VP, Actuarial Insights and Analysis

2 weeks ago

Itasca, Illinois, United States Captive Resources Full time
SUMMARY: The Vice President, Actuarial Insights and Analysis is responsible for developing, implementing, and maintaining the technical models and strategies for the medical stop loss insurance portfolio. This position involves evaluating the financial performance of existing programs, determining appropriate pricing strategies based on risk assessments, claims data, and market conditions, and collaborating with carriers, underwriters, sales, and captive leadership teams to ensure competitive and profitable pricing. This role will also be a key component in driving the growth and sustainability of the Captive Resources captive medical stop loss business with strategic decision-making and collaboration with the Health Solutions leadership team.

ESSENTIAL EDUCATION AND EXPERIENCE: Bachelor's degree in Actuarial Science, Mathematics, Statistics, Finance, or a related field, and Associate or Fellow preferred (e.g., ASA, FSA, MAAA). We require 7+ years of actuarial experience in pricing, risk assessment, portfolio management and financial analysis within the insurance industry.

SKILLS/COMPETENCIES REQUIREMENTS:
  • Strong analytical and quantitative skills, with the ability to apply actuarial theory to real-world business scenarios.
  • Excellent problem-solving abilities and attention to detail.
  • Advanced proficiency in actuarial and statistical modeling tools (e.g., Excel, R, SAS, Python, Power BI, Tableau).
  • Knowledge of healthcare claims data and the dynamics of health insurance products, PBM's, TPA's, medical cost containment strategies and Point Solutions.
  • Effective communication skills, with the ability to present complex concepts to non-technical stakeholders.
  • Ability to work collaboratively in a cross-functional environment and provide clear insights to drive business decisions.
  • Sound understanding of regulatory requirements and industry standards related to medical stop loss insurance.
  • Experience in medical stop loss insurance or health insurance industry is highly preferred.
  • Proficiency in actuarial modeling techniques, statistical analysis, predictive modeling and stop loss portfolio management is highly preferred.
  • Strong experience with actuarial software and data analysis tools (e.g., Excel, SAS, R, SQL, or similar platforms).
ESSENTIAL DUTIES AND RESPONSIBILITIES:
  • Develop and maintain actuarial pricing models for medical stop loss insurance, including the use of experience-rated and fully insured approaches.
  • Utilize advanced statistical and actuarial techniques to analyze claims data, healthcare trends, and other relevant factors to set appropriate premiums and risk shares.
  • Perform experience analysis on in-force business, including loss ratio analysis, trend analysis, and predictive modeling to identify opportunities for rate adjustments or product enhancements.
  • Provide pricing recommendations for new business, renewals, and amendments, based on a thorough understanding of the risk profile and market conditions.
  • Collaborate with underwriting and sales teams to adjust rates for individual clients based on their specific risk factors, claims history, and risk mitigation.
  • Evaluate pricing and underwriting assumptions, including claim frequency, severity, operating and ceding expenses, to ensure that premiums are competitive, adequate, and aligned with company and captive profitability and growth targets.
  • Leverage data analytics tools to collect, manage, and analyze large datasets, ensuring that models are built on accurate and up-to-date data.
  • Collaborate and lead as necessary, data analysis and modeling within CRI Health Solutions to support projects and planning.
  • Continuously evaluate and implement innovative technologies or methodologies to improve pricing accuracy and operational efficiency.
  • Perform experience analysis on in-force business, including loss ratio analysis, trend analysis, and predictive modeling to identify opportunities for rate adjustments or product enhancements.
  • Provide pricing recommendations for new business, renewals, and amendments, based on a thorough understanding of the risk profile and market conditions.
  • Collaborate with underwriting and sales teams to adjust rates for individual clients based on their specific risk factors, claims history, and risk mitigation measures.
  • Monitor the overall profitability of the medical stop loss portfolio, including analyzing loss ratios, claims trends, and other key performance indicators (KPIs).
  • Collaborate closely with teams to ensure that pricing assumptions are aligned with actual claims experience and overall portfolio performance.
  • Develop and present pricing strategies to ensure alignment with goals and risk tolerance.
  • Collaborate with cross-functional teams, including underwriting, sales, product development, and finance, to ensure that strategies and assumptions align with broader business objectives.
  • Communicate complex actuarial concepts and pricing recommendations clearly to non-actuarial stakeholders in a way that is understandable and actionable.
  • Provide actuarial expertise and insights during meetings with brokers, clients, and consultants.
TRAVEL: Frequent

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