Director, Actuarial Services

4 days ago

Boston, United States Trusted Resource Underwriters, Full time

About TRUE:

Trusted Resource Underwriters Exchange (“TRUE”) is a reciprocal insurer established in 2020 to serve homeowners in storm-prone regions of Florida and other parts of the country. At the end of 2023, Gallatin Point Capital acquired a majority stake in the attorney-in-fact for TRUE and raised over $1.25 billion of committed capital, enabling TRUE to not only provide more underwriting capacity in Florida, but also allow it to strategically expand its homeowners product offering and footprint nationally. TRUE utilizes a partnership distribution model through new and existing partnerships as it enters a new phase of exciting growth.

DESCRIPTION:

We are seeking strong talent with a passion for insurance to join our growing Product and Pricing organization at TRUE. The Director of Actuarial Services’ responsibilities include overseeing the actuarial group and working in close connection with the product and product compliance teams ensuring that TRUE is delivering best-in-class products that promote profitability and growth, and expansion to new markets.

This position offers an excellent opportunity to interact with a variety of business and process leaders across TRUE (Government Affairs, IT Leadership, Partner Management, Operations, Claims, etc.).

Primary Roles and Responsibilities:

  • Pricing:
    • Develops and implements actuarial strategies aligned with business goals and regulatory requirements.
    • Ensures overall rate adequacy as well as improves rating and underwriting sophistication.
    • Develops pricing for new products and existing products entering new geographies.
    • Works closely with the product implementation team to ensure all business requirements are provided and rules and rates are tested after development.
    • Serves as an Appointed Actuary.
  • Reinsurance:
    • Assists the Chief Underwriting Officer in the annual reinsurance placement.
    • Ensures reinsurance costs are properly allocated within the pricing of products.
  • Compliance and Data Calls:
    • Ensures all data calls are submitted timely and accurately.
    • Works with state departments on various Market Conduct Exams.
  • Reserving:
    • Leverages the actuarial teams at TRUE to make recommendations to senior leaders and the Chief Underwriting Officer while setting reserves and IBNR.
    • Completion of annual reserve review and statutory filings.
  • Mentors and develops the actuarial team members. Leads by example and experience.
  • Vendor Management:
    • Manage existing vendor relationships and renewals.
    • Vets potential vendors needed for future state/product development and works through contracting with counterparts across the organization.

Requirements:

  • Relevant Experience: A minimum of 10 years of professional experience, preferably including work in Property & Casualty insurance and especially with homeowners product.
  • Educational Credentials: A bachelor’s degree and quantitative analytical knowledge is required; Actuarial Designation required, either ACAS/FCAS.
  • Structured & Logical Thinking: The ability to identify and define business problems and issues, and develop strategic, analytical, and financial frameworks to conduct analyses.
  • Analytical Rigor: Analyze state performance, identify additional areas of research, and recommend improvements.
  • Entrepreneurial Mindset: A self-starter who can identify business opportunities, develop a plan to capitalize on those opportunities, and successfully implement the plan.
  • Powerful Communication: The ability to communicate effectively and succinctly across a variety of media.
  • Leadership: The ability to lead and build high performing teams; grow and develop organizational structures.
  • Mentorship Experience: Experience mentoring senior and junior team members.
  • Team Player: The candidate will need to work well as part of a team and as a project leader.
  • Software Experience: Knowledge of Microsoft Office applications, SQL, SAS, R, Python, Tableau, GCP, and/or other programming/data query/reporting knowledge are required.

Personal Qualifications:

The candidate selected for this position will be a creative, out-of-the-box thinker who is intellectually curious with a demonstrated interest in learning. This person will also need to be a self-motivated, high-energy individual who can easily function in a fast-paced, performance-driven environment. He/she must be accustomed to working on multiple tasks in parallel and committed to meeting deadlines, including some with short time frames. This professional must demonstrate strong leadership skills, including the ability to gain credibility with and influence both team members and senior leadership.

The position is remote, but we offer the opportunity to collaborate and work in an office environment in Boston, MA, or St Petersburg, FL, if preferred.

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