The Vice President – Actuarial Services works under the direction of the President of the Pennsylvania Compensation Rating Bureau (PCRB) and Delaware Compensation Rating Bureau, Inc. (DCRB) and is responsible for managing the Actuarial Services Department and for providing leadership regarding all actuarial activities. Responsibilities include ensuring the timely development and submission of all rate and related filings; leading the development of actuarial research to enhance the methods used in ratemaking, individual risk rating, and all other actuarial methods used by the PCRB and the DCRB; communicating with regulatory, insurer, governmental and other public audiences regarding actuarial, business and policy issues pertaining to workers compensation insurance; and ensuring adherence to professional standards, including the Code of Professional Conduct adopted by the US actuarial organizations, and Actuarial Standards of Practice.
- Ensuring that the highest standards of actuarial professionalism are maintained in all actuarial work conducted by the PCRB and the DCRB.
- Provides strategic executive leadership for the organization primarily for actuarial related responsibilities.
- Setting both short term and long term goals for the Actuarial Services staff, and ensuring their execution.
- Managing and chairing the meetings of the Actuarial Committees of the PCRB and the DCRB.
- Communicating with stakeholders.
- Ensuring that all rating value revisions, evaluations of benefit and law changes, and special studies are performed in an accurate and timely manner. This includes the presentation of recommendations to relevant committees, submission and support for filings, including responses to critiques by outside parties, participation in regulatory hearings and reviews and representing the PCRB and/or DCRB in public or private forums pertaining to workers compensation pricing, trends, system costs and related topics.
- Benefit & Law changes – Review proposed or potential changes in benefit levels and/or statutory provisions and estimate the impact of changes proposed or enacted on rating values.
- Special studies – Responsible for management and oversight of studies as required to update revisions to actuarial methodologies and to review the experience for various rating plans. Examples include the experience rating plan methodology, excess loss methodology, hazard group assignments and comparisons of experience between differing types or partitions of business.
- Current processes and methodologies - - Continuously review changes in industry ratemaking methodologies and industry standards with respect to data specifications and reporting requirements. Incorporate necessary and/or appropriate changes into PCRB and DCRB processes.
- Supervision, distribution of work, scheduling – Prepare employee reviews and salary recommendations, supervise employees, distribute work to promote efficiencies and broaden employee knowledge, maintain succession planning within the Actuarial Services Department. Schedule and oversee work assignments to effectively meet deadlines.
- Financial Data Reporting Specifications – Oversee the design, specifications, testing and implementation of the financial reporting system for each reporting year.
- Inquiries and data requests – Respond to questions and requests by outside parties for information and education regarding PCRB and DCRB filings and the Pennsylvania and Delaware workers compensation systems. Assist the IT and Data Management departments in the production of data files in support of requests by outside parties.
- Classification Studies – Support the Classification department in their review of potential changes to the Classification Plan.
- Presentations and outside appearances – Prepare materials for presentations by PCRB personnel. Conduct presentations and seminars as scheduled and attend industry meetings concerned with Workers Compensation issues.
- Perform other miscellaneous duties as requested.
10 years experience in the actuarial field with a record of increasing responsibilities and managerial experience.
Strong organizational, communication, management, written, analytical and problem solving skills. Employee should have a strong understanding of ratemaking methodologies, particularly for Workers Compensation. Employee must be PC proficient. Knowledge of Excel and Microsoft Word required. Capability in Access, PowerPoint, SQL statistical and/or database programs preferred. Should have the ability to effectively supervise and motivate subordinates. Communicate effectively with all levels of PCRB personnel and outside contacts. Employee is required to keep all job-related matters strictly confidential
About PA Compensation Rating Bureau
The PCRB is a non-profit corporation formed in 1915 in accordance with the insurance laws of Pennsylvania and is not affiliated with state government. The PCRB’s enabling statute specified that classification of employers, underwriting rules, policy forms, loss cost values and rating plans for workers compensation shall be proposed by a rating bureau situated within the state. The PCRB is subject to supervision and examination by the Pennsylvania Insurance Commissioner, who must approve its ability to compile loss costs on an equitable and impartial basis. The PCRB membership is comprised of all insurance carriers, including the State Workers’ Insurance Fund ("SWIF"), authorized to sell workers compensation insurance in Pennsylvania.