The Director of Actuarial Services serves as head actuary for each insurance company. The Director of Actuarial Services holds comprehensive management and oversight of the actuarial and underwriting function including core roles of pricing, reserving, and reinsurance. The incumbent is a key contributor in the strategic development and planning process for the Company charged with driving the Company’s achievement of actuarial analysis and profitability while maintaining a balance with its revenue and risk goals.
% of Time
• Actuarial Services:
· Develop and recommend strategic direction for pricing, product design, and network configuration to optimize market share and profitability for each insurance company.
· Develops and/or provide direction and approve actuarial models and assumptions to be used for costing, valuation or analysis based on business objective of profitable growth.
· Develop and/or provide direction and oversight of creation and maintenance of pricing models including; benefit relativity, age/gender tables, geographic relativity, commissions and HMO/POS spreads.
· Develop and analyze pricing strategies for small group rate filing and large group business ensuring that the pricing strategy meets financial objectives and sales plans.
· Evaluate and recommend risk sharing provider contract options to drive competitive premium setting.
· Provide strategic input and actuarial expertise in the evaluation and enhancement of health insurance product offerings and new markets.
· Anticipate trends and strategically align actuarial practices with broader organizational goals.
· Provide strategic direction for pricing and completes the small group and Medicare supplement annual regulatory price filings.
• Loss Reserve Management:
· Ensure the Company benefit plans have adequate loss reserves and support management and executive decision making with regard to plan rating.
· Establishes and maintains effective working relationship with contract actuarial vendor.
· Develop and/or maintain automated and manual reserve algorithms.
· Recommend reserve changes based on research and analysis.
· Analyze demographic and financial factors and maintaining historical records and documentation of rating and reserves decisions, including relevant rate tables and applicable experience reports.
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• Leadership Accountabilities:
· Attract, train, develop, manage, and retain high performing staff.
· Lead or assist in leading department change and change acceptance.
· Champion, model, and coach staff to exhibit cultural beliefs.
· Lead and engage staff in continuous improvement.
· Maintain department policies and procedures.
· Serve on or lead department or enterprise project teams.
· Manage and collaborate with other department leaders on the development of the department budget, expenses and initiatives.
This job description describes the general nature and scope of responsibilities for this position. Please note other duties and responsibilities may be assigned or removed at any time.
• Minimum Bachelor's Degree in Mathematics, Business and/or related field, or equivalent experience.
• 10+ years' experience in the health/medical group insurance industry. Given the technical nature of the work performed, role requires very strong technical actuarial skills.
• 5 to 7 years of leading an actuarial and/or underwriting team. Demonstrate leadership in developing staff (i.e. motivating, developing and coaching others).
• Actuarial Fellow Designation (FCAS) and Member of the American Academy of Actuaries (MAAA).
• In depth knowledge of group health insurance industry including underwriting, product management and sales functions.
• Knowledge and high degree of proficiency using Microsoft Office Suite and the ability to use various data analytics tools.
• Strong communication skills with an ability to express views/ideas clearly in written and verbal form.
• Strong relationship and team-building skills with the ability to collaborate with others in the organization.
• Analytical, problem solving, and decision-making skills, including the ability to identify problems, research and analyze issues from different perspectives, organize information, reach sound conclusions, and work cooperatively with others to develop and implement effective solutions.
• Ability to be composed and adaptive in a dynamic, fast-paced, customer-focused work environment typified by rapid change, minimal lead times, and multiple competing priorities.
• Results driven.
• Accountable, open, candid and transparent.
• Leadership or supervisory skills and the ability to lead others to achieve desired results, including:
· Ability to assess individual performance and communicate assessments effectively.
· Ability to identify and effectively and efficiently resolve employee performance problems or issues.
· Ability to establish goals and assist others to achieve goals and meet expectations.
· Collaboration and team building.
· Establishment and implementation of ambitious yet achievable objectives, standards, and project work plans.
• Ability to work in typical office conditions with frequent use of computer equipment.
• Flexibility to work the number and schedule of hours needed to accomplish regular and ad hoc job responsibilities.
PREFERRED QUALIFICATIONS AND SKILLS
Reasonable accommodations may be made to enable individuals with qualifying disabilities to perform the essential functions of the position.
Telecommuting is allowed.
Internal Number: 1579
Founded in November 2018, NeuGen is a Shared Services organization based out of Madison, Wisconsin. In 1970, the not-for-profit WEA Trust was founded by the Wisconsin Education Association Council (WEAC). Well known for high-touch, personalized customer service, WEA Trust serves Wisconsin public employers, their staff and families throughout the state. In 2018, WEA Trust acquired another Wisconsin-based health plan, Health Tradition, in order to serve both public and private employees in the state. Today, NeuGen supports both health insurance companies in addition to providing medical management and administrative services to other healthcare companies.