The Chief Actuary will support the mission and goals of NJM by achieving objectives for pricing, reserving and risk management. The position directly oversees the Actuarial Department, comprised of Personal Lines Pricing, Commercial Lines Pricing, Loss Reserving and Predictive Analytics. The Chief Actuary will work collaboratively with the business units and be a key member of the Finance Leadership Team. Responsibilities will include:
Oversee the Actuarial Department to ensure that it is efficiently managed, provides insightful and timely actuarial analyses to key stakeholders and is supporting the strategic goals of the organization and the needs of the business departmental leaders
Establish credibility with NJM’s Senior Management team and the key stakeholders of the company
Deliver quarterly reserve analyses and ensure appropriate loss reserves are established by the company
Participate in key decisions regarding NJM’s development of new products, geographic expansion and rating plans
Manage outside actuarial consultants to ensure scope of services is delivered as agreed and in a cost effective manner
Work effectively with the external auditor
Develop and coach a technically competent, proactive, customer service oriented team. Teach, advocate and mentor staff on how to apply actuarial standards, tools and methodologies while delivering high quality business focused customer service
Foster teamwork and accountability within and outside the Actuarial Department
Responsible for ensuring that the appropriate data, models, tools and information technology are in place to support actuarial work
Responsible for ensuring that actuarial work is of the highest quality through appropriate quality control and peer review
Pivotal experiences and expertise required for the role of Chief Actuary Officer of New Jersey Manufacturers Insurance Group include:
Education: Bachelor’s degree and Fellow of the Casualty Actuarial Society (FCAS) required; Master’s degree or other continuing education/industry coursework and certifications desirable.
Industry Experience: 15 years’ experience with an established track record of success in progressively increasing roles of responsibility within the insurance industry, particularly within commercial.
Broad Actuarial Experience: Broad and comprehensive knowledge of all areas of actuarial science; knowledge of state of the art actuarial and predictive analytical tools, and experience in the implementation of new information technology to support actuarial work.
Quality Controls: Experience in developing the appropriate control environment to ensure the consistent delivery of high quality actuarial work.
Excellent Communicator: A reputation for delivering timely, accurate financial information and business analytics in an increasingly dynamic environment. Additionally, must have strong written and oral communication skills across all levels of the organization with outstanding presentations skills.
Staff Management: Proven managerial and leadership abilities with a track record of followership. Strong leadership capabilities with extensive experience coaching, guiding and motivating staff members within the office.
About New Jersey Manufacturers Insurance Group
New Jersey Manufacturers Insurance Company (NJM) was founded in 1913 by a group of manufacturers seeking to provide cost effective, safety conscious and financially secure workers’ compensation insurance for their workers. From inception, the Company has operated as a mutual, with a focus on the needs of its policyholders. Historically, the Company was organized as a membership company and sold products to employees of the State of New Jersey, or members of the New Jersey Business & Industry Association and their employees. Today, the Company is New Jersey’s largest property and casualty insurer. In addition to workers’ compensation, NJM offers personal auto, commercial auto, homeowners and umbrella insurance. The Company sells directly to consumers, with no agents and no sales commissions.
Over the last several years, the Company has focused on a strategic plan that calls for it to expand its operations beyond the confines of the State of New Jersey, and the commercial lines products it offers to promote growth and diversity of risks. To that end, the Company began offering personal lines products in Pennsylvania in January of 2018, and offering workers' compensation insurance i...n Delaware, Maryland and Connecticut in July of 2018, while expanding its writings in Pennsylvania and New York. As part of its recently confirmed 5 year strategic vision, by 2023, NJM plans to have a regional presence, writing in 6 Northeastern states. Given NJM’s uniquely high retention rate (92% or higher), the organization is well positioned for organic growth and the potential for strategic acquisitions.
Over the last several years, NJM has undertaken significant enhancements to all of its core technology systems, successfully moving from a main frame to an open-systems environment. This has positioned the Company well from a technology perspective to expand its digital focus, increase its policyholder base and enhance policyholder services through direct channels.
Throughout 105 years in business, NJM’s focus on policyholders remains and this commitment is evidenced in part by its highly competitive premiums and the dividends returned to policyholders in each year since 1918. During that time, the Company has returned a total of $6.2 billion to policyholders. The Company also has earned a reputation for prompt, fair handling of claims and is highly ranked in national ratings for customer and claims service.
In terms of organizational structure, NJM is the parent to three firms: New Jersey Re-Insurance, New Jersey Casualty Insurance, and New Jersey Indemnity Insurance. Based in West Trenton, it also has branch offices in Hammonton and Parsippany.