coverage are provided at no cost
• Optional benefits include enhanced life insurance and critical illness plans
• 401k plan with an employer contribution that you will receive regardless of your own contribution to the plan
• Student Loan Repayment Assistance
• A short-term incentive plan for all employees

Social

• Generous paid time off, offering of 25 days at hire (prorated based on start date for the first year)
• 7 days of paid sick leave
• 10 paid company holidays
• Personalized paid time off after 3 years!

Emotional

• Access to 26 sessions with a BetterHelp therapist each year for you and up to 5 dependents, as well as access to all of BetterHelp’s group and digital resources
• Access to Family First, a team of care experts who can provide you and your loved ones 1:1 assistance with a variety of caregiving solutions, from elder care to legal and financial challenges, insurance and Medicare navigation, and more!

Physical

• Medical, dental, and vision coverage options begin on the first day of employment
• Health Savings Accounts (with a generous employer contribution!)

YOUR PURPOSE AND FUNCTION IN OUR COMPANY:

The Director of Actuarial Services position is a broad-based P&C actuarial position that will be responsible for the application of actuarial principles in the areas of pricing, reserving, predictive modeling, strategic planning, reinsurance, and financial planning. This is a leadership role that will be responsible for utilizing actuarial skills and perspectives to help the organization succeed in meeting its strategic plan and financial goals. The role will be responsible for providing strong thought leadership, help develop corporate strategy, and provide key insights on organizational performance. The position will manage the activities of the Actuarial Services department and will have strong interactions with all other insurance operations including Data and Analytics, Underwriting, Claims, Product, and Finance.

The key functions will include:

• Leads a team of Actuaries to execute complex and strategic projects, while leveraging broad functional expertise and knowledge of the business to serve as a subject matter expert across the organization
• Effectively manage the activities of the Actuarial unit to ensure accuracy, efficiency and timeliness of all actuarial work products
• Responsible for engaging senior leadership to influence business decisions related to lines of business, geographic areas, or business segments
• Uses best practices to develop and ensure appropriateness of complex actuarial/statistical analyses/methodologies used across the organization to influence business decisions while ensuring quality of data used to perform the analyses is appropriate and documentation standards are adhered to
• Leverages understanding of insurance business, product, markets and regulatory environments to develop and lead pricing/reserving/modeling strategies to influence business decisions across the organization
• Oversee development of actuarial rate indications and manage and/or provide direct support to secure regulatory approval of company rate filings
• Support the internal quarterly loss reserve review process, help interpret the results, and provide recommendations to senior management on held reserves. In addition, provide an evaluation of the year-end reserve reviews conducted by our outside Opining actuary
• Support new and innovative tools to enhance the pricing sophistication at PMIC
• Direct involvement in the successful development, implementation and performance of our pricing models (i.e., predictive modeling)
• Provide hands-on actuarial work and analysis for some of the more complex actuarial projects
• Provide actuarial support for the annual financial planning process and help develop effective ways of using historical data to assist others in understanding the trajectory of our results
• Help provide actuarial support during the annual review of reinsurance treaties
• Work with our business partners to seek out new opportunities to provide unique actuarial support and insights to all areas of the organization
• Ensure an effective and efficient rate review process for our core products that adequately seeks input from all areas and arrives at sound rate change decisions
• Express and explain technical results and conclusions to any non-technical audience concisely, logically and in an easy-to-understand format
• Give presentations to other departments and to executive leadership on a variety of actuarial topics, results or projects
• Help the Actuarial unit and others to draw the proper and accurate conclusions from the data, analysis and information being evaluated
• Ensure the work completed by the Actuarial unit is in alignment with the company strategic objectives and that they help support achievement of those objectives
• Develop, motivate and inspire others and provide strong thought leadership to all areas of the organization
• Develop a reputation for the Actuarial unit as the go-to area for complex analysis and clear and accurate insights and conclusions
• Willingness to travel to home office and to visit key agency partners on occasion
• Additional tasks as identified that are not covered above

KEY CAPABILITIES FOR SUCCESS:

• Communicate and share conclusions, insights, and recommendations in a cooperative and supportive manner
• Excellent communication skills, including the ability to present written and verbal interpretations of highly specialized terms and data, to multi-disciplinary groups and all organizational levels
• Ability to work with a team of business professionals to achieve the best outcomes for PMIC
• A strong sense of ownership over the performance of the Actuarial unit and company results
• Conduct oneself with honesty, fairness, respect, and transparency
• Proactive, creative, critical thinking, and thought leadership brought to problem solving

QUALIFICATIONS:

• FCAS designation from the Casualty Actuarial Society
• A minimum of 10 years of actuarial experience in the areas of pricing and predictive modeling, including a minimum of 5 years of experience as a strategic leader and manager of an actuarial department in a property and casualty environment
• Experience in loss reserving is preferred
• Strong knowledge of personal lines and/or commercial lines property and casualty products
• High degree of executive presence and business acumen
• Superior analytical, research and problem-solving skills
• Demonstrated ability to work with smaller volumes of data and to properly interpret that data and financial results when it has low credibility
• A detail-oriented mindset and an ability to recognize when something doesn’t look right, and a willingness to dive deeper to determine root causes
• Demonstrated initiative, autonomy and commitment to process improvements and efficiency
• Bachelor’s degree in Actuarial Science, Mathematics or related field

ABOUT US:

As a mutual company, we are independent by nature, so we think about insurance solutions a little differently. Through listening, problem solving, examining your challenges and collaborating on the right solutions for you, Preferred Mutual independent agents provide flexible solutions and adapt to your evolving needs. We do the same for our employees. We are process and domain experts, focused on the solutions that deliver results for our clients and our company. We offer a great work environment, professional development, challenging careers, and competitive compensation. With Preferred, there are no surprises. You can count on us to deliver on our promises and be there when you need us, as your insurance provider and your employer. Preferred Mutual is an Equal Opportunity Employer. Employment decisions are made without regard to race, color, religion, national or ethnic origin, sex, sexual orientation, gender identity or expression, age, disability, protected veteran status or other characteristics protected by law.

DISCLAIMER:

This role (job) description indicates in general terms, the type and level of work performed as well as the typical responsibilities of employees in this classification. The duties described are not to be interpreted as being all-inclusive to any specific employee. Management reserves the rights to add, modify, change or rescind the work assignments of different positions and to make reasonable accommodations so that qualified employees can perform the essential functions of the job. Nothing in this position description changes the at-will employment relationship existing between Preferred Mutual Insurance Company and its employees.

The salary range for the role is $155,000 to $220,000 per year paid on a salaried basis. The rate offered to any candidate will be reflective of the candidate’s experience and any relevant education, certification, or qualifications related to their ability to perform the responsibilities of this position as permitted by law.