AVP Actuary (Insurance Risk and Research)
Posted on May 18, 2019 by Pacific Life
The Corporate Division is seeking a talented, experienced actuary as AVP Insurance Risk and Research to join the Pacific Life Chief Actuary's team within Enterprise Risk Management (ERM). Pacific Life seeks to strategically and profitably grow insurance risk as one of its Preferred risks. We take on insurance risk both as a direct writer (through the Life Insurance and Retirement Solutions Divisions) and as a reinsurer / retrocessionaire (through the international reinsurance division, Pacific Life Re). This provides a unique opportunity to consider both perspectives in creating a consistent view of insurance risk.
Reporting directly to the Chief Actuary, you will head two key interrelated functions. You will lead the Aggregate Insurance Risk function for the enterprise covering life contingency, policyholder behavior, and new product risks. You will also oversee research activities to provide the insurance divisions and ERM with intellectual capital, tools, insights and consulting services that enhance data-driven decision-making capabilities, e.g. data analytics and traditional approaches to enhance assumption setting, methods to evaluate new innovative product approaches.
Specifically, you will:
•Lead Aggregate Insurance Risk activities providing a consolidated and consistent view of the enterprise's insurance risk exposure and related risk controls. Includes ownership of the Enterprise Insurance Risk Policy (EIRP) and Insurance Risk Management Framework (IRMF) to maintain consistency with overall ERM objectives and to evolve reflecting the company's growth and changing business mix.
•Enhance second-line oversight and challenge, as appropriate, of major product development activities and large transaction / M&A pricing assumptions, coordinating coverage with divisional second-line risk management and applying a risk-based approach. Keep ERM abreast of emerging changes to product portfolios and risk profiles.
•Chair the ad hoc Insurance Risk Working Group consisting of senior actuarial officers to facilitate collaboration, challenge, and consensus-building on wide-ranging insurance risk and research topics
•Report at least annually to Enterprise Risk Committee (ERC) on IRMF activities and current topics and oversee periodic reporting to ERC, Board committees, rating agencies, and regulators.
•Oversee, manage and design research that connects the intellectual capital gained to provide tools and consulting services that offer strategic or operational value and data-driven insights to the divisions and ERM.
•Design predictive analytics or more traditional tools as appropriate to enhance division and ERM assumption development processes, along the spectrum from best estimate to tail risk measures.
•Own key centrally-established assumptions such as US future mortality improvement and US economic capital stresses and correlations for key insurance risks.
•Provide expertise within division/corporate innovation or leadership teams on the impact of emerging demographic trends, medical advances, or data/technology developments on innovation strategy
•Define resource needs to recruit and build a small team to support the mission of this role. You will also be able to leverage the expertise of Pacific Life Re's Global R&D unit and shared ERM resources.
FACTORS FOR SUCCESS:
•Fellow of the Society of Actuaries or similar organization
•At least 10 to 15 years of responsible actuarial experience with pricing, reinsurance, and/or experience study responsibilities preferred
•Demonstrated expertise in mortality analysis and assumption setting
•Theoretical and practical knowledge and experience with advanced statistical and predictive analytics techniques, credibility theory, and numerical methods
•Skilled with and can oversee teams utilizing a variety of software tools appropriate to research demands
•Communicates and presents effectively, manages ambiguity, exhibits courage, can work effectively with and influence different levels of the organization and across business lines