This senior leadership position is responsible for actuarial services for the enterprise. This position reports to the Vice President of Actuarial Services and Chief Risk Officer.
The Senior Director of Actuarial Services directs the rating of new and existing group contracts and individual policies, including risk and self-insured clients, within company and industry standards. This position will manage budgets, prioritize projects, and provide reports and trend forecasts to senior leaders within the organization. Additional leadership responsibilities include training, mentoring and oversight of actuarial staff to support strategic goals.
Design, implement and manage pricing and risk analysis for all key business segments. Establish loss ratio targets by case size and design process to regularly report and forecast results.
Manage pricing calendar, develop proposed rate increases and complete necessary rate filings.
Clearly identify and assess impact of pricing drivers and trends.
Incorporate pricing actions into underwriting rating formulas and sales/underwriting effectiveness tracking reports (e.g. trended A:E results).
Establish parameters for sales/underwriting rate discretion within the context of overall profitability goals using pricing tools such as “strategic rate relief fund”, new business acquisition pricing and incentive overrides.
Design, implement and manage network fee schedule recommendations based on claim trends, benchmarks/statistical analysis, network and clinical inputs. Model proposed impacts and scenarios. Incorporate prospective fee schedule change decisions into claim trend assumptions and pricing requirements.
Oversee actuarial reserving/valuation work and provide recommendations to improve efficiency/accuracy. Over time, leader may be asked to fulfill annual actuarial certification (currently performed by third party actuary).
Establish requirements and design reports to standardize Book of Business and Claim Trend analytics.
Develop and maintain a flexible, assumption based multi-year model to project subscribers, premiums, claims and gross margin by segment. Refresh periodically based on emerging results and stakeholder inputs. Develop recommendations to achieve overall corporate growth and profitability goals.
Coordinate planning assumptions and output with Financial Planning team, including establishing product/segment retention targets that align with organization expense levels and profit expectations.
Partner with Segment Leaders to identify and recommend plan designs and product changes that improve competitive positioning and long term revenue and profit growth.
Compliance/Rate filings – File and/or support required BOI filings for Individual business and other lines as required.
Coordinate company actuarial work with Delta Dental national data initiatives.
Lead day to day work of actuarial staff and coordinate work streams to meet key deadlines.
Requires Bachelor’s degree in Mathematics, Finance, Economics or related field; a Master’s degree in business, mathematics, or actuarial science preferred and ten years’ experience in the health and/or dental insurance environment.
Advanced skills in developing assumption based models using:
Qlik (relational database reporting tool)
Ability to convey approach, insights and recommendations to C-Suite individuals
Ability to grow into VP leadership role for Actuarial/Underwriting function
Data Analysis/ Solution Seeker
Ability to mine data and determine key relationships, drivers and trends.
Underwriting experience (direct or matrix) in health/dental preferred
15 years’ experience in actuarial/underwriting/financial planning
Employer will assist with relocation costs.
Internal Number: SDAS1
About Delta Dental of Virginia
Delta Dental of Virginia is a member of Delta Dental Plans Association, the nation’s largest, most experienced dental benefits carrier. Delta Dental was created in 1964 as a not-for-profit service corporation and provides dental benefits to more than two million members. Delta Dental utilizes dental science to develop the most effective dental benefit plans combined with superior customer service.
Our Vision: More smiles and healthier people.
Our Mission: We create healthy smiles in the community through our people, access to quality oral care, and health-related products and services.
• Believe – We believe everyone deserves a healthy smile.
• Learn – We pursue knowledge and embrace new ideas.
• Solve – We go beyond identifying problems to seek solutions
• Respect – We support each other and embrace teamwork.
• Grow – We encourage each to take on new responsibilities and celebrate our wins.