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Actuarial Analyst, Actuarial Analyst II and Senior Actuarial Analyst at Accident Funds in Lansing, Michigan

Posted in Other 30+ days ago.





Job Description:

SUMMARY:

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 Management:
  • 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

Corporate Actuarial:
  • 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:

Actuarial Analyst:

  • 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.

EMPLOYMENT QUALIFICATIONS:

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.

EXPERIENCE:

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


WORKING CONDITIONS:

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.