RIMS Career Center

Chief Actuary – Workers’ Compensation Reserve Unit

Salary: $200,000-$225,000

Description:
The Chief Actuary of Workers Compensation Reserve Unit will be responsible for overseeing all workers’ compensation actuarial reserving activities of the department WC Fund. Responsibilities include, but are not limited to:
• Manage and lead the NYSIF Actuarial workers’ compensation reserving team, clarify job responsibilities and performance expectations, establish goals and job competencies, identify skill gaps, create development plans, coach and mentor on a continuous basis and provide performance evaluations.
• Oversee the establishment of appropriate loss and loss adjustment expense reserve balances in conjunction with the Finance Department.
• Oversee the preparation of monthly and quarterly statutory reports such as Schedule X and Schedule P.
• Design, implement and oversee a continuous process of reserve analysis and monitoring to ensure actuarial soundness in the roughly $10B of workers’ compensation loss and loss adjustment expense reserves held by NYSIF.
• Work with Claims, Underwriting, Finance and senior management to develop actuarially sound loss and loss adjustment expense reserve recommendations.
• Analyze impact of trends over time and communicate drivers to senior management.
• Evaluate and oversee the implementation and use of new analytical and diagnostical reserving tools and software packages.
• Oversee the development and maintenance of models for estimating large account IBNR loss and loss adjustment expense reserves and retrospective premium reserves.
• Advise and assist business partners with actuarial and mathematical techniques and complete analytical assignment to support business decision making.
• Provide actuarial guidance in support of NYSIF’s predictive modeling efforts, especially regarding claims reserving.
• Work with and provide guidance to external consultants on matters involving workers’ compensation loss reserving, including data issues, changes in settlement and case reserving patterns, Claims Department initiatives, impact of legislative reforms and any other changes relevant to the establishment of actuarially sound loss and loss adjustment expense reserves.
• Assist with Risk Based Capital monitoring and other capital modeling initiatives.
• Evaluate and implement modern stochastic loss reserving models into the Department’s workflow.
• Perform all work in accordance with Actuarial Standards of Practice as promulgated by the Actuarial Standards Board.
• Remain current with respect to new approaches and methods utilized in ratemaking and reserving.
• Testify as an expert witness on and assist in the evaluation of proposed regulations and legislation, including the estimation of premium and/or loss impacts on NYSIF and its customers.

Primary Location: New York City
Travel: Minimal
Schedule: Full-Time

To Apply: Please email resume and cover letter to hrexec@nysif.com.

Please note the following New York State Civil Service employment information:
• Jurisdictional classification: Exempt
• Bargaining unit: Management/Confidential
• Civil Service title: Chief Actuary

The New York State Insurance Fund (NYSIF) was established in 1914 as part of the original enactment of the New York State Workers’ Compensation Law. NYSIF's mission is to guarantee the availability of workers’ compensation insurance at the lowest possible cost to New York employers and to provide timely, appropriate indemnity and medical payments to injured workers, while maintaining a solvent fund. Since inception, NYSIF has fulfilled the dual roles for which it was created: to compete with other carriers to ensure a fair marketplace and to be a guaranteed source of coverage for employers who cannot secure coverage elsewhere.

NYSIF is the largest workers’ compensation carrier in New York State and among the top 10 largest workers’ compensation carriers in the nation, insuring approximately 139,000 policyholders, with more than $1.8 billion in annual earned premium and over $22 billion in assets. A self-supporting insurance carrier, NYSIF operates without taxpayer funding.

In addition to workers’ compensation insurance, NYSIF provides disability benefits coverage for off-the-job injuries to more than 56,000 New York employers. In 2018, NYSIF added paid family leave as a component of its disability benefits product, providing New Yorkers with job protected, paid time away from work to care for their families.

Basic Qualifications:
Associate or Fellow of Casualty Actuarial Society (FCAS) and attained Membership in the American Academy of Actuaries (MAAA); and possess a Bachelor’s Degree in Actuarial Science, Mathematics, Statistics or a related field. Candidates must have a minimum of ten (10) years of actuarial experience; two (2) of which must be subsequent to obtaining the Fellowship designation and include responsibility for managing and/or directing all activities of actuarial staff.

Preferred Qualifications:
• Strong managerial skills, team building, and organizational skills
• Experience with change management and leading process improvements