Chief Actuary and Director Actuarial

Overview

Chief Actuary and Director of Life Actuarial Objective

To manage and plan the functions of the Life Actuarial Department, which supports product development, actuarial liabilities, financial projections, and determining reserves. To select, supervise and train Life Actuarial Department staff.

• Manage the Life Actuarial Department. Recruit and retain qualified staff, measure and reward performance, and plan for succession. Develop and implement training programs to develop and cross-train the personnel. Complete performance reviews and participate in employee selection, promotion, discipline and termination in accordance with corporate guidelines.
• Communicate clearly and concisely the job expectations, service standards, and departmental and individual performance. Set expectations, and measure performance and accountability.
• Supervise pricing of all Life Company products. Monitor industry activity related to the actuarial function and incorporate new methodologies into department functions. Coordinate pricing activities with Products, Marketing and PHS to achieve corporate objectives. Interface with Marketing’s Managing Partners and agents. Collaborate with Marketing and Accounting to establish target profit margins consistent with corporate objectives. Introduce innovative practices for pricing, risk selection and rating variables, including use of predictive modeling.
• Research, design, and price new products. Monitor insurance needs of clients in Farm Bureau’s major markets. Maintain up-to-date information on changes in products and services provided by other financial institutions. Research feasibility of new product and service ideas. Maintain experience data for product pricing, such as mortality, expenses (general and marketing) and persistency (premium payment and contract). Design life and annuity products to meet the needs of Farm Bureau markets.
  
  Price new products to meet profit objectives as established by the corporate plan. Draft, design, and obtain legal approval of new policies and riders.

Chief Actuary and Director of Life Actuarial Qualifications

Required

• Bachelor's degree required, preferably in mathematics, statistics, or actuarial science.
• Minimum ten years of life insurance experience working in an actuarial capacity required.
• Willingness to pursue continuing job-related training and education required.
• Completion of Fellow of the Society of Actuaries (FSA) designation required.

Preferred

• Seven years managerial experience preferred.

Note: Farm Bureau offers a full benefit package including medical, dental, vision, and 401K.