Associate Director, Actuarial

Blue Cross Blue Shield of Massachusetts•Boston, MA

3d•$185,850 - $227,150•Hybrid

About The Position

We are seeking a highly qualified and experienced Associate Director of Actuarial Reserves to lead our actuarial reserving functions. The successful candidate will be responsible for overseeing all aspects of the company’s claim reserves, ensuring actuarial soundness, regulatory compliance, and financial sustainability. This individual will serve as the company’s Appointed Actuary, providing critical analysis and strategic insights to executive leadership.

Requirements

Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related quantitative field.
Fellow of the Society of Actuaries (FSA) is required.
Member of the American Academy of Actuaries (MAAA) is required.
Eligibility to serve as an Appointed Actuary under all applicable state and federal requirements.
A minimum of 8 years of progressive actuarial experience in the health insurance industry, with at least 3 years in a leadership or supervisory role.
Demonstrated expertise in Individual/ACA, Group Commercial, and Medicare lines of business, including pricing, reserving, risk adjustment, and regulatory compliance.
Extensive knowledge of health insurance regulatory requirements, the Affordable Care Act (ACA), and statutory accounting principles.
Proficiency in actuarial modeling software and data analysis tools (e.g., SQL, SAS, Python).
Strong executive presence with polished and well-developed written and oral communication skills.
Proven ability to lead complex, multi-stakeholder initiatives and manage teams effectively.
Strategic thinker with the ability to translate complex actuarial concepts into actionable business insights.

Responsibilities

Lead the quarterly and annual actuarial reserving process, including the calculation of reserves for Incurred But Not Reported (IBNR) and other statutory reserves.
Develop and maintain actuarial models for financial forecasting, reserving, and risk adjustment.
Establish methodologies to accurately estimate claim reserve liabilities for all product lines.
Ensure the adequacy of reserves and contribute to the effective implementation of the company's risk management system.
Serve as the company's Appointed Actuary and provide the annual Statement of Actuarial Opinion (SAO) for required regulatory filings.
Ensure compliance with all relevant statutory and regulatory requirements, including the NAIC Valuation Manual and Actuarial Standards of Practice (ASOPs).
Maintain direct accountability to state insurance departments for all actuarial opinions and rate filings.
Prepare and submit the Financial Condition Report (FCR) to the regulatory authority.
Collaborate with Medical Expense Analytics team to synthesize emerging trend, pricing, and forecasting concepts to and establish trend assumptions for pricing and forecasting.
Develop and monitor trend information for pricing and forecasting purposes, including recommendations for large group pricing trend.
Present actuarial findings and recommendations clearly to both actuarial and non-actuarial audiences, including executive leadership and the Board.
Oversee premium variance analysis for BCBSMA’s insured lines of business, articulating variance drivers for monthly financial reporting and forecasting purposes.
Develop premium forecast for BCBSMA’s commercial insured lines of business.
Serve as the principal actuarial advisor to executive leadership, providing strategic insight on projections and variance evaluation.
Provide actuarial leadership for growth and strategic partnerships, including due diligence and financial impact modeling.
Manage and mentor a team of actuaries, fostering a culture of accountability, collaboration, and innovation.
Collaborate with finance, underwriting, sales, and other departments to support product design, pricing, and strategic initiatives.