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Liberty Mutual

Liberty Mutual

Senior Managing Actuary, Trend & Performance Insights

Senior Managing Actuary, Trend & Performance Insights

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Job Details
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Uploaded On
March 7, 2023
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Location
Somerville, MA, US
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Remote?
No
Salary
$
k-$
k
Glassdoor Ratings
""
Recommend to a Friend
75%
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Overall Score
3.9 / 5

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Partners with the Head of Underwriting Performance to design, implement and operate a mechanism to drive the business toward GRS performance objectives and achievement of our $1 billion underwriting profit opportunity. Build and advance the Actuarial capabilities to identify drivers of and actionable insights into our underwriting performance. Develop capabilities to have a robust house view on trend, profitability and other actuarial areas. Works with the Chief Actuary, Planning, Performance & Portfolio Management to design and build out a high performing team.

 

Strategy & Planning:

  • Partners with the Head of Underwriting Performance to create a standardized approach and process for underwriting performance management.
  • With Chief Actuary, Planning, Performance & Portfolio Management, leads and creates development of Actuarial strategy around performance management.
  • Works with counterparts to build, maintain and monitor the framework for setting underwriting Objectives and Key Results (OKRs), including developing a GRS-wide standards for Key Performance Indicators (KPIs) and associate metrics.
  • Supports development and maintenance of a house view framework to inform strategies and portfolio decisions, leading for Actuarial own topics (e.g., rate and trend).

Execution:

  • Supports formulation of a consistent performance management framework and process across GRS, standardizing core metrics and visualizations and reporting cadence, as well as efforts to roll-out and reinforce.
  • With counterparts in Actuarial Planning, Performance & Portfolio Management, determines and defines standardized metrics and supports roll-out and adoption across segments.
  • Partners to gather and synthesize underwriting data and analytics requirements.
  • Regularly aggregates and monitors business performance across GRS segments and products, identifies risks and opportunities, and collaborates to provide insights to senior leadership and contributes to exchange and discussions in business performance discussions.
  • Develops insight and analytics on loss trend and profitability drivers (internal and external), formulating and regularly communicating a house view to inform business decisions and strategies, working to advance and innovate our capabilities.
  • Establish a structure, process and cadence for reporting out on Actuarially owned metrics and trend. 
  • Collaborate with cross-functional areas such as Underwiring, Finance, and Claims, as well as across business units, to understand and isolate drivers.
  • Conducts research and analysis to identify opportunities and support strategic initiatives.
  • Develop and maintain the appropriate capabilities, tools and processes to monitor and report results and insights at the GRS level.
  • Create a culture of innovation to build and enhance models, analysis, and tools, as well as create efficiencies in our processes.
  • Provides insights and guidance to actuarial and cross-functional peers.
  • Acts as an actuarial thought leader on trend and related topics for GRS.

Talent Management

  • Develops and nurtures key talent and supports effort to enhance actuarial capabilities across GRS Actuarial.
  • Keeps abreast of new actuarial methodologies, trends and product/ tort reforms and other external issues.

Responsibilities

  • Oversees work on unusually complex cross-functional and/or cross-organizational problems and provides solutions that are creative strategic.
  • Develops departmental policies procedures.
  • Sets vision, goals and direction of team/organization.
  • Exerts organization wide influence.
  • Manages the actuarial operations for the group by establishing priorities, scheduling, and assigning work, Adjusts schedules when necessary to meet completion dates, and assists others with resolving complex problems while ensuring adherence to policies, procedures, and objectives.
  • Directs and performs actuarial analyses for a business segment and determines courses of action on issues such as pricing, reserves, or product development May oversee the preparation and interpretation of the data used to support rate filings with state departments of insurance.
  • Initiates, manages, and/or participates in, studies that underlie actuarial assumptions and that are designed to improve risk selection, pricing, reserve setting, etc..
  • Provides consultation to senior managers and other groups regarding actuarial, financial, strategic, business planning or other matters. Applies a comprehensive understanding of the business implications and exerts significant influence over the courses of action taken.
  • Uses the objective setting and performance evaluation processes to ensure employees understand the expectations, receive regular feedback, and are appropriately developed and rewarded. Deals decisively with performance and/or conduct issues using the performance management process.
  • Identifies data requirements for analysis, tool development, reporting, and decision making. Ensures the organization uses it effectively to reach profit and growth objectives. 

Qualifications

  • Bachelor’s degree required
  • Insurance designations desirable
  • Fellowship in the Casualty Actuarial Society (FCAS) designation required, or comparable actuarial education/designation combined with relevant experience
  • Demonstrated ability to apply the depth/breadth of actuarial skill and business acumen that often comes from at least 3-5 years of highly technical casualty insurance and management experience since attaining fellowship in the CAS
  • (Overall) 10 or more years of progressively more responsible experience, including managerial experience
  • Analytical skills with solid understanding of all casualty actuarial techniques, standards, and assumptions
  • Expert knowledge of insurance operations and P&C insurance business
  • Ability to manage a mix of assignments that tend to be more strategic than tactical
  • Demonstrated ability to exchange ideas and convey complex information clearly and concisely, both verbally and in writing
  • Demonstrated ability to anticipate areas of senior management concern, integrate different perspectives, and respond accordingly
  • Exceptional interpersonal and communication skills required to establish and build effective relationships within and outside the organization
  • Ability to give effective training and presentations to senior management and other groups
  • Demonstrated ability to organize, lead, and get work done through others
  • Demonstrated ability to select and develop staff members
  • Demonstrated ability to exert influence among operating managers on matters of importance
  • Demonstrated ability to influence senior managers on matters of significant importance
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Working at 

Liberty Mutual

Liberty Mutual is a leading insurance company in the United States that offers a wide range of insurance products, including home, auto, and business insurance. The company was founded in 1912 and has grown to become one of the largest and most respected insurance providers in the country. Liberty Mutual is known for its commitment to customer service and for providing high-quality coverage options to its policyholders. In addition to traditional insurance products, the company also offers a range of specialty coverage options and risk management solutions to meet the diverse needs of its customers. Liberty Mutual has a strong presence in the United States and has offices and operations in several other countries around the world.

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