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. (Copyright 2024 Salary.com)
Education & Experience
This Director is responsible for pricing, performance management, and forecasting for IEHP’s Medicare and Commercial (i.e., Covered CA) line of business. This includes, but not limited to, the development of product analytics to define and measure the financial performance and providing actuarial support to other business units for the two lines of business. This position collaborates with other IEHP business units in planning and developing strategies to maximize the financial performance. This leader will oversee credential actuaries and actuarial team members to support the department functions, in addition to collaboration with, inter-departments to ensure member needs are met while simultaneously building strong peer relationships.
Major Functions (Duties and Responsibilities)
1. Lead development of pricing, experience analysis, and financial forecast modeling for all lines of business.
2. Develop product analytics to define and measure financial performance.
3. Lead actuarial function on Medi-Cal Rate Development Template (RDT) support and other state date requests.
4. Perform Medi-Cal revenue rate analysis and serve as Subject Matter Expert (SME) for Medi-Cal rate advocacy.
5. Oversees development for Medicare bids, regulatory rate filings and other required regulatory submissions for the assigned lines of business.
6. Collaborate with IEHP business units in planning and developing strategies to maximize the financial performance.
7. Communicate clearly and present appropriate level of information to senior leaders.
8. Research, evaluate and analyze the market landscape for the assigned lines of business.
9. Lead a team of analysts to ensure cohesive team culture and effective collaboration with other business units.
10. Manage the respective actuarial service unit including recruiting, training, and coaching Team Members.
Commitment to Quality: The IEHP Team is committed to incorporate IEHP’s Quality Program goals including, but not limited to, HEDIS, CAHPS, and NCQA Accreditation.