Chief Actuary
4 weeks ago
Job Title: Chief Actuary
Job Summary:
The New York State Insurance Fund (NYSIF) is seeking a highly skilled Chief Actuary to oversee all workers' compensation actuarial reserving activities of the department WC Fund. As a key member of the team, you will be responsible for managing and leading the NYSIF Actuarial workers' compensation reserving team, clarifying job responsibilities and performance expectations, establishing goals and job competencies, identifying skill gaps, creating development plans, coaching and mentoring on a continuous basis, and providing performance evaluations.
Responsibilities:
- Manage and lead the NYSIF Actuarial workers' compensation reserving team.
- Oversee the establishment of appropriate loss and loss adjustment expense reserve balances in conjunction with the Finance Department.
- Oversee the preparation of monthly and quarterly statutory reports such as Schedule X and Schedule P.
- Design, implement, and oversee a continuous process of reserve analysis and monitoring to ensure actuarial soundness in the roughly $10B of workers' compensation loss and loss adjustment expense reserves held by NYSIF.
- Work with Claims, Underwriting, Finance, and senior management to develop actuarially sound loss and loss adjustment expense reserve recommendations.
- Analyze impact of trends over time and communicate drivers to senior management.
- Evaluate and oversee the implementation and use of new analytical and diagnostic reserving tools and software packages.
- Oversee the development and maintenance of models for estimating large account IBNR loss and loss adjustment expense reserves and retrospective premium reserves.
- Advise and assist business partners with actuarial and mathematical techniques and complete analytical assignments to support business decision making.
- Provide actuarial guidance in support of NYSIF's predictive modeling efforts, especially regarding claims reserving.
- Work with and provide guidance to external consultants on matters involving workers' compensation loss reserving, including data issues, changes in settlement and case reserving patterns, Claims Department initiatives, impact of legislative reforms, and any other changes relevant to the establishment of actuarially sound loss and loss adjustment expense reserves.
- Assist with Risk-Based Capital monitoring and other capital modeling initiatives.
- Evaluate and implement modern stochastic loss reserving models into the Department's workflow.
- Perform all work in accordance with Actuarial Standards of Practice as promulgated by the Actuarial Standards Board.
- Remain current with respect to new approaches and methods utilized in ratemaking and reserving.
- Testify as an expert witness on and assist in the evaluation of proposed regulations and legislation, including the estimation of premium and/or loss impacts on NYSIF and its customers.
Requirements:
- Associate or Fellow of Casualty Actuarial Society (FCAS) and possess a Bachelor's Degree in Actuarial Science, Mathematics, Statistics, or a related field.
- Candidates must have a minimum of ten (10) years of actuarial experience; two (2) of which must be subsequent to obtaining the Fellowship designation and include responsibility for managing and/or directing all activities of actuarial staff.
- Strong managerial skills, team building, and organizational skills.
- Experience with change management and leading process improvements.
- Membership in the American Academy of Actuaries (MAAA).
What We Offer:
- Competitive Compensation.
- Future Career Growth Potential.
- Open and Supportive Team-Based Environment.
- Plentiful Vacation, Personal, and Sick Leave Accruals.
- Paid State and Federal Holidays.
- Full Medical, Vision, and Dental.
- Retirement Options.
- Public Student Loan Forgiveness (PSLF).
- Possibility of Telecommuting, Flextime, and Alternative Work Schedules.
NYSIF Commitment to Diversity, Equity, and Inclusion:
The New York State Insurance Fund (NYSIF) prioritizes and champions diversity, equity, and inclusion (DEI) throughout our agency.
NYSIF provides equal opportunities to all employees and applicants for employment without regard to race, religion, color, age, sex, national origin, sexual orientation, gender identity, disability, veteran status, or any other protected category under federal, state, and local law.
We believe that embracing our differences brings richness, new ideas, and experiences to NYSIF, which energizes a creative and innovative work environment.
We strive to foster a workplace where diverse individuals are able to participate fully in the decision-making process and have ample opportunity for advancement.
We are committed to investing the necessary resources and attention to improving the engagement, retention, and promotion of the extraordinary talent we have.
Executive Order 31 commits New York State government to becoming a model employer for people with disabilities, increasing the participation of people with disabilities in state service and ensuring equal access to opportunities.
NYSIF is proud to utilize best practices to recruit, hire, retain, and promote career advancement of individuals with disabilities.
This includes special focus on current and prospective employees with the most significant disabilities, such as the use of supported employment, individual placement with support services, customized employment, the civil service sections 55/b and 55/c programs, internships, and job shadowing.
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