at Accident Fund Insurance Company of America in Chicago, Illinois, United States
Job Description
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 three focus areas: capital management, corporate actuarial, and MA risk adjustment. 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.
- 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 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.
- Monitor industry results and trends and Emerging Markets relative performance to the industry.
- Calculate and forecast Medicare Advantage risk scores and revenue.
- Experience with Medicare Advantage products is a plus but is not required.
Actuarial Analyst:
- Perform routine actuarial analyses requiring the application of acceptable actuarial techniques, procedures and criteria.
- Analyze completed work for reasonableness and accuracy; utilize judgment in recommending specific courses of action considering the internal, external and customer impacts.
- Learn, use and implement programming and maintain analytical programs with limited direction.
- Utilize data management and structure techniques with limited direction and oversight.
- Develop and enhance procedures including review for actuarial soundness.
- Perform experience and financial analysis to identify root causes and develop multiple solutions for actuarial problems.
- With guidance, present completed work and related implications to team members, internal clients and leadership.
- Remain current on actuarial techniques, seek development and improvement opportunities and understand corporate/cross-functional objectives and cultural beliefs.
- 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.
EDUCATION
Bachelor's degree in actuarial science, mathematics, or a related field is required. Successful completion of one CAS or SOA examination required; OR, earned at least one (1) course credit towards the attainment of the FSA designation and is a member, in good standing, of the Actuarial Development Program.
Additional Education for Senior Actuarial Analyst
A minimum of four CAS or SOA examinations successfully completed is required, five is preferred.
EXPERIENCE for Senior Actuarial Analyst
A minimum of three years actuarial experience in the P&C or health insurance industry required, Medicare a plus, four years of experience preferred.
QUALIFICATIONS
- 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.
- 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 is performed in an office setting with no unusual hazards.
Pay Range
Actual compensation decision relies on the consideration of internal equity, candidate's skills and professional experience, geographic location, market and other potential factors. It is not standard practice for an offer to be at or near the top of the range, and therefore a reasonable estimate for this role is between $78,800 and $114,300.
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.
