As part of the ERM team, this position will support improving the models needed to understand risk and capital use as it pertains to both insurance operations and asset-liability management (ALM). The models will need to support the quantification of relevant risks and correlations as well as the allocation of capital to support those risks. The individual will be expected to work with business partners to advance their understanding of risks and ensure the results of any analyses are used to have the appropriate business impact.
The insurance operations being evaluated will include both life insurance and property/casualty (P&C) insurance. Candidates with a background in life insurance should have knowledge of long term care (LTC) and/or payout annuities. Candidates with a background in P&C insurance are preferred to have experience with commercial lines.
ALM modeling is expected to support strategic asset allocation (SAA) efforts. This will entail the evaluation of assets supporting life insurance reserves as well as doing the research needed to improve the modeling of correlations between invested assets and P&C insurance reserves.
In addition to the primary responsibilities above, the position will have the opportunity to support other ERM work efforts such as: reinsurance treaty evaluation, reviewing affiliate modeling for Solvency II compliance, liquidity analysis, and communications with external parties including rating agencies and regulators.
All candidates should have strong history of intellectual creativity and adaptability.
Essential Duties & Responsibilities
Collaborates with and influences senior leadership in the development and implementation of pricing and/or reserve strategy for a product line or segment.
Oversees the preparation and accuracy and approves all financial reports and statements, as well as, budgets and forecasts.
Reports business progress to senior management, and makes recommendations as required.
Collaborates with internal business partners to ensure optimal implementation of business strategies; facilitates communication and provides technical guidance to Underwriting regarding the pricing of new and existing business and works with others (e.g., Claims, Finance) on actuarial issues.
Participates with senior leadership in the development and implementation of actuarial policies, business strategies and goals, regularly evaluating performance against goals, and holding self and team accountable for achieving desired results.
Remains current on state/territory issues and regulations, industry activity and trends. May represent the company in industry trade groups.
May direct the work activities and may have full management responsibility for the performance and development of subordinate staff in accordance with corporate strategic direction.
May act as expert witness and may represent the company with government agencies.
May perform additional duties as assigned.
AVP or above
Skills, Knowledge & Abilities
Senior level knowledge of actuarial principles, practices and procedures and industry issues as they relate to the organization.
Ability to effectively lead, coach and develop an actuarial group.
Ability to achieve results by taking a proactive long-term view of business goals and objectives.
Excellent analytical, critical thinking and problem solving skills, with the ability to effectively plan and manage multiple projects and project work teams.
Ability to effectively interact and collaborate with all levels of CNA’s internal and external business partners, possessing excellent communication, negotiation and presentation skills.
Ability to exercise professional judgment and assume responsibility for decisions which have an impact on people and quality of service.
Ability to solve issues with a sense of urgency; utilizes and manages all available resources to make informed decisions and achieve superior results.
Ability to creatively and effectively manage through ambiguous and challenging business problems, leads through change and takes appropriate levels of risk.
Demonstrates the knowledge and understanding of when and how to use metrics to make informed business decisions.
Knowledge of Microsoft Office Suite and other business-related software systems, including processing systems and applications.
Education & Experience
Bachelor's Degree, Masters preferred, in a relevant discipline or equivalent.
Typically a minimum of 10 years of related work experience, including prior management experience.
Career Associate or Fellowship accreditation preferred.
Finance and Accounting
CNA Insurance - 19 months ago
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