The Chief Actuary provides strategic leadership for the Product and Actuarial functions, ensuring product innovation, financial strength, and adherence to actuarial standards. This role oversees product development, pricing, statistical analysis, and reinsurance strategies while fostering collaboration across the organization and maintaining compliance with regulatory standards. Reporting directly to the CEO, this position requires a blend of visionary leadership and hands-on expertise to drive the company’s long-term growth and sustainability.
Key Responsibilities
Product and Actuarial Leadership
- Establish competitive pricing and maintain reserves to ensure financial health.
- Lead the development and execution of new products and product strategies aligned with company objectives (OKRs).
- Foster collaboration with second-line defense functions and maintain coordination with Group Actuarial teams.
Product Strategy and Development
- Conduct competitive intelligence analysis to benchmark products and identify market trends and opportunities.
- Manage a pipeline of product concepts and enhancements by integrating customer and financial professional feedback.
- Oversee product go-to-market strategies, including the Product Development Lifecycle (PDLC), and ensure corporate readiness for new launches.
- Design and implement risk management strategies that meet profitability targets and actuarial standards.
- Ensure product illustrations comply with regulatory requirements and are accurate and effective.
- Oversee the drafting and regulatory approval of product contracts and configuration/testing of administrative systems.
Financial Reporting and Analysis
- Develop actuarial financial reports and conduct statistical analyses to support ongoing operations.
- Manage actuarial experience analysis and annual experience studies to refine assumptions.
- Maintain and improve financial models, including Asset Liability Management (ALM) and hedge strategies.
- Oversee profitability management across all business lines, ensuring compliance with standards and regulations.
Reinsurance Management
- Develop and execute a reinsurance strategy aligned with company objectives, managing market trends and partnering with reinsurers.
- Oversee the management of in-force reinsurance agreements to ensure compliance and goal achievement.
Compensation
- Base Salary Range: $400,000 – $450,000 (subject to variation based on experience, qualifications, geographic location, and internal equity).
- Eligibility for an annual incentive program.
What You Bring
Education
- Bachelor’s degree in Actuarial Science, Mathematics, Physics, Economics, Engineering, or a related field is required.
Experience
- 11+ years of actuarial experience in financial functions within U.S. insurance companies or investment banks.
- Proven leadership skills, with a track record of managing and developing high-performing teams.
Certifications
- Fellow of the Society of Actuaries (FSA).
- Member of the American Academy of Actuaries (MAAA).