This Senior Vice President, Commercial Lines Rating Sophistication lead position will be responsible to develop and implement best in class actuarial rating plans that drive profitable growth, including associated data analytics capabilities, focusing initially on Commercial Insurance Small and Lower Midmarket P&C product lines, and then scaling to Upper Middle Market and other commercial lines divisions. This leader will have 5-8 actuarial direct reports and will lead product line squads, including data scientists, data engineers and model implementation experts from those respective teams. The role can be based in our Whitehouse, NJ, Jersey City, NJ, Philadelphia, PA, or Simsbury, CT offices, and will report directly to the North America Commercial Insurance lead actuary.
Key responsibilities:
Owner of the strategy, development, implementation, ongoing management and ultimate business outcomes of pricing models across Commercial Insurance’s product lines with an immediate focus on Small & Lower Midmarket P&C lines
Deliver advancements in pricing segmentation and advanced analytics to achieve profitability and growth objectives across automated digital distribution and traditional underwriting channels
Drive the end-to-end execution of rating model initiatives, managing cross-functional squads including actuaries, data scientists, and data engineers via an Agile culture and delivery model
Ensure technical excellence in rating delivery and alignment with business strategy
Instill appropriate combination of analytical expertise and subject matter expertise in refining rating plan structure. Consider internal and external data, competitor plans, internal product expertise and market signals in the pricing process.Support actuarial state filings associated with the rating plan implementations, and satisfy regulatory requirements
Lead rating implementation and governance process in externalized rating platforms and lead actuarial production support for existing rating implementations. Coordinate with IT on budget, requirements and project prioritization
Create and maintain comprehensive unit and regression test scenarios for rating implementationsCollaborate with various stakeholders including IT, Product Services, and Business Analysts to update, maintain, and document the implementation of our rating algorithmsFoster data integrity, quantitative discipline, and analytical rigor, including the continuous enhancement of 1st and 3rd party data used in modeling, underwriting, and monitoring Conduct deep dive into existing 1st and 3rd party data assets and identify gaps in data availability, coverage, and accuracy; Partner with the data organization to identify root cause and rectify identified deficiencies. Identify and evaluate new 3rd party data sources and oversee integration of 3rd party data sources into pricing modeling and underwritingExecute rigorous monitoring process for pricing model performance.Demonstrated actuarial proficiency with property & casualty insurance pricing and pricing models via significant prior work experience (15+ years and ACAS/FCAS preferred but not required)Expert knowledge of an extensive range of commercial insurance productsProficiency in Excel, SQL and Python. Working knowledge of RWorking knowledge of version control through GITExperience working in digital driven ecosystems/companies, and a keenness for data and IT systems implementationPrior managerial or supervisory experience with capability to develop team members for success and enforce accountabilityPro-active agent of change with excellent analytical and problem-solving skillsStrong organizational skills; ability to prioritize multiple competing deliverables and manage time effectively to meet scheduled due dates Strong collaboration skills; ability to work closely with other disciplines and influence outcomes Excellent interpersonal and communication skills; ability to provide clear and concise verbal and written communications regarding analyses and observations to non-actuarial business partners and leadersDesire to work in a fast-paced, fluid environment
The pay range for the role is $233,300 to $300,000. The specific offer will depend on an applicant’s skills and other factors. This role may also be eligible to participate in a discretionary annual incentive program. Chubb offers a comprehensive benefits package, more details on which can be found on our careers website. The disclosed pay range estimate may be adjusted for the applicable geographic differential for the location in which the position is filled.