Insurance Roles – Actuary

 Role Summary

The Actuary is responsible for developing in-house actuarial models and providing expertise to assist in the management of the funding and investment decisions of the Insurance Company or Captive in order to ensure that the organisation is fully able to meet its fiduciary, compliance and statutory obligations.

This encompasses the:

  • Conduct of actuarial analyses and review processes to inform the development of the insurance     program, reinsurance program, claims provisioning and premiums of the company and new business;
  • Co-ordination and conduct of the company’s premium modelling process and determination of client premiums;
  • Provision of actuarial expertise for the development of the financial planning and investment objectives of the company in the short, medium and long term.
  • As a member of the Finance team the Actuary is responsible for cross functional service delivery and support to all divisions of the company as required.

 Key accountabilities

  • Manage the assessment of outstanding claims provision by the external valuation actuary, providing a challenge and peer review process, to ensure the recommended provision accurately reflects claims trends in the company’s schemes and the overall performance is consistent with industry best practice.
  • Identify and report key operational outcomes highlighted by the actuarial valuation to the executive management and Claims Managers, to assist in improving ongoing claims management.
  • Develop and implement the analytical framework and models to determine the setting of company’s
    premiums.
  • Conduct ongoing pricing reviews and sensitivity analyses to inform the determination and setting premiums.
  • Conduct ongoing reviews and assessment of the financial risk management strategies of the company to ensure financial settings are commensurate with adopted risk tolerances and other relevant external advice.
  • Conduct analysis of key business activities and exposures, with a primary focus on Claims provisioning, payments and case estimates in conjunction with actuarial experts.
  • Work with the Manager, Reinsurance, Underwriting and Product to review reinsurance needs, and     provide recommendations for the placement of cover with approved Reinsurance Companies.
  • Work with the underwriting teams to provide actuarial advice on new business development.
  • Provide actuarial input to the company budget and financial planning process, including provision of project liability cash flows.
  • Work with the Management Accountant to conduct the annual Claims Expense review and report findings and recommendations.

Experience/knowledge    

  • A successful record as an Actuary having worked in or as an advisor within the insurance industry.
  • Demonstrated ability to develop and implement contemporary actuarial services, evaluate and resolve complex financial problems and apply judgment where necessary so as to successfully support the strategic objectives of a business.
  • A demonstrated capacity to understand the actuarial, investment and capital management requirements of a business with the ability to positively lead, identify and influence outcomes.
  • Superior actuarial and technical capabilities supported by well developed planning, organisational and communications skills.

Education/qualifications/other
requirements

  • High level tertiary qualifications (Degree or Masters) in Finance and Accounting
  • Actuarial qualifications supported by membership of the Institute of Actuaries of Australia

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