Deputy Chief Actuary

3 weeks ago

Austin, Texas, United States Citizens Full time
Job Description

THE OPPORTUNITY

Title: DeputyChief Actuary

Job Type: Full-time Exempt

Reports to: Chief Actuary

Location: Austin, TX (Corporate Headquarters located in the Domain)

At Citizens, Inc., we've curated an exceptional work environment that goes beyond the ordinary. Our open-plan workspace offers panoramic views of the Domain with multiple conference rooms readily available. Start your day with complimentary coffee in our large break area, enjoy walks on the scenic trails nearby, or hit our onsite gym. Our Lunch Drop service provides the luxury of delivering delicious meals directly to our suite for a stress-free lunch break. For financial needs, the onsite bank is at your service. Furthermore, enjoy the convenience of free covered parking in our garage, featuring charging stations for electric vehicles. Participate in our various monthly employee events designed to enhance our cultural engagement. At Citizens Inc., we prioritize strong employee involvement to foster a dynamic workplace culture. Elevate your career with us, where your workplace is more than just an office; it's a destination for growth, innovation, and a flourishing community.

Summary: The Deputy Chief Actuary is responsible for leading all actuarial functions including risk management, product pricing, reserve setting, experience studies, providing forecasts projections to the finance team, asset/liability analysis, dividend scales, actuarial reporting, and reinsurance contracts. The Deputy Chief Actuary will promote best practices across the company and ensure the integrity of the organization's pricing and reserves and will include developing and maintaining the company's various tools for measuring profitability and risk exposures. The Deputy Chief Actuary will also be responsible for leading and developing the Actuarial department staff through training, coaching, planning, prioritizing projects, and supporting their professional development.

WHAT YOU WILL GET TO DO

Financial Performance Evaluation:
  • Establishing, maintaining, and reviewing profitability guidelines for evaluating financial performance of business units.
  • Monitoring, analyzing, and reporting to Senior Management on the key emerging profitability for new business and in-force business. Variances from pricing must be identified and their impact quantified based on results of experience studies (claims, persistency, and expenses).
Actuarial Advice and Leadership:
  • Supporting the CFO by providing actuarial advice and counsel in the development of financial plans, financial reporting, achievement of strategic goals, and managing capital.
  • Serving as a key member of the organization's leadership team and implementing/maintaining actuarial processes and controls to ensure timely reporting and accurate actuarial inputs to all internal and external customers.
Underwriting Process Enhancement:
  • Evaluating mortality and lapse experience. Provide it to the Underwriting Department in a form that facilitates their analysis, with an aim toward making the underwriting process more effective.
Regulatory Compliance and Reporting:
  • Overseeing and ensuring timely and accurate filing of all actuarial deliverables to internal customers, regulators, and auditors.
  • Overseeing and approving annual preparation of Appointed Actuary's Actuarial Opinions and Memoranda for the United States/Puerto Rico, and the Regulatory Asset Adequacy Issues Summary for the United States.
  • Ensuring compliance with emerging standards, such as Principles-Based Reserves (PBR) and the FASB's Targeted Improvements for Long-Duration Contracts (LDTI).
Pricing Support and Recommendations:
  • Providing all aspects of pricing support on product development activities, business development initiatives, and ad hoc projects.
  • Recommending assumption setting for actuarial reserving, financial projections, dividends, and pricing based on the results of experience studies.
Risk Governance and Talent Management:
  • Promoting effective and agile risk governance at all levels of the organization.
  • Playing the lead role in attracting, hiring, and retaining top actuarial talent, including maintaining and updating the Actuarial Study program to be competitive with the industry. This also includes motivating and maintaining high employee morale and supporting professional development of actuarial studies and continuing education.
External Expertise and Budget Management:
  • Playing the lead role in identifying when external actuarial expertise is required and selecting, managing, and ensuring quality deliverables within budget.
Professional Education Compliance:
  • Complying with the continuing professional education requirements of the Society of Actuaries and the American Academy of Actuaries.
WHAT YOU NEED TO SUCCEED
  • Bachelor's degree in actuarial science or relevant mathematical field
  • Minimum of fifteen years of actuarial experience, with exposure to financial reporting and pricing
  • Associate of the Society of Actuaries
  • Member of the American Academy of Actuaries
  • Strong knowledge of Moody's AXIS, including valuation, cash flow, asset/liability projections and pricing experience
  • Must have strong knowledge of Life and Health products, regulatory requirements, actuarial principals and current practices.
  • Very strong technical actuarial skills
  • Strong written and oral communication and leadership skills, with proven successful experience working with Executive Management
  • Ability to influence key stakeholders and work well in developing partnerships with Marketing, Finance and Senior Management
  • Ability to work and solve problems independently and work under pressure.
  • Demonstrated ability to establish plans and manage their execution.
  • Demonstrated leadership in managing and developing actuarial staff.
  • Proficient with Microsoft Excel, PowerPoint and Word
  • Knowledge of financial controls in a corporate environment
  • Ability to effectively prioritize and execute tasks in a fast-paced environment and meet business deadlines.
  • Ability to address issues/concerns in a professional manner.
  • Ability to collaborate and interact effectively with internal and external stakeholders.
Preferred Qualifications:
  • Fellow of the Society of Actuaries (FSA)
  • Experience as an appointed actuary or valuation actuary and pricing products
  • Technical and systems expertise a plus
BENEFITS (the fun stuff)

As an employee of Citizens, we promise you the opportunity to make a meaningful difference in the lives of our customers, communities, and one another. We believe in fostering a culture of camaraderie, where your ideas are valued, and collaborative efforts drive innovation. Our commitment to rewarding work extends beyond professional growth to recognize your individual contributions and achievements.

We take a complete approach to our employees' well-being. Our benefits package includes medical, dental, vision, short-term and long-term disability, AD&D, group term life insurance, and a matching 401k to secure your financial future. Our benefits plan allows for Virtual Visits and access to our Employee Assistance Program, showcasing our commitment to your health and work-life balance. Enjoy the added perks of generous Paid Time Off and holidays, ensuring you have the time to recharge and savor life outside of work. Join us and embrace a workplace that values not only your professional growth but also your personal fulfillment.

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