How to Become an Actuarial Services Director
Step 1: Understand the job description and responsibilities of an Actuarial Services Director
What does an Actuarial Services Director do?
AN Actuarial Services Director directs the activities of an organization's actuarial function. Oversees the analysis and evaluation of potential risks to determine the financial impacts of new or existing insurance plans. Being an Actuarial Services Director develops policies, procedures, and formulas to guide statistical analysis and actuarial research and evaluate the likelihood and financial impact of various risks. Designs processes and guidelines to ensure regulatory compliance of products and financial operations. Additionally, Actuarial Services Director leads the design and development of insurance products by evaluating and approving insurance rates, premium levels, and rating systems and structures. Oversees the preparation of actuarial reports, financial statements, and regulatory filings and develops financial budgets, forecasts, and other financial projections. Researches and selects major rating assumptions to support accurate statistical analysis and evaluates the effectiveness of existing formulas. Evaluates product performance against established profitability targets and recommends modifications. Applies knowledge of mathematics, probability, statistics, principles of finance and business to calculations in life, health, social, and casualty insurance, annuities, and pensions. Requires a bachelor's degree. May require Associate of Society of Actuaries (ASA). May require Fellow of Society of Actuaries (FSA). Typically reports to senior management. The Actuarial Services Director manages a departmental sub-function within a broader departmental function. Creates functional strategies and specific objectives for the sub-function and develops budgets/policies/procedures to support the functional infrastructure. To be an Actuarial Services Director typically requires 5+ years of managerial experience. Deep knowledge of the managed sub-function and solid knowledge of the overall departmental function.
In this position, you report to Senior Management and are responsible for all actuarial activities that relate to commercial business in addition to support and analysis for all lines of business. You will need to determine premiums, develop rating structures and evaluate rating systems and methodologies.
You will participate in the planning and preparation of future changes under Heath Care Reform and other actuarial functions that have incurred but not reported - such as IBNR analysis and other analysis, and you will need to develop business plans that contain forecasts of future financial performance.
JOB SUMMARYThe Manager of Actuarial Services will serve under the general direction of the VP of Finance and is responsible for supervising, gathering and evaluating membership claims and premium data for ratemaking, budgeting, benefits, trends, provider networks, etc.
ESSENTIAL FUNCTIONS OF THE ROLEThe Manager of Actuarial Services will evaluate employee performance and administrate performance related issues, complaints, resolve employee relation issues, interview, hire and train new employees as needed.
The candidate must have the ability to read, apply and interpret professional journals, general business periodicals and government regulations, write reports, business correspondence and procedure manuals, and effectively present information to an Actuarial Manager, is essential for the role.
Step 2: Learn best tips to become an Actuarial Services Director
Best tips for those who want to become an Actuarial Services Director
Here are some tips to become an Actuarial Services Director.
Ensure you have the skills and qualifications you need to be an actuary.
Know what to expect in an actuarial role.
Women, don’t assume your gender is a barrier.
Resume Copy & paste or upload your resume.
Cover Letter (Optional) Copy & paste or upload your cover letter.
Step 3: View best colleges and universities for Actuarial Services Director
Best colleges and universities for Actuarial Services Director
- Butler University
- Carroll College
- Cooper Union
- High Point University
- Princeton University
- Providence College
Step 4: Think about whether is it worth to be an Actuarial Services Director
Is being an Actuarial Services Director Worth it?
Work with the actuarial and sales teams to evaluate existing products for consolidation and closure.
Leads team in providing expertise to define, develop and scale actuarial models and special reports which include opportunity analyses, feasibility modeling, exposure analyses, predictive analytics, and trend management reporting.
Directs and oversees actuarial activities and projects by ensuring workflow completion within prescribed timeframes, and compliance with established procedures and regulations.
Bachelor’s degree in Actuarial Science, Mathematics, Risk Management, Statistics, or related field with a minimum of ten years of experience in actuarial or related field required.
You'll lead complex actuarial projects that have strategic importance to our mission of helping people lead healthier lives and helping to make the health system work better for everyone.
Step 5: Prepare relevant skills for being an Actuarial Services Director
What skills do you need to be an Actuarial Services Director?
This role is not a beginner's role, as such, there are many skills required. It is vital to the role to command: Forecasting, Risk Assessment, Statistics and Actuarial Modeling, Risk Analysis, Insurance Plan Design, Rate Setting. For this position, you need to be experienced with: Insurance Software. Management isn't easy, if it were, everyone would have the competenticies to execute the role with success.
5+ years of experience in a health actuarial setting.
Some actuarial or technical experience is preferred, but not required.
Knowledge of statistics and basic actuarial techniques with superior….
Previous experience working in the actuarial, academic, or payer setting may be considered.
7-10 years related experience in actuarial services, health economics, consulting, investment banking, or finance/analytics; prior Population Health or Managed….
Step 6: View average salary for Actuarial Services Director
How much does an Actuarial Services Director make?
The average salary range for an Actuarial Services Director is from $244,559 to $314,813. The salary will change depending on your location, job level, experience, education, and skills.
-
View average salary for the United States
-
Adjust salary by state
Average salary for Actuarial Services Director jobs
Step 7: Find relevant Actuarial Services Director jobs, and apply.
Looking for Actuarial Services Director jobs?
Here are some Actuarial Services Director jobs in the United States.