Review Vacancy
TitleChief Actuary – Workers’ Compensation Reserve Unit
Occupational CategoryAdministrative or General Management
Bargaining UnitM/C - Management / Confidential (Unrepresented)
Salary RangeFrom $200000 to $225000 Annually
Minimum Qualifications Basic Qualifications:
Associate or Fellow of Casualty Actuarial Society (FCAS) and attained Membership in the American Academy of Actuaries (MAAA); 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.
Preferred Qualifications:
- Strong managerial skills, team building, and organizational skills
- Experience with change management and leading process improvements
Duties Description The Chief Actuary of Workers Compensation Reserve Unit will be responsible for overseeing all workers’ compensation actuarial reserving activities of the department WC Fund. Responsibilities include, but are not limited to:
• Manage and lead the NYSIF Actuarial workers’ compensation reserving team, clarify job responsibilities and performance expectations, establish goals and job competencies, identify skill gaps, create development plans, coach and mentor on a continuous basis and provide performance evaluations.
• 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 diagnostical 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 assignment 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.
Additional Comments NYSIF has a telecommuting program.
Some positions may require additional credentials or a background check to verify your identity.