The Director, Actuarial Services will provide leadership and direction for the Actuarial Services team. This position will apply the knowledge of mathematics, probability, statistics, principles of finance and business to unpaid claim liability, trend analysis, rate formula evaluation, dentist fee analysis, and financial forecasting, and will collaborate to determine the data analytics strategy of the company.
Provide and coordinate assistance to other organizational units and external parties
Act as an information resource and provide customer (both internal and external) support ensuring working relationships between Actuarial Services and other company departments.
Collaborate with programmers, underwriters, and leadership to help develop plans for new lines of business or improving existing business.
Collaborate with other Delta Dental of Wisconsin (DDWI) teams including Marketing, Sales, and Information Technology on data analysis.
Coordinate Actuarial Services to other Delta Dental Member Companies on a contract basis.
Participate on product development teams as requested, including satisfying Actuarial signoff requirements.
Stay abreast of market and book of business trends (i.e. sales results and targets, loss ratios, expense ratios, claims costs, etc.) and assist in determining strategic direction with such information
Identify and analyze the internal and external factors which affect statistics for use in forecasting, trending, and rate models, etc.
Keep informed about market conditions, competitive information, and political factors that may impact the goals and interests of the organization. Communicate key developments to appropriate stakeholders and use information appropriately when performing analysis or collaborating on internal and external projects.
Assist in establishing the strategic direction for the Actuarial Services department.
Prepare and/or oversee the calculation of claim reserves, premiums rates, etc. for DDWI and other Delta Dental Member Companies
Calculate or review of experience, rates, provider reimbursement, profit margins, and administrative expense margins of the Delta Dental products.
Review reimbursement tables and allowable fees (MPA for Premier, Preferred tables, etc.) and calculate impact of changes or modifications if needed.
Direct the review of administrative fee tables and provide analysis of adequacy of administrative income, in conjunction with current sales, underwriting, and corporate profitability objective strategies; analyze impact of changes in administrative income based on evolution of book of business.
Direct and analyze/review of Delta Dental products and related factors, including, but not limited to, claims experience, profit margins, administrative expenses, rate adequacy, sales, terms, provider reimbursement, network value, and competitive positioning.
Direct and analyze/review of ongoing Delta Dental claims trend including, but not limited to, trends in utilization, fee inflation, and intensity. Review in aggregate as well as within specific blocks of business, or subsets of specific blocks of business.
Direct and analyze the calculation of unpaid claim liabilities.
Develop the Actuarial Services annual budget.
Prepare and/or review premium, claim budget, and long range plan forecasts for dental and vision products.
Collaborate to shape the data analytics needs of the company
Collaborate to build out the data analytics strategy for the organization and be able to communicate the strategy to both the business and technical leadership.
Guide business teams in defining, quantifying, and measuring Return on Investment (ROI) for their project initiatives.
Develop solutions to streamline business processes to achieve departmental and company-wide goals more effectively and efficiently.
Lead reviews of our processes and procedures to determine system and staffing needs
Oversee the documentation of Actuarial Services policies and procedures and determine modifications for improvement in work product and efficiencies.
Plan and approve Human Resources recommendations.
Provide direction and supervision of department staff
Conduct performance management of staff.
Lead communication amongst the department (planning and balancing workloads, status of projects, establishing deadlines, etc.)
Develop and communicate key messages to staff; plan, schedule, and facilitate actuarial services department meetings.
Special projects and duties as assigned
Qualified candidates for this position will have:
Bachelor‘s degree in Actuarial Science, Statistics, Mathematics or related field, with emphasis or experience in Business or Insurance and 5-7 years of related insurance management experience (or equivalent combination)
Fellow or Associate of the Society of Actuaries
Solid understanding of data analytics organizational value and an ability to promote to business stakeholders regarding the business and organizational benefits therein
Ability to establish priorities and make decisions and to work independently and accurately, using good analytical and organizational skills
Well developed oral and written communication skills
Proficiency with MS Office and proprietary software applications
Ability to operate a computer keyboard, mouse and other office equipment
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