CNO Financial Group Sr. Actuary, Corp. Actuarial in Chicago, Illinois
As the Sr Actuary, Corporate Actuarial, you will be responsible for performing key model validation tasks and effectively communicating the results, both orally and in writing, to model owners and senior management.
The team performs processes to validate actuarial models, separately and independently from model owners in all actuarial areas (with some expansion to non-actuarial). Model validation projects are a key component of Actuarial risk management and more generally, enterprise risk management and governance. The work the team does increases confidence in the company’s actuarial model and data environment.
Elements involved in model validations include: understanding what the models intend to calculate, reviewing the data input preparation procedures and the mapping of policies to model cells, checking totals against other sources, checking input against admin systems, independently calculating and reproducing output for chosen individual cells and clearly communicating the results of the testing and recommendations.
This role requires creativity in working with the information available from the models to compare results, independently follow logic and reproduce results, and describe and demonstrate the outcomes. Analytical skills are needed to understand the drivers of differences from expected.
This role must be able to communicate effectively with all levels of Actuarial leadership, since the position requires:
Working with Actuarial peers to get information about and from the models;
At times directing the work of others; and
Communicating results to model owners and senior management.
Key deliverables are reports on results of the model validations. The reports describe the steps taken in the model validation effort, as well as identifying areas that were out of scope and thus not tested. In addition, the reports describe the findings from the validation effort, and describe the recommendations for model enhancements and improvement.
The actuary filling this role is primarily responsible for drafting the reports and coordinating and performing key procedures of each model validation project. This actuary is a key leader in the model validation team and needs to both perform key tasks of the validation project individually as well as, at times, direct the work of others. The actuary filling this role must be able to develop an understanding of what each model being tested is designed to do and independently reproduce the model results to test whether the model performs appropriately under a wide variety of circumstances.
A key component of the role is to be able to clearly communicate where the models appear to be working correctly and where there is opportunity for improvement. As such, the actuary in this role needs to be able to make effective, clear and persuasive written reports and oral presentations of results to both model owners and senior management.
The team also completes a variety of other projects, as requested.
Education and experience
FSA with at least 7-10 years of broad actuarial experience including Pricing and/or Valuation
LTC/Med Supp/Supp Health background preferred
Audit or model validation experience preferred
Experience with Polysystems software preferred (experience with MG-ALFA is also a plus)
Experience with SAS is a plus