Actuarial Services Director directs the activities of an organization's actuarial function. Oversees the analysis and evaluation of potential risks to determine the financial impacts of new or existing insurance plans. Being an Actuarial Services Director develops policies, procedures, and formulas to guide statistical analysis and actuarial research and evaluate the likelihood and financial impact of various risks. Designs processes and guidelines to ensure regulatory compliance of products and financial operations. Additionally, Actuarial Services Director leads the design and development of insurance products by evaluating and approving insurance rates, premium levels, and rating systems and structures. Oversees the preparation of actuarial reports, financial statements, and regulatory filings and develops financial budgets, forecasts, and other financial projections. Researches and selects major rating assumptions to support accurate statistical analysis and evaluates the effectiveness of existing formulas. Evaluates product performance against established profitability targets and recommends modifications. Applies knowledge of mathematics, probability, statistics, principles of finance and business to calculations in life, health, social, and casualty insurance, annuities, and pensions. Requires a bachelor's degree. May require Associate of Society of Actuaries (ASA). May require Fellow of Society of Actuaries (FSA). Typically reports to senior management. The Actuarial Services Director manages a departmental sub-function within a broader departmental function. Creates functional strategies and specific objectives for the sub-function and develops budgets/policies/procedures to support the functional infrastructure. To be an Actuarial Services Director typically requires 5+ years of managerial experience. Deep knowledge of the managed sub-function and solid knowledge of the overall departmental function. (Copyright 2024 Salary.com)
Description
This position is responsible for assuring the fulfillment of health plan financial objectives for all PHP lines of business. Responsible for the management and oversight related to pricing formulas, trend analytics, forecasting, revenue and benefit expense budgeting, valuation, provider contracting analytics, and revenue liabilities and receivables. This role is a leader and an expert in these areas and demonstrates expertise in a variety of the fields' concepts, practices, procedures, laws and regulations. Relies on extensive experience and judgment to perform tasks and accomplish goals. Works well with other areas outside of the actuarial and financial analytics department to accomplish projects or assignments and is seen as a trusted finance representative. Provides counsel on a wide variety of actuarial and financial analytics topics as they relate to the health plan and the health insurance industry. A wide degree of creativity, flexibility, and latitude is expected.
MAJOR CHALLENGES:
ESSENTIAL FUNCTIONS
QUALIFICATIONS
About Providence
At Providence, our strength lies in Our Promise of “Know me, care for me, ease my way.” Working at our family of organizations means that regardless of your role, we’ll walk alongside you in your career, supporting you so you can support others. We provide best-in-class benefits and we foster an inclusive workplace where diversity is valued, and everyone is essential, heard and respected. Together, our 120,000 caregivers (all employees) serve in over 50 hospitals, over 1,000 clinics and a full range of health and social services across Alaska, California, Montana, New Mexico, Oregon, Texas and Washington. As a comprehensive health care organization, we are serving more people, advancing best practices and continuing our more than 100-year tradition of serving the poor and vulnerable.
The amounts listed are the base pay range; additional compensation may be available for this role, such as shift differentials, standby/on-call, overtime, premiums, extra shift incentives, or bonus opportunities.
Check out our benefits page for more information about our Benefits and Rewards.
Requsition ID: 276140
Company: Providence Jobs
Job Category: Actuarial
Job Function: Finance
Job Schedule: Full time
Job Shift: Day
Career Track: Leadership
Department: 5018 FINAN FINANCIAL ANALYTICS OR REGION
Address: OR Portland 4400 NE Halsey St
Work Location: Providence Office Park Portland Bldg 1-Portland
Pay Range: $94.29 - $153.71
The amounts listed are the base pay range; additional compensation may be available for this role, such as shift differentials, standby/on-call, overtime, premiums, extra shift incentives, or bonus opportunities.
Check out our benefits page for more information about our Benefits and Rewards.