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Vice President, Lead Actuary - Personal Lines
The Hanover Insurance Group
Worcester, MA, United States
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Our Personal Lines department is seeking a Vice President, Lead Actuary to join our growing team in our Worcester, MA office.
Position summary:
The Vice President, Lead Actuary – Personal Lines reports directly to the Chief Product, Actuary and Underwriting Officer, Personal Lines, with a dotted line into the Chief Actuary. He/she will be responsible for establishing and executing the product, profitability and pricing strategies and leading the actuarial support for Hanover Group’s Personal Lines Business Unit. The Personal Lines Business Unit focuses on preferred accounts customers and manages over $1.6 billion in revenue across 18 states.
The Lead Actuary provides overall management and technical oversight of Personal Line’s actuarial staff. Additionally, the Lead Actuary partners with Personal Lines Business Unit leaders and works in close collaboration with their state management, data science, underwriting, marketing, finance and claims teams to develop the strategy for the Personal Lines and is responsible for the development and execution of initiatives that deliver profitable growth across the portfolio.
This is a Full-time, Exempt role.
Responsibilities/Essential Functions:
Business Advisory: Act as an advisor to Personal Lines leadership on business performance management. Specific responsibilities include:
• Provide guidance and insights regarding rate direction for the Personal lines of business including rate adequacy and economic profitability
•Provide expert actuarial support for complex situations such as regulatory and statutory challenges, competitive intelligence, and merger & acquisition diligence efforts, where applicable
•Work with business unit leaders to assess quality of current programs and new business opportunities
•Proactively monitor businesses from both a mix and loss perspective, collaborating with leadership to assist underwriting in achievement of pricing goals, business mix, and reporting
•Perform line of business and market segment analysis and provide recommendations. Propose initiatives or changes in business aimed at improving strategic position and financial performance
•Partner with business unit CFO and Corporate Actuarial to enhance clarity into loss ratio and combined ratio results and appropriate booking of those results
•Key role for external projects such as Planning and Forecasting and product development initiatives
Data Strategy and Reporting:
• Collaborate with Analytics and Data Science on data strategy for Personal Lines
•Create, maintain and enhance reporting to business on business partners on key premium and loss metrics
Talent Management & Development:
• Develop a world-class actuarial/analytics team and capabilities in Personal lines in which Hanover competes focusing on developing a team of proactive, thoughtful, and exceptional performers. Accountable for financial/budgetary oversight for applicable group.
•Pursues continuing education in actuarial profession or related fields
Position Requirements:
• Bachelor’s Degree or higher in a relevant technical field
•FCAS Designation required
•Strong understanding of actuarial concepts, theories, and methods. A minimum of ten years of technical experience in multiple LOB and/or actuarial disciplines such as pricing, reserving or predictive modeling
•Experience with Personal Lines business including both Personal Auto and Homeowners
•Demonstrated leadership and organizational skills and executive capabilities. Minimum of seven years in actuarial or business unit management capacity
•Ability to work independently and in a highly matrixed environment
•Strong oral and written communication and listening skills, including abstract thinking and deductive reasoning
•Ability to function well as part of a cross-functional team
Personal and Professional Competencies:
• Exceptional leader with a demonstrated track record of leading high performing teams
•Strategic and insightful thinker, with good judgment and an intuitive sense of where to lead and/or look for opportunities to support the business. Decisive and appropriately resolute, but open-minded
•Excellent executive presence with crisp communication skills, both oral and written
•Ability to work in an extremely fast-paced, highly matrixed, and entrepreneurial environment. Proven track record of working hand in hand with Business Unit leaders, rolling up their sleeves to get the job done
•Collaborative, team player with strong results orientation and sense of urgency
•Demonstrate core values of Collaboration, Accountability, Respect and Empowerment