The VP and Head of Reserving is responsible to lead a department of actuaries and statisticians using actuarial and predictive analytics methods and processes to evaluate the (re)insurance liabilities of the company. Work with company executive leaders, department heads and corporate areas to provide strategic direction and establish reserving philosophy. Lead the performance management and professional development for Actuarial Managers, Actuaries, and Actuarial Analysts.
The greatest challenge to this position is accurate quantification and communication of uncertainty associated with the reserve position in an ever changing environment such as: market conditions, regulatory and legal environments; uncertainty in financial markets; ability to correctly interpret trends and patterns, including rates, terms and conditions, underlying risks, products, and exposures including appropriate data to analyze.
Lead the American Modern Reserving Department (including the Claims Actuary). Direct the development, prioritization, maintenance and enhancement of actuarial and predictive models supporting the reserving and claims functions.
Co-lead the implementation of IFRS 17 as a new accounting standard at AMIG. Support implementation of the Digital CFO roadmap from a data and process perspective.
Oversee the completion of actuarial/predictive modeling analyses appropriate for the projection of ultimate losses/loss adjustment expense, reserve levels, and evaluation of profitability.
Direct the department in developing new methodologies, products and procedures for American Modern. Maintain current knowledge of trends and products in the (re)insurance industries.
Direct the completion of required data preparation including data input. Identify complex data & operational issues requiring specialized actuarial/predictive modeling attention and take action to address them.
Complete high-level overviews of actuarial/predictive modeling work and provide constructive feedback as needed. Ensure consistency of methods as appropriate. Coordinate with other actuarial areas.
Actively participate in the development of corporate strategy and promote data driven decision making across the organization.
Serve as a key leader in the development of the company financial plan working closely with Financial Planning and Analysis, Product Management, Marketing, Sales, Actuarial Services and Portfolio Management. Participate in the development of recommendations to Executive Management Board on financial plans.
Work with management team to assess training needs and ensure the technical and professional development of staff.
Coordinate actuarial efforts between pricing, reserving, predictive modeling and other actuarial areas.
Be responsible for the overall management of actuarial staff including decisions related to hiring, assessing performance and determining compensation.
Promote the value of actuaries and their technical expertise within the company and broader international organization. Monitor how actuarial products are used and seek to improve their influence. Look for opportunities where the actuarial function can better serve the needs of the company.
Maintain a high level of technical actuarial skills and concepts. Adapt to varying and changing set of products and dynamics and provide input and direction on the most efficient and effective methods appropriate for the functional area. Attain appropriate continuing education according to the US Qualification Standard issued by the American Academy of Actuaries.
Ensure all work and work products adhere to applicable Actuarial Standards of Practice as promulgated by the American Academy of Actuaries.
Participate in, lead, and/or supervise special projects as necessary to support local, regional, or group-wide goals.
Lead actuarial reporting of STAT, GAAP, IFRS, and Solvency II Reserve levels (technical provisions)
Participate in and prepare presentations to Risk Management Committee, Audit Committee, rating agencies, insurance departments, and other internal/external clients.
Work with and support auditors and Appointed Actuary.
Represent American Modern Actuarial in conversations with regulatory bodies. May represent Company at industry conferences or on committees.
Participate in client visits or audits as needed.
Plan and build department annual objectives and effectively budget for those needs.
Collaborate with peers across the international organization. Effectively interact and build strong relationships within the Company. Serve as a member of the MR America Senior Actuarial and Analytics team.
Bachelor's degree in Mathematics, Actuarial Science, Economics, Finance, Statistics or related field requiring modeling, programming, or quantitative analysis is required.
15 years experience working in P&C insurance in an actuarial capacity is required.
7 years management experience is required to be successful in this role.
7 years experience in multiple actuarial disciplines (pricing, reserving, predictive modeling, risk management) is preferred. Experience in non-actuarial disciplines (product management, finance, claims) is preferred.
Membership in the Casualty Actuarial Society with the attainment of Fellowship (FCAS) or minimum of 6 years of experience as an ACAS.
Membership in the American Academy of Actuaries (MAAA).
Proven ability to lead, innovate and make decisions in order to foster and develop more advanced techniques as appropriate for the functional area.
Proficient computer skills and application of MS Office Suite.
American Modern Insurance Group