Property and Casualty Actuarial Director (Actuary III) - DORA: DOI Hybrid

State of Colorado•Denver, CO

1d•Hybrid

About The Position

The Colorado Division of Insurance (DOI) regulates the insurance industry in Colorado. DOI helps consumers by answering their questions, investigating their complaints, and helping them to understand their insurance. The division regulates and monitors insurance companies in Colorado, as well as insurance agents, ensuring all are following the law. The Property and Casualty Actuarial Section assesses property and casualty insurers’ compliance with statutory, regulatory, and actuarial standards which includes conducting actuarial analysis of rate filings; reviewing, evaluating, examining, and monitoring the solvency and actuarial soundness of property and casualty insurers and certain self-insured risk pools. This work unit is responsible for providing technical expertise to the division’s leadership, including providing analysis of innovative insurance concepts, technical feedback on proposed legislation and regulations, and developing internal data collection protocols and databases to support key division initiatives. Position: SFA 4338 The Property and Casualty Actuarial Director oversees actuarial policies, procedures, and controls including ongoing risk analysis for rate setting and examinations of property and casualty insurers; works closely with the deputy commissioner for property and casualty insurance in strategically managing the Property and Casualty Actuarial Section and its responsibilities, including budgeting for staff and resources necessary to carry out the division’s mission and responsibilities. The position is responsible for protecting the public’s interests by ensuring the actuarial soundness of insurers’ rates, the availability and affordability of insurance, and fair treatment of policyholders and insureds while maintaining a positive business climate; analyzes and provides technical support on evaluating whether new insurance strategies support the sustainability of the Colorado property and casualty insurance market, including but not limited to: catastrophic bonds, catastrophe and risk modeling, parametric insurance, wildfire mitigation and community resiliency programs, and reinsurance programs; leads and develops the division’s actuarial science strategy related to challenges in the property and casualty insurance market due to increasing risks caused by climate change including analyzing and responding to legislative proposals and policy solutions brought by stakeholders and assessing and leading the technical development of solutions for emerging market risks; and the position identifies, investigates, and develops solutions to actuarial problems and statistical issues in the property and casualty insurance industry.

Requirements

Eight (8) years of full-time professional work experience in performing relevant actuarial work in consulting actuarial firms, in government agencies regulating insurance companies, and/or work in insurance entities.
Of the 8 years, at least one (1) year must include leading teams, including distributing and assigning work, ensuring timeliness, and accuracy of work performed, and being accountable for the work product of other team members; OR leading projects, including managing and allocating resources and guiding work, reporting outcomes, and ensuring project milestones and deadlines are met.
Associate’s Degree and Six (6) years of full-time professional work experience in performing relevant actuarial work in consulting actuarial firms, in government agencies regulating insurance companies, and/or work in insurance entities; AND Of the 6 years, at least one (1) year must include leading teams, including distributing and assigning work, ensuring timeliness, and accuracy of work performed, and being accountable for the work product of other team members; OR leading projects, including managing and allocating resources and guiding work, reporting outcomes, and ensuring project milestones and deadlines are met.
Bachelor’s Degree and Four (4) years of full-time professional work experience in performing actuarial work in consulting actuarial firms, in government agencies regulating insurance companies, and/or work in insurance entities; AND Of the 4 years, at least one (1) year must include leading teams, including distributing and assigning work, ensuring timeliness, and accuracy of work performed, and being accountable for the work product of other team members; OR leading projects, including managing and allocating resources and guiding work, reporting outcomes, and ensuring project milestones and deadlines are met.
Demonstrated written communication skills, including the ability to convey information to various stakeholders in a clear, accurate, and concise written manner.
Demonstrated verbal communication skills, including the ability to effectively convey information to audiences in a concise manner.
Demonstrated attention to detail.
Sound judgment and the confidence to make decisions on a routine basis.
Demonstrated critical thinking and analytical skills, including having the ability to evaluate information in order to apply knowledge and to decide on the most appropriate course of action.
Demonstrated prioritization and time management skills, including planning, organizing tasks, and managing work assignments.
Customer service skills, including the ability to diplomatically interact with difficult customers, build relationships, and maintain communication with stakeholders.
Problem-solving skills, including the ability to review and analyze information in order to recommend solutions.
Flexibility and adaptability, including the ability to multi-task effectively by managing competing and constantly changing priorities to meet tight deadlines, and the ability to adapt to changing work environment.
Interpersonal skills, including the ability to collaborate with various stakeholders.
Ability to represent the department and the Division of Insurance in a positive, professional and objective manner, and support a positive workplace environment.
Demonstrated ability to read, understand, interpret, apply, and explain laws, rules, policies, and procedures.
Demonstrated ability to understand and abide by workplace principles, practices, and behaviors as internally identified and defined by the division and department.
Strategic thinking, including the ability to identify emerging issues, anticipate trends, and provide recommendations on strategies to minimize risk impacts.
Leadership skills, including the ability to provide guidance to staff, assign workload to staff, have tough conversations with staff, and build a positive, consistent culture across teams.
Ability to travel independently, including work in-office, as required by business needs and scheduled by the supervisor.
Integrity and high ethical standards.
Accountability, reliability, including attendance.
Ability to maintain confidential, controversial, or sensitive information.
Self-starter, including the ability to work independently, learn new processes, utilize own knowledge and that of supervisor, and complete work with minimal supervision.
Demonstrated professional demeanor.
Knowledge and understanding in the use of PC software applications including Microsoft Office (Access, Word, Excel, etc.), and Google Suite (Doc’s, Sheets, Slides, Calendar, etc).

Nice To Haves

Credentialed as an Associate or Fellow in the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS) - currently holds or is working toward credentials by passing at least two or more exams.
Three (3) years of professional experience working in a State government agency, in the insurance industry, or in the Colorado Division of Insurance.
Demonstrated professional experience developing and/or reviewing insurers’ rate filings for compliance with statutory and regulatory requirements and adherence to Actuarial Standards of Practice (ASOPs).
Demonstrated professional experience working with catastrophe and risk models for underwriting and/or pricing property insurance.
Demonstrated professional experience using Microsoft Excel to analyze rates and organize data.
Demonstrated professional experience analyzing reports based on research and actuarial analysis.
Demonstrated professional experience conducting data and statistical analysis with large volumes of data.
Demonstrated professional supervisory experience, including reviewing and evaluating work produced by subordinates to provide feedback and coaching when appropriate.
Demonstrated professional experience with project management, including prioritization and delegation of tasks and monitoring progress.
Demonstrated professional experience researching and applying complex legislation to existing work processes and establishing new procedures.

Responsibilities

Performing actuarial analysis of annual actuarial opinions, reports and memoranda, and making recommendations to deputies and the Commissioner.
Providing requests for changes and other actuarial approvals, evaluating insurers’ qualified actuary status, and other financial and solvency standards for property and casualty insurers.
Establishing and implementing procedures for the timely review and analysis of property and casualty rate filings and working with the Property & Casualty Rates and Forms Director to make policy and/or rate decisions, as needed.
Coordinating the National Council on Compensation Insurance’s (NCCI) annual workers’ compensation rate request and annual rate hearing and advising the Commissioner on the appropriate rate change to approve, as required by Colorado statute.
Advising on technical questions and policy matters.
Testifying at legislative or regulatory hearings on matters related to property and casualty insurance.
Developing and reviewing regulatory actuarial policies and procedures to address new or evolving standards of insurance regulation due to the diverse and complex nature of emerging insurance products such as parametric, catastrophe bonds, credit, travel, pet, home warranty, immigration bonds, consumer self-storage facility, etc.
Supervising a statistical analyst position including providing guidance regarding recommendations for insurer corrective measures, and filing approvals and denials based on actuarial analyses.
Coordinating, reviewing, and making recommendations regarding the Property and Casualty Actuarial Section personnel matters, including recruitment, hiring, discipline, and ensuring adherence to human resources policies and procedures.
Supervising, planning, directing, and monitoring the work of staff conducting property and casualty actuarial analyses and reviewing insurance companies and related entities.
Advising on technical questions and policy matters and providing guidance to its direct report regarding the process for making recommendations for corrective measures, approvals, and denials based on analytical reviews, rate filings, and supporting financial and statistical documents (e.g. Statements of Actuarial Options).

Benefits

Employer-sponsored RTD EcoPass
Flexible schedules
Training and professional development opportunities
Employee wellness programs
Colorado State Employee Assistance Program (CSEAP)
Bike-to-work programs, including access to storage lockers and bike racks.
Flexible retirement benefits, including a choice of the PERA Defined Benefit Plan or the PERA Defined Contribution Plan, plus optional 401K and 457 plans.
Medical and Dental Health Insurance for employees and optional coverage for their dependents.
Life Insurance for employees, and optional coverage for their dependents.
Paid Time Off, including 11 paid holidays.
Short- and long-term disability coverage.
Tuition assistance program.