Review Vacancy
TitleChief Actuary – Workers’ Compensation Fund Reserving
Occupational CategoryAdministrative or General Management
Bargaining UnitM/C - Management / Confidential (Unrepresented)
Salary RangeFrom $180000 to $200000 Annually
Minimum Qualifications Basic Qualifications:
Associate or Fellow of Casualty Actuarial Society (FCAS) and possess a Bachelor’s Degree in Actuarial Science, Mathematics, Statistics or a related field. Candidates must have a minimum of ten (10) years of actuarial experience; two (2) of which must be subsequent to obtaining the Fellowship designation and include responsibility for managing and/or directing all activities of actuarial staff.
Preferred Qualifications:
• Strong managerial skills, team building, and organizational skills
• Experience with change management and leading process improvements
• Membership in the American Academy of Actuaries (MAAA)
Duties Description Description:
The Chief Actuary of Workers Compensation Reserve Unit will be responsible for overseeing all workers’ compensation actuarial reserving activities of the department WC Fund.
Responsibilities may include, but are not limited to:
• Manage and lead the NYSIF Actuarial workers’ compensation reserving 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.
• Oversee the establishment of appropriate loss and loss adjustment expense reserve balances in conjunction with the Finance Department.
• Oversee the preparation of monthly and quarterly statutory reports such as Schedule X and Schedule P.
• Design, implement and oversee a continuous process of reserve analysis and monitoring to ensure actuarial soundness in the roughly $10B of workers’ compensation loss and loss adjustment expense reserves held by NYSIF.
• Work with Claims, Underwriting, Finance and senior management to develop actuarially sound loss and loss adjustment expense reserve recommendations.
• Analyze impact of trends over time and communicate drivers to senior management.
• Evaluate and oversee the implementation and use of new analytical and diagnostical reserving tools and software packages.
• Oversee the development and maintenance of models for estimating large account IBNR loss and loss adjustment expense reserves and retrospective premium reserves.
• Advise and assist business partners with actuarial and mathematical techniques and complete analytical assignment to support business decision making.
• Provide actuarial guidance in support of NYSIF’s predictive modeling efforts, especially regarding claims reserving.
• Work with and provide guidance to external consultants on matters involving workers’ compensation loss reserving, including data issues, changes in settlement and case reserving patterns, Claims Department initiatives, impact of legislative reforms and any other changes relevant to the establishment of actuarially sound loss and loss adjustment expense reserves.
• Assist with Risk Based Capital monitoring and other capital modeling initiatives.
• Evaluate and implement modern stochastic loss reserving models into the Department’s workflow.
• 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.
• Testify as an expert witness on and assist in the evaluation of proposed regulations and legislation, including the estimation of premium and/or loss impacts on NYSIF and its customers.
Additional Comments NYSIF has a telecommuting program.
Fringe Benefits:
• Competitive Compensation.
• Future Career Growth Potential.
• Open and Supportive Team-Based Environment.
• Plentiful Vacation, Personal, and Sick Leave Accruals.
• Paid State and Federal Holidays.
• Full Medical, Vision, and Dental.
• Retirement Options.
• Possibility of Telecommuting, Flextime, and Alternative Work Schedules.
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 marketplace 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 nation’s top ten largest workers' compensation carriers. As of November 30, 2023, NYSIF insures approximately 140,000 workers’ compensation insurance policyholders and provides disability benefits coverage for off-the-job injuries to approximately 57,400 New York employers, with more than $1.4 billion in annual earned premiums and over $20 billion in assets.
In addition to workers’ compensation insurance, NYSIF provides disability benefits coverage for off-the-job injuries to more than 56,000 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.
NYSIF Commitment to Diversity, Equity, and Inclusion
The New York State Insurance Fund (NYSIF) prioritizes and champions diversity, equity, and inclusion (DEI) throughout our agency. NYSIF provides equal opportunities to all employees and applicants for employment without regard to race, religion, color, age, sex, national origin, sexual orientation, gender identity, disability, veteran status, or any other protected category under federal, state, and local law. We believe that embracing our differences brings richness, new ideas and experiences to NYSIF, which energizes a creative and innovative work environment. We strive to foster a workplace where diverse individuals are able to participate fully in the decision-making process and have ample opportunity for advancement. We are committed to investing the necessary resources and attention to improving the engagement, retention, and promotion of the extraordinary talent we have.
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