This position is responsible for collaborating with the Chief Actuary and outside actuaries, as needed, Underwriting Team and CFO to develop the overarching pricing strategy. This position has primary responsibility for calculations for determining the pricing strategy including administrative fee levels, retention levels, community-rated pricing and individual product pricing. This position is responsible for performing complex calculations to determine the likelihood of various outcomes related to dental insurance.
This position presents statistical information to executives, sales and account management, underwriters and others to support their decisions about the pricing of insurance policies and product development initiatives. This position acts as a liaison by communicating and collaborating with cross-functional teams across Stratacor and with vendor teams, as applicable, regarding actuarial and product development needs. This position reviews the reserve liability for claims incurred but not reported on a monthly basis. The Associate Actuary works collaboratively with the Director of Underwriting, Underwriting team members, CFO and others within the organization.
This position is offered by Abōva Talent, LLC, a subsidiary of Stratacor and affiliate of Delta Dental of Minnesota.
Reviews profitability analysis and works with Director of Underwriting to ensure we are focused on targets avoiding both overly aggressive pricing and overly conservative pricing.
Participate in the development of new products and provide input related to pricing impacts for benefit changes based on actuarial research and data.
Perform any analysis needed to ensure accuracy and adequacy of the reserve estimates.
Reviews and analyzes changes in provider reimbursements working closely with the CFO and the Professional Relations team.
Provide pricing recommendations for the Individual and Family products as well as the Small Group products based on analysis of the claims and administrative costs as well as the products and benefits.
Prepare Actuarial Rate Filing Memorandums as needed for the business for filing with the Department of Commerce or Department of Insurance.
Implements new or improves current processes through automation to ensure most effective service delivery.
Participates in internal and external audits.
Works collaboratively with Outside Actuaries to improve underwriting effectiveness.
Assist the CFO and the Budgeting/Planning team in preparing financial projections for claims based on the subscriber/member projections.
Provide analysis to ensure compliance with Delta Dental Plan Association mandates and product regulatory requirements.
Prepare renewal and other required analytical information for Public Programs.
Develop premium rates and other financial data in response to very large RFP's in support of the Underwriting team. Attend meetings and explain results as required.
Provide actuarial assistance on special projects as assigned.
REQUIRED KNOWLEDGE, SKILLS AND ABILITIES
This job requires candidates to be able to perform duties that include the following:
Collect and compile statistical data for additional analysis.
Design, test, and administer policies to minimize risk and maximize the profitability of insurance policies and to effectively communicate analysis and results related to proposals and calculations.
Explain proposals and findings to various parties, from company executives to clients, shareholders, and government officials.
High level of knowledge of dental and vision insurance including premium rate development, provider reimbursement, IBNR claim reserves, and financial forecasting. A high level of analytical skills is required since the position involves managing and/or developing the design or maintenance of highly complex computer systems or programs such as the provider reimbursement system.
Strong knowledge and expertise regarding the larger health care environment including financial trend, utilization trend, dental procedure advancements and benefit designs.
Ability to negotiate with tact and diplomacy and deal with adversarial situations.
Self-motivated and able to work independently.
Understanding the insurance (and specifically dental) competitive marketplace.
Ability to communicate complex concepts or policies verbally or in writing, as this position often requires explanation of complex issues such as details of provider reimbursement to other people in the organization, including senior executives.
Organizational skills to keep multiple projects meeting deadlines and requirements.
Ability to understand and analyze policies and their implications regardless of whether specific to the corporation or the public at large.
Well-developed analytical skills to evaluate and determine appropriate courses of action.
Excellent problem solving, analytical, oral and written communication skills.
Interpersonal skills to deal with a variety of people and the professional demeanor to represent the company to external contacts.
Required: Demonstrated full proof of vaccination against COVID-19 prior to start date.
REQUIRED EDUCATION AND EXPERIENCE
Bachelor (4 year) degree in Actuarial Science, Mathematics, Statistics, Business, Economics, Computer Science, Finance, or related field.
Membership in the American Academy of Actuaries (MAAA) is required as well as commitment to work toward membership at the Fellowship in the Society of Actuaries (FSA).
Extensive work experience in the health insurance industry with 5 years of actuarial experience.
Proven ability to exercise good judgment and make independent decisions.
WORK ENVIRONMENT/PHYSICAL DEMANDS
Travel Requirements: Minimal
Weight Lifting Requirements: Up to 20 lbs.
Reports To: Executive Vice President and Chief Financial Officer
Internal Relationships: Underwriting Management and team members, Sales and Account Management Leadership and team members, Other Finance Management and team members and all levels of personnel from other corporate divisions.
External Relationships: Customer, Brokers, Vendors and Outside Actuaries
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