The Supervising Actuary of Workers’ Compensation Pricing will be responsible for overseeing all actuarial related activities of NYSIF’s safety group unit within the Actuarial Department. Safety Groups constitute approximately 40% of NYSIF’s portfolio.
Responsibilities may include, but are not limited to:
Manage and lead the Safety Group Actuarial 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.
Design, implement and oversee a continuous process of price and solvency monitoring to ensure actuarial soundness in safety group rates, excess charges, expense charges and dividends.
Work with underwriting and senior management to develop an actuarially sound approach to determining and declaring dividends for all safety groups.
Develop ultimate loss projections for over 100+ safety groups and translate those projections into dividend recommendations.
Advise and assist business partners with actuarial and mathematical techniques and complete analytical assignment to support business decision making.
Work with and provide guidance to external consultants on matters involving safety groups loss and price trends, financial solvency, dividend payments, accounting statements, underwriting decisions and new programs.
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.
Bachelor’s degree or higher; AND
Successful completion of five examinations of the Casualty Actuarial Society; AND
Five years of actuarial experience in one or more of the following activities: actuarial or statistical work for operating units or management; governmental regulatory actuarial functions; OR performing actuarial computations for reserves, premium rates, and/or policy forms.
Preferred qualifications include candidate to be an Associate or Fellow of the Casualty Actuarial Society (ACAS or FCAS) and a member of the American Academy of Actuaries (MAAA).
About New York State Insurance Fund
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 market place 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 155,000 policyholders, with more than $2 billion in annual premium and $18 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 61,000 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.