PURPOSEThe Chief Actuary typically serves as a member of executive management. As such, the Chief Actuary provides vision, policy, strategy and direction setting. The primary responsibility of the Chief Actuary is analysis and pricing of financial risks and liabilities. The Chief Actuary directs the actuarial function for the organization by analyzing, evaluating and creating programs to appropriately address all areas of financial risk.
KEY PERFORMANCE INDICATORS
• Oversees all aspects of an organization's actuarial function.
• Helps determine company policies for product development, pricing, reserving, reinsurance and financial management.
• Develops staff to meet the present and future actuarial needs of the corporation.
• Develops methods and procedures to continually improve the effectiveness and efficiency of actuarial functions for the organization. Implements and monitors quality control procedures.
• Communicates the complexities of insurance finances to company executives, government officials, shareholders, policyholders, or the general public
• Responsible for the development of formulas to predict and measure gains and losses in insurance plans.