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Managing Actuary
3 months ago
44 / 755
Company
FBL Financial Group, Inc.
Date Prepared
02/27/2012 OK - Orth
10/07/14 edited pts & title - OK Orth
01/2020 Orth
Position Title
Managing Actuary
Department
PC Product Development
Job Number
PC3205
Location
West Des Moines, IA
Basic Function
Direct preparation of rate and reserve recommendations using advanced actuarial techniques and assist in their implementation to assure improved critical success factors. May oversee and direct the Predictive modeling function for property and casualty companies.
Principal Accountabilities
Accountabilities should reflect job functions requiring at least 5% of an incumbent's time commitment.
Essential Functions:
We deliver on our promise every day to protect livelihoods and futures. We do this through our value-based work, demonstrating service, integrity, leadership, teamwork, accountability and passion in all touch points with client members, employees, agents and vendors.
1. Assist senior management in making sound financial decisions and plans by directing the timely and accurate preparation and reporting of financial data including pricing, budgeting, reserving and reinsurance data.
2. Contribute in meeting corporate goals for profit, growth, and service by directing the development of rates and rating plans and their implementation based on seasoned actuarial experience, as applicable.
3. Ensure that FBL complies with insurance regulations and actuarial standards via work standards, rate filings support, auditor support and other support for legal issues as needed.
4. Apply Predictive Analytics and data mining to transform raw data into actionable business information.
5. Manage competitive intelligence and predictive modeling work including data manipulation, model selection, formalizing recommendations, communication of results and implementation. Accountable for developing business requirements, selecting appropriate statistical models, organizing data and resolving data inconsistencies, and overseeing implementation. Utilizing statistical analysis and predictive modeling, perform analysis on external and internal data to develop strategic responses to current and anticipated market conditions and changes.
6. Assist with designing the predictive modeling framework and provide technical expertise and quantitative analysis using univariate, multivariate and other appropriate robust statistical analyses to positively impact business results.
7. Contribute to meeting the departmental goals by managing an actuarial staff including selecting, training, and motivating the actuarial staff.
8. Evaluate actuarial methods and applicability to business issues based on seasoned actuarial experience and broad-based industry knowledge.
9. Direct the analysis of new programs, changes in existing programs and underlying trends via special actuarial studies.
10. Participate in reserve analysis and provide reserve recommendations, as applicable.
11. Manage actuarial staff to maximize overall portfolio performance by coordinating product development and pricing reviews, and project timelines.
Non-Essential Functions:
Perform other job-related duties or special projects as assigned.
Qualifications/Know-How
1. Fellow of Casualty Actuarial Society (FCAS) designation plus nine yearsof relevant experience required.
2. Technology knowledge and skills in PC, Business Intelligence software and Mainframe areas to effectively use in solving actuarial and business-related problems.
3. Must have an expert understanding of computers, programming, SAS, Emblem, technology or company software and personal computer skills and acceptable ability to lead and apply predictive modeling tools and analytics. Must be proficient in Microsoft Office.
4. Must have expert knowledge of Property/Casualty insurance industry and to be able to apply advanced actuarial skills to address broad-based insurance problems.
5. Must have project and department leadership skills.
6. Must be a self-starter who is detail oriented and able to prioritize multiple projects.
7. Proven ability to do in-depth analytical, problem solving and organizational skills to address complex multi-line issues.
8. Ability to read, write, and speak the English language and explain insurance data to non-actuaries.
OVER
Nature & Scope
The PC R&D Department is responsible for assisting the company in providing sound insurance products that will best serve the Farm Bureau members. This is accomplished by providing senior management with superior analysis of "decision making" data affecting product costs. This includes performing rate reviews and analyzing current and proposed rating variables. The department also prepares reserve recommendations and provides data for the annual statement including actuarial certification of reserves, and enterprise risk management services.
The Managing Actuary is responsible for assisting with initiating proposals to commence rating reviews and presenting recommendations to senior management. The incumbent is also involved with ensuring compliance of rating structures and rates to insurance regulations and verifying that reserve evaluations meet certification standards. Assisting with the selection and development of the actuarial staff is also a responsibility of the Actuary. The incumbent may oversee the predictive modeling function in Property and Casualty.
Internal contacts include VP's of the following departments: Claims, Operations, Agency, Market Research, Information Systems, Accounting, Business Units, and Underwriting. External contacts include Western Farm Bureau, and other insurance companies.
Dimensions
Written Premiums - Fire/Casualty (2019): $1.559 B
Note: The FBL Financial Group, Inc., reserves the right to change job descriptions at any time for business reasons. Furthermore, an employee is expected to perform the duties of the position in a safe manner and in accordance with the rules and regulations set forth by the department/division/area/company. Neither the provisions of this job description nor any other document or publication establishes a contract of employment between you and the FBL Financial Group, Inc., companies.
Profile: FI3 (350), E4 (50), 175, E4C (230), Level