The Workers' Compensation Rating and Inspection Bureau of Massachusetts
July 16, 2018
Full Time - Experienced
4 Year Degree
The Vice President & Actuary is functionally responsible for the management of all actuarial work and all data collection for the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA). The Vice President & Actuary also oversee the production of Massachusetts intrastate experience rating modifications, merit ratings and All Risk Adjustment Program factors. The Vice President & Actuary represents the WCRIBMA at regulatory proceedings, meetings of industry committees, and meetings of its various board committees.
Primary Responsibilities/Essential Functions:
Direct the accurate and timely preparation of rate filings or rate reviews for consideration by WCRIBMA committees. Direct the preparation of any necessary follow-up work involving explanation of methods, procedures or data usage.
Give expert testimony at Division of Insurance hearings as required and assists WCRIBMA Counsel on actuarial/statistical matters in hearing preparations and rebuttal as required.
Oversee the review and evaluation of existing ratemaking and statistical procedures. Make recommendations for changes and improvements. Direct the development of actuarial procedures in response to new concepts or industry trends.
Direct the preparation of responses to inquiries and requests for technical assistance and information from the Division of Insurance, publications and other outside individuals and organizations.
Monitor changes in laws and regulations that impact, or may impact, workers’ compensation in Massachusetts.
Manage studies that test the effectiveness of various rating plans, including experience rating, merit rating, the All Risk Adjustment Program, and the Construction Class Premium Adjustment Program.
Oversee the data design, the development of the data mapping process (ETL process), and the maintenance of metadata associated with the actuarial data marts. Ensure that actuarial systems and databases conform to and utilize intended actuarial methodologies and produce efficient, consistent, and integrated data.
Direct the planning of Actuarial Committee, Claim Committee, and Profit Subcommittee meetings.
Coordinate technical and actuarial research as assigned.
Oversee Data Operations, the department responsible for the collection, validation, editing, and correction of all industry data used by the WCRIBMA for purposes of ratemaking, proof of coverage, and experience rating.
Monitor and influence industry-wide data submission procedures through participation in industry sponsored data collection forums.
Develop and maintain Massachusetts specific data submission procedures in the form of statistical plans. Direct the preparation of new statistical plan filings and other data call specifications for ratemaking and other WCRIBMA related purposes. Ensure that data collection processes are efficient, needed data is being collected and unnecessary data is not being collected.
Responsible for overseeing preparation of functional specifications, application testing, migration of data and implementation associated with new data collection applications or enhancements to existing data collection applications.
Develop and maintain management reporting mechanisms that track timeliness of carrier data submissions and the results of the data validation, editing, and actuarial review processes. Responsible for the design of the WCRIBMA’s Data Quality Incentive Programs.
Annually, meet with staff from the Department of Insurance to review the results of the Commissioner’s mandated reconciliations. Manage both the Triennial and Targeted AUP processes.
Prepare agendas and meeting materials in a timely fashion for the Data Reporting Committee and facilitate the meetings of the Data Reporting Committee.
Oversee the review and evaluation of Data Operations procedures. Make recommendations for changes and improvements. Direct the development of new procedures in response to new concepts and industry trends.
With respect to actuarial, data collection, experience rating and coverage verification matters, represents the WCRIBMA at meetings with the Division of Insurance, industry committees and other rating bureaus. Actively participate in various board committee meetings – including, but not limited to, the Governing, Actuarial, Data Reporting and Claims committees.
Monitor developments with experience rating plan that may impact Massachusetts. Make necessary experience rating plan filings.
Monitor the timeliness and accuracy of Massachusetts experience ratings.
Manage relationship with NCCI’s interstate experience rating department.
Responsible for overseeing preparation of functional specifications, application testing, migration of data and implementation associated with new experience rating applications or enhancements to existing experience rating applications.
Monitor human resources needed to meet or exceed Actuarial and Data Operations departmental goals including monitoring department budget. Distribute responsibilities to begin to develop back up management candidates, formulate departmental and individual training plans.
Review and reward employees according to established guidelines.
Recommend merit and promotional increases for staff.
Bachelor’s degree with a major in actuarial science, statistics, mathematics or a related subject is preferred.
Must be a Fellow in good standing of the Casualty Actuarial Society.
Minimum of ten years of experience in positions of increasing responsibility in an insurance-related environment, preferably with management/leadership skills.
Workers’ compensation and ratemaking experience is strongly preferred.
Familiarity with workers’ compensation data reporting requirements is preferred.
Familiarity with relational databases and data warehousing is preferred.
Knowledge of, and proficiency with, the computer systems and software applications required to effectively perform / manage functions of the department.
Work Environment and Physical/Mental Demands
Work is conducted in an office setting at 101 Arch Street, 5th Floor, Boston, Massachusetts.
In order to complete the essential functions of this position in a complete and timely fashion, the person in this position must be able to:
Sit and remain in a stationary position for 90% of the time.
Operate a computer and other office productivity equipment as needed to meet the requirements of this position.
Read and create both physical and electronic documents.
Effectively communicate with employees, customers, vendors and other individuals both inside and outside the organization on the telephone, in writing and in person.
Think analytically, concentrate on assigned tasks, observe and remember detail, and make decisions sufficient to meet the requirements of this position.
Ability to travel as needed to meet the requirements of this position.
In addition to the responsibilities outlined in this job description, at times other duties may be required as requested by his or her supervisor.
About The Workers' Compensation Rating and Inspection Bureau of Massachusetts
The Workers' Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA) was constituted in 1915 as a non profit association. The WCRIBMA is funded by member insurance companies that write workers' compensation insurance in the Commonwealth of Massachusetts. All employers in Massachusetts are required to provide workers' compensation coverage to employees in the event of a work related injury or disease. Rates (premiums) charged to employers for this insurance are based on many factors, including an employer's type of work, its annual payroll and its history of claims (losses). The WCRIBMA collects and compiles this data for all Massachusetts policies in order to compute fair and adequate rates.
The WCRIBMA is licensed by the Massachusetts Division of Insurance as a rating organization for workers' compensation insurance in Massachusetts. As a licensed rating organization, the WCRIBMA collects policy, claims and financial data from all insurance companies licensed to write workers' compensation insurance in Massachusetts. The WCRIBMA files rates, classifications and rating plans on behalf of our member companies. The WCRIBMA acts as the workers' compensation statisti...cal agent and the Massachusetts Workers’ Compensation Assigned Risk Pool Administrator for the Massachusetts Division of Insurance and as the coverage verification entity for the Massachusetts Department of Industrial Accidents. The WCRIBMA also issues experience modifications and classification rulings for employers in Massachusetts.
The WCRIBMA is supervised by a Governing Com¬mittee made up of representatives from member insurance companies and three public members. The President of the WCRIBMA (President) reports directly to the Governing Committee.
In addition, there are working committees that deal with industry issues, and members of these committees interface directly with the WCRIBMA staff