Chief Actuary - Personal Insurance
AC - Actuarial
Estimated Travel Percentage (%):
National Union Fire Insurance Co of Pittsburgh, PA
- Collaborate with the CEO of Personal Insurance and the Segment Managers to develop and execute Personal Insurance underwriting strategy.
- Set pricing guidelines to help informing and shaping product strategy.
- Aggregates macro, internal (e.g., client), and product-specific research / insights to inform business mix and portfolio strategy.
- Drive advancement of pricing and analytics capabilities.
- Work closely with the PI leadership team to effectively manage the risk accumulation through modeling catastrophe events and analyzing various reinsurance solutions.
- Guides the development of data infrastructure that represents “one version of the truth” in a pragmatic way.
Reporting to the CEO of Personal Insurance, this position is a member of the Personal Insurance leadership team with areas of direct responsibility covering: Pricing, Profitability Studies, Analytics and Tools, and Risk Accumulations.
- Establish target profit margins consistent with Personal Insurance objectives & establish pricing adequacy including loading for expenses.
- Implement best practices for risk selection, segmentation, pricing and rating for each product line.
- Help drive strategic underwriting decisions including reinsurance that ensure the financial and underwriting objectives are achieved.
- Provide leadership/expertise in the development pricing and risk segmentation strategies for multiple distribution channels (including brokers, independent agency, captive agency, direct marketing and alternative distribution channels).
- Provides actuarial support to each product tower and provides business solutions to maximize ROE.
- Introduce innovative practices for pricing, risk selection and rating variables, including use of predictive modeling.
- Continue enhancement and automation of portfolio management tools to provide timely insight to various key stakeholders.
- Help manage risk accumulation by closely monitoring the exposure against the thresholds at various levels and recommending effective accumulation management solutions including reinsurance.
- Lead the actuarial overall rate level reviews and actuarial pricing segmentation in every product in every market.
- Ensure quality and overall rate level adequacy and establishes methodology, framework and tools.
- Identify and create rate levels, rate structures and class plans for new country/product entries.
- Lead all pricing efforts and perform highly complex product line evaluations to include analysis and advice on actuarial pricing tools and techniques, new products, and risk modeling:
- Manage pricing models, methodology, and tools.
- Create the standards of practice for the development, implementation, and updating of pricing models for all product lines and regions.
- Identify pricing review needs by line and country, set rate review schedules accordingly, and manage the review process to meet those schedules.
- Set priorities for pricing actuaries, predictive modeling, and research (as it relates to input to underwriting), evaluate R&D input and coordinate price informative inputs (from pricing actuaries, predictive modelers, claims, and R&D) to reach best in class pricing information;
- Ensure profitable testing and development of new products.
- Lead and support consistent global underwriting practices and guidelines; responsible for Technical Price globally including accuracy and insight of predictive models.
- Develop and implement a global framework to ensure effective underwriting control including quality reviews to assess underwriting decisions;
- Define and delegate framework for underwriting authority for all Personal Insurance underwriting within the risk appetite established by the company;
- Ensure underwriting practices are compliant with AIG and local regulator standards.
- Work with ERM in parameter selection for economic capital modeling, incorporating target underwriting profit in pricing.
- Works closely with Reserving Actuaries to provide information affecting reserves
- Develop underwriting training/education in collaboration with Talent Management and the Personal Insurance Product Heads.
- Identify and communicate best practices for actuarial. Ensure the effective recruiting, development and retention of actuarial staff to ensure competitive advantage.
Leadership & Technical Skills:
- Broad based global insurance industry experience including overseas markets with strong technical underwriting background;
- In-depth knowledge of analysis techniques, including all rate making techniques, generalized linear modeling, catastrophe modeling, return on equity analysis;
- Knowledge of market segmentation, portfolio management, acquisition and multiple distribution systems;
- Understanding of underwriting concepts, especially as they relate to pricing and rate segmentation
- Preferred minimum of 20+ years of underwriting operational management experience in Property & Casualty lines of business;
- Undergraduate degree and fellowship in Casualty Actuarial Society required
- Strategic orientation, managing vision and purpose, developing organizational capability
- Strong analytical, interpersonal;
- Strong influencing and communications skills and ability to work across multiple areas of company
- Proven ability to manage and build team consensus in an environment of diverse ideas and views
- Strong technical Skills
It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
At AIG, we believe that diversity and inclusion are critical to our future and our mission - creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives