This position supports Emerging Markets' profitable growth and effective use of capital through analyses and reporting on risk, financial metrics, capital, reinsurance, and other topics in order to support strategic decision making. Strong analytical and communication skills are required. This role is comprised of two focus areas: capital management and corporate actuarial. Role spans all areas of Emerging Markets, including P&C and health insurance segments.
Capital management measures key risks from both an internal perspective and a ratings agency perspective, by simulating the impact of key risks on financial results. Capital model results assist in allocating capital, establishing profitability targets, and incorporate consideration of risk and volatility into annual business plans. Capital management also includes monitoring exposure for adherence to corporate risk tolerances.
Corporate actuarial serves as a consulting actuary by linking technical work to practical insights; it is responsible for the development and management of strategic pricing and forecasting architecture for Medicare related products and services in COBX. This position designs, leads and performs advanced financial and actuarial analyses in support of department objectives, and undertakes special projects and ad hoc problem solving.
This position requires the understanding of insurance and business operations within Emerging Markets including, AF Group and COBX.
RESPONSIBILITIES/TASKS by FOCUS AREA:
Capital model parameterization and maintenance
Support stress testing through development of key risk scenarios to illustrate potential adverse risk outcomes, the resulting impact to key metrics, and the impact of mitigation strategies
Analyses aggregate enterprise capital requirements through application of risk tolerances
Produces actuarial indication of business segments' risk-adjusted capital
Provide assistance to rating agency requests requiring actuarial assistance
Development and maintenance of risk adjusted performance metrics
Development of volatility ranges around key metrics and risk factors, including range for reasonable and extreme events, tracking forecasted deviation within ranges, adjusting ranges to reflect development throughout the year, and submission of ranges to parent company
Support enterprise risk management reporting, including scorecards, snapshots, and own risk solvency assessments
Monitor, analyze, and forecast trends and risks across Emerging Markets
Complete ad hoc actuarial analysis as requested to support and inform the bid process
Analyze profitability across business segments and effectively communicate results
Gather and evaluate competitive information and advise on potential competitive strategies
Analyze pricing of insurance products and develop prospective profitability assessments, and communicate results as requested
Monitor pricing of non-insurance products and analyze relative to competitors and internal margin targets, including consideration of scope of products, services, and risk sharing quoted, and communicate findings to manager
Monitor results relative to strategic plans and metrics
Develop and maintain tool to forecast of key actuarial assumptions supporting Senior Health Services forecast and annual plan
Research reinsurance options, analyze financial impacts around potential reinsurance structures and make recommendations
Monitor industry results and trends and Emerging Markets relative performance to the industry
Experience with Medicare Advantage products is a plus, but is not required
Specific Responsibilities by Job Title:
Gather and analyze data and present analysis in an appropriate format
Make recommendations and present data to appropriate personnel
Monitor risks, risk factors, and trends and alerts manager and colleagues as necessary
Perform ad hoc capital management, enterprise risk management, and corporate risk studies
Assist with the updating of reports and communicate changes effectively
Exercise discretion when communicating outside of department.
Maintain confidentiality of information processed as appropriate
Review technical accuracy and quality of the work of peers
Additional Responsibilities for Actuarial Analyst II
Provide commentary for various monthly scorecard reporting
Independently apply actuarial methods
Participate in the development of new reports and tools for the department
Monitor management reporting metrics and report on unexpected variances
Lead meetings with business units, fostering a productive dialogue, and facilitating decisions where appropriate
Additional Responsibilities for Senior Actuarial Analyst
Effectively communicate drivers of results to leadership
Analyze profitability targets for business segments and effectively communicates results and methodology to manager
Perform cost-benefit analysis comparing results of initiatives to capital costs, considering both financial results and strategic goals
Provide support and peer review to the pricing, reserving, and reinsurance team and the related processes
Participate in annual planning process by assisting business segments with strategy and identifying areas for improvement
Perform ad hoc risk projects with little direction
Represent Corporate Risk on various corporate projects
Work with outside actuaries and/or consultants on various projects
Mentor and train Actuarial Interns and Actuarial Analysts
Lead the development of new reports and tools for the department
Support the Capital Management Committee on its various tasks
This position description identifies the responsibilities and tasks typically associated with the performance of the position. Other relevant essential functions may be required.
EDUCATION OR EQUIVALENT EXPERIENCE:
Bachelor's degree in actuarial science, mathematics, or a related field is required. Successful completion of one CAS or SOA examination required. Continuous learning, as defined by the Company's learning philosophy, is required. Certification or progress toward certification is highly preferred and encouraged.
Additional Education for Actuarial Analyst II
A minimum of three CAS or SOA examinations successfully completed is required.
Additional Education for Senior Actuarial Analyst
A minimum of four CAS or SOA examinations successfully completed is required, five is preferred.
With proper education credentials, no experience is required; however actuarial experience is preferred.
Additional Experience for Actuarial Analyst II
A minimum of two years actuarial experience in the P&C or health insurance industry required.
Additional Experience for Senior Actuarial Analyst
A minimum of three years actuarial experience in the P&C or health insurance industry required, four preferred.
SKILLS/KNOWLEDGE/ABILITIES (SKA) REQUIRED:
Knowledge of actuarial principles and practices, underwriting and claims practices preferred
Knowledge of mathematics and statistics with the ability to perform necessary mathematical computations
Ability to apply the principles of logical thinking to define problems, collect data, identify trends and draw conclusions
Excellent oral and written communications skills, with the ability to communicate actuarial concepts and conclusions to non-actuaries
Working knowledge of Microsoft Excel
Competent and comfortable learning and working with new software
Maintain confidentiality as appropriate
Ability to work both independently and as part of a team
Additional SKA for Actuarial Analyst II
Comfortable leading meetings and facilitating discussion
Ability to manage multiple priorities, establish workflows, and meet necessary deadlines
Knowledge of actuarial principles and practices, underwriting and marketing guidelines and claims practices
Ability to perform actuarial and statistical analyses
Strong working knowledge of Microsoft Excel , knowledge of Igloo and R preferred, but is not required
Some SQL and Visual Basic knowledge preferred
Some knowledge of GAAP and SAP accounting
Additional SKA for Sr. Actuarial Analyst
Ability to create financial and actuarial models with little direction
Ability to facilitate decisions in meetings
Strong knowledge of GAAP and SAP accounting, including FASB accounting standards
Ability to establish a personal rapport with opposing parties and to resolve conflicts in a professional manner
Presentation skills and confidence to present company and product in one-on-one settings or in small groups
Working knowledge of Microsoft PowerPoint
Comprehends the consequences of various problem situations
Work will be performed in an office setting with no unusual hazards. Minimal travel required.
The qualifications listed above are intended to represent the minimum education, experience, skills, knowledge and ability levels associated with performing the duties and responsibilities contained in this job description.
We are an Equal Opportunity Employer. Diversity is valued and we will not tolerate discrimination or harassment in any form. Candidates for the position stated above are hired on an "at will" basis. Nothing herein is intended to create a contract.