Director Actuarial & Analytics (BI Actuarial Product CMP)

Compensation Overview

The annual base salary range provided for this position is a nationwide market range and represents a broad range of salaries for this role across the country. The actual salary for this position will be determined by a number of factors, including the scope, complexity and location of the role; the skills, education, training, credentials and experience of the candidate; and other conditions of employment. Employees are also eligible for performance-based cash incentive awards.

Salary Range

$129,200.00 – $213,200.00

Target Openings

1

What Is the Opportunity?

As a Director on the Business Insurance (BI) Actuarial Product – CMP team, you will lead the Rate Plan Management (RPM) function of the Business Insurance Travelers BOP Product. The role has responsibility, accountability, and ownership of the function from an actuarial perspective and directly partners with the Small Commercial State Product Management (PM) group to develop new state rate proposals with updated rates and model segmentation.

In addition to delivering ongoing state rate proposals, the position will lead through an upcoming countrywide new Model Version Release into the marketplace, which incorporates significant investments into several new product foundational capabilities. This function frequently leverages our common rating algorithm/engine used for rescoring our strategic BOP product. The position will help lead advancements in our data product and batch rating capabilities. The role will collaborate with business partners including State Product Management, CMP Line Product Management, Regulatory, Analytics & Research, Data & Analytics, and System Rating Teams. The position has 2 direct reports.

The Director, Actuarial and Analytics will work within broad limits and authority on complex assignments requiring specialized knowledge and expertise in breadth and/or depth in one or more of the following areas: Actuarial and/or research methods, Advanced statistical analyses, Broad business knowledge, In-depth Line of Business knowledge, Broader awareness of enterprise Actuarial & Analytics community.

What Will You Do?

Role specific focus:

• Lead state proposal development for team, including a countrywide model version release with a full refresh of all model variables.
• Independently lead a team of 2 direct reports to fulfill commitment to business to support annual rate proposal schedule for BOP strategic product.
• Perform as the direct actuarial point-of-contact in CMP Line PM leadership strategy discussions regarding direction of countrywide rate level for BOP product.
• Direct team in assessment/evaluation of new BOP model version release impacts and develop roadmaps for successful implementation of new version into the marketplace.
• Lead the development of the state proposal release schedule from an actuarial perspective focused on optimizing team capacity, rate needs, competitiveness, and approval timelines, including planning for the new model version release into the schedule.
• Provide actuarial leadership to the development of the User Interface (UI) tool to be built for the strategic batch rating capability, for use by Actuarial & PM to directly evaluate state proposal scenarios and generate state proposal impacts & policy histograms.
• Create process flow improvement plans for state rate proposal development in collaboration with Product Management.
• Improve pricing segmentation in the BOP strategic product through continued refinement of the pricing models.
• Partner with Product Management, Analytics & Research, Data Architects & Engineers, system Rating Teams, Regulatory, and others on implementing/updating/introducing new coverage/peril rates, rating variables, and coverages.
• Influence data quality improvements within key data products, and invest in further automation & process efficiencies.
• Conduct profitability, mix, competitiveness, and state/segment pricing studies and analyses.
• Effectively communicate business and/or technical findings to peers, business partners, and management.

Strategy:

• Assess, prioritize, influence and communicate strategic initiative options to senior leaders.
• Demonstrate effective execution and completion of assigned strategic initiatives and projects.
• Regularly generate process improvements and explore opportunities for innovation.
• Lead assigned unit strategic initiatives (narrow scope, limited and well defined) and cross-unit initiatives on a limited basis and is expected to participate in Enterprise initiatives on a limited basis.

Operational:

• Independently perform actuarial and analytic analyses to solve business problems and apply judgment appropriately.
• Drive day to day execution within unit. Support broad department initiatives.
• Promote efficiency across primary working group, balancing additional effort against incremental lift gained from work.
• Begin to make decisions independently in accordance with department practices.
• Provide direction and review others’ analytical work.
• Translate business requests into analytical solutions.
• Provide support as necessary for initiatives across the Enterprise within the scope of influence.

Communication:

• Communicates on a regular basis with staff, peers and business partners and on an occasional basis with senior leaders.
• Tailors communication of analysis, project results, and other business initiatives to audience.
• Communicates technical topics to non-technical audiences with limited guidance.
• Leads group discussions with primary working group.
• Creates formal written communication such as memos or presentations with limited guidance.
• Able to influence and collaborate with peers and partners to take actions to enhance business outcomes.

Talent:

• Staff responsibilities are likely to include direct management of a small team of individual contributors.
• Acquisition, retention, and development of talent for assigned unit.
• Execute and communicate talent development processes, including performance and personal development goals.
• Succession planning and talent assessment recommendations.
• Performance management.
• Support staff engagement cross Enterprise initiatives.
• Mentor less experienced talent across the Enterprise.
• Onboard new employees and interns in unit.
• Support various training and skill development initiatives across Segment and the Enterprise.
• May provide support for recruiting efforts and candidate talent assessment efforts.
• Perform other duties as assigned.

What Will Our Ideal Candidate Have?

• College degree in STEM related field.
• Associate Actuarial Credential preferred.
• 7+ years of quantitative analysis experience.
• Strong understanding of insurance products and industry.
• Demonstrated ability in actuarial and quantitative analysis and statistical concepts.
• Management experience.
• Excellent communication, collaboration and relationship-building skills.
• Ability to present and translate complex information in relevant business terms.
• Strong PC skills (MS Office) and programming skills (e.g., SQL, SAS).

Leadership:

• Begins to challenge conventional thinking.
• Takes ownership of projects related to strategic initiatives and makes recommendations to influence business outcomes.
• Proficient in Leading Self, exhibiting decisiveness and self-awareness while also effectively managing ambiguity.
• Initial development of Leading Others, including modeling the way for others and effectively leading team projects.
• Initial development of Leading the Business, including actively engaging in driving business results, broad thinking and promoting an Enterprise culture.

Business Acumen:

• Has an in-depth understanding and knowledge of certain key business drivers and disciplines such as: underwriting, products, reinsurance, distribution, sales, operations, risk control, claim, and financials.
• Able to effectively utilize this business knowledge in developing and implementing analytic solutions.
• Has a general perspective of the industry and developing trends, including: technology, analytic methodology, products, and performance of competitors.
• Is familiar with other key business drivers and disciplines.

Relationship Management:

• Proactively build and own professional business relationships across the Enterprise.
• Generate and solicit ideas, and build consensus.
• Aware of potential conflict and address proactively.