Description

Summary: The Chief Actuary serves as a senior strategic leader responsible for shaping the Society’s long-term financial direction through the application of rigorous actuarial principles, deep product and industry knowledge, and sound risk management. This role combines executive-level strategic leadership with hands-on execution appropriate for a smaller, leaner organization. 

Essential Duties and Responsibilities:

•       Serve as a key strategic advisor to the CFO and Executive Leadership Team on product strategy, capital management, risk appetite, and long-term financial planning.
•       Foster strong working relationships across Underwriting, Operations, Sales, Investments and IT to align financial strategy with real-world business performance.  
•       Set the actuarial technology and data strategy. Identify and implement technology solutions that streamline workflows, enhance analytics and decision-making, and strengthen controls. 
•       Supervise the Society’s Appointed Actuary, overseeing certificate reserve and additional liability valuation, cash flow testing, and evaluate the adequacy of the Society’s assets backing reserves to meet future obligations.
•       Serve as the Society’s Illustration Actuary, overseeing compliance aspects of customer illustrations, determining and implementing non-guaranteed elements, and all related testing and filing.
•       Serve as a member of the Society’s Enterprise Risk Committee.
•       Chair the Reinsurance Committee, overseeing treaty design, administrative setup, billing, relationship management, etc.
•       Product development, pricing, rate and form filings, and implementation of all life insurance and annuity products.
•       Short- and long-term financial projections, as well as provide updated year-to-date forecasts on a regular basis.
•       Dividend recommendations made to the Board of Directors and implementation of dividend scales approved by the Board.
•       Oversee administration of reinsurance agreements and policy administration system configuration and maintenance.
•       Oversee product code configuration in the policy administration system.
•       Financial statement reporting (exhibits, supplements, notes, interrogatories, etc.) related to reserves and other liabilities, reinsurance, inforce statistics, risk-based capital, etc.
•       Serve as connection to Investments area and help link asset allocation, portfolio and new money rate assumption setting, and asset modeling to investment strategies.
•       Oversee all experience studies, accountable for all actuarial assumptions.
•       Lead and develop the actuarial department and related functions, set budgets, maintain and administer the actuarial student program, ensuring continuing education requirements are met by staff, etc.
•       Regular reporting to the Society’s Board of Directors.

Supervisory Responsibilities:

Manages the Actuarial team, which may include managing subordinate supervisors in addition to other staff. Is responsible and accountable for the overall direction, coordination, evaluation, and work product within the Actuarial team. Carries out supervisory responsibilities in accordance with the organization's policies and applicable laws. Responsibilities include interviewing, hiring, and mentoring & training employees; planning, assigning, and directing work; assessing work product quality; appraising performance; rewarding and disciplining employees; addressing complaints and resolving problems.

Work Environment: 

This position offers a hybrid work environment, allowing flexibility to work both from home and in the office. In-office work may vary based on business needs. While the exact frequency of in-office work is subject to change, the role requires adaptability to meet the evolving demands of the business area. The noise level in the office is moderate, providing a comfortable environment for focused work. The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable on-site accommodation may be made to enable individuals with disabilities to perform the essential functions. The organization values work-life balance and strives to maintain a flexible and collaborative environment for all employees.

Requirements

Qualifications: 

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.

Education and/or Experience:

Bachelor’s degree (BA or BS) in actuarial science, math, or related field from four-year college or university required. Ten or more years of related experience and/or training; or equivalent combination of education and experience.

Certificates, Licenses,  Designations, Registrations:

Fellow, Society of Actuaries (FSA), with sufficient experience, education, and continuing education requirements fulfilled to sign NAIC Life, Accident & Health, and Fraternal Annual Statement; Member of Academy of Actuaries (MAAA) or eligibility for membership required. Successful completion of the Life Office Management Association (LOMA) certifications and designations: Associate, Insurance Regulatory Compliance (AIRC) and Fellow, Life Management Institute (FLMI), required; Customer Experience Essentials Certificate and Associate, Customer Service (ACS), preferred.