Chief Actuary Skills & Competencies

what is a chief actuary

Sample Manager's Guide: Chief Actuary

The Manager's Guide to the Chief Actuary Role

This Manager's Guide includes:

  • The complete set of 44 Competencies expected from the role
  • 200 Interview questions for determining a candidate's skill level in each of 44 Competencies
  • 201 Coaching tips for helping incumbent to advance their skills in each of the 44 Competencies
  • 196 Development goals to help measure incumbents' progress in each of the 44 Competencies
  • 483 Recommended resources for progressing education in each of the 44 Competencies
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Roles and Responsibilites

The primary responsibility of the Chief Actuary is analysis and pricing of financial risks and liabilities.

The Chief Actuary directs the actuarial function for the organization by analyzing, evaluating and creating programs to appropriately address all areas of financial risk.

A typical job description for the Chief Actuary role may include:

  • Oversees all aspects of an organization's actuarial function.
  • Responsible for the development of formulas to predict and measure gains and losses in insurance plans.
  • Requires a bachelor's degree with at least 15 years of experience in the field.
  • Familiar with a variety of the field's concepts, practices, and procedures.
  • Relies on extensive experience and judgment to plan and accomplish goals.
  • Performs a variety of tasks.
  • Leads and directs the work of others.
  • A wide degree of creativity and latitude is expected.
  • Typically reports to top management. purchase to view all

Organizational Role

The Chief Actuary typically serves as member of executive management. As such, the Chief Actuary provides vision, policy, strategy and direction setting. The organization will depend on this person's enterprise and industry view. The Chief Actuary generally is responsible for driving organizational goals. purchase to view all

Chief Actuary Job Responsibilities

The Chief Actuary generally has the following

responsibilities:

  • Participating in determining company policies for product development, pricing, reserving, reinsurance and financial management from an actuarial perspective.
  • Developing and implementing strategies, policies, and guidelines for the actuary function; monitoring all actuary operations.
  • Developing methods and procedures to continually improve the effectiveness and efficiency of actuarial functions for the organization; implementing quality control procedures.
  • Communicating the complexities of insurance finances to company executives, government officials, shareholders, policyholders, or the general public. purchase to view all

Chief Actuary Competencies

The complete Chief Actuary Manager's Guide includes the 44 key competencies expected of Chief Actuary. The report defines each Competency in detail. The report also explains what level of proficiency Chief Actuary should have in that Competency, as well as how important that Competency is to performing the role well.

Among the 44 Competencies for Chief Actuary is. purchase to view all

Actuarial Function

You may observe several behaviors in a person that could be strong indicators of his or her capabilities in the Actuarial Function competency. The Chief Actuary is expected to demonstrate Subject matter depth and breadth in the Actuarial Function competency. To demonstrate Subject matter depth and breadth in the Actuarial Function competency, one should demonstrate knowledge of the major responsibilities, accountability, and organization of the actuarial function or department This person should have the ability to manage actuarial tasks and activities in high quality standards.

    Designs and implements strategies and policies for the actuary function. Leads in predictive analyses on market conditions in insurance industry. Advocates the development of new technologies and tools for the actuary function. Predicts the future trends and developments for the actuary function or unit. Mentors others in the future development decisions based on statistical analyses. Leads discussions on loss reserving, IBNR determination and future valuation of complex instruments. purchase to view all

Actuarial Skills & Competencies

Source: skills.salary.com

Category: Insurance

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