36 applicants

Company

Root Inc. · 1 day ago

VP, Corporate Actuarial and Reinsurance

United States

Full-time

Remote

Senior Level, Lead/Staff

$240K/yr - $300K/yr

15+ years exp

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Responsibilities

Oversee corporate actuarial team leading the monthly reserving processes, ensuring accurate and reliable estimates of loss reserves.

Use statistical techniques and actuarial modeling to monitor trends, factoring in economic changes, competitor behavior, and internal shifts in underwriting or claims processes.

Provide actionable insights to senior leadership, enabling the company to make informed decisions on pricing, risk, and reserve adequacy.

Serve as appointed actuary.

Collaborate with senior leadership to design and implement reinsurance strategies that optimize risk transfer, capital allocation, and surplus preservation.

Evaluate and execute quota share, excess of loss, and catastrophe reinsurance placements, aligning them with the company’s capital needs and risk appetite.

Manage reinsurance structures to balance cost, risk retention, and compliance with regulatory capital requirements, ensuring they contribute to long-term financial stability.

Cultivate and maintain relationships with reinsurance brokers, reinsurers, and other industry stakeholders.

Work with reinsurance brokers to identify and assess novel reinsurance structures and strategies that can replace / work in concert with traditional reinsurance structures currently in place.

Design reinsurance transactions that maximize the financial and operational benefits of Root’s captive entity, ensuring alignment with risk-based capital (RBC) and solvency requirements.

Implement structures that optimize the company’s reinsurance costs, loss absorption, and surplus preservation, while maintaining strong regulatory relationships.

Develop and manage Root’s catastrophe (CAT) and excess of loss (XOL) reinsurance programs to protect against volatility and large loss events, ensuring appropriate coverage limits and efficient cost structures.

Work closely with senior leadership to assess and model catastrophe risk, guiding the selection of optimal reinsurance arrangements that align with Root's risk tolerance and capital strategy.

Continuously monitor emerging risk exposures, including climate-related catastrophes, and ensure the reinsurance program is scalable to meet the needs of a growing personal lines insurer.

Collaborate with reinsurers and brokers to secure tailored solutions that balance protection with financial efficiency.

Work with accounting to direct reinsurance audits.

Collaborate closely with Finance and Accounting.

Partner with and provide support to pricing and underwriting teams to assure that products, rates, and projected losses are appropriate to achieve planned financial objectives.

Contribute to the review of quarterly Rate indications that determine adequacy of current rates by line and by state for personal lines.

Maintain clear and consistent communication and collaboration with data science, underwriting, and claims departments to discuss and proactively manage potential changes in pricing and loss trends, the market, competitive environment, etc.

Coordinate feedback and communication between pricing and reserving functions to bridge the Pricing and Reserving views of profitability across the business.

Play a central role in the ERM Working Group and work across the organization to enhance and implement risk management frameworks, policies, and procedures to mitigate identified risks in line with the size and complexity of the enterprise.

Stay on top of and develop recurring reporting for critical and strategic initiatives and develop and promote plans for risk identification and risk mitigation strategies for these key strategic and operational risks.

Assist with regular risk assessments and stress tests to ensure resilience against potential adverse scenarios.

Collaborate with relevant stakeholders to establish risk management frameworks, controls, and processes and ensure that appropriate risk mitigation strategies are in place.

Provide technical expertise with respect to initiatives including economic capital, Own Risk and Solvency Assessment scenario analysis, earnings volatility, and financial planning.

Conduct comprehensive market research and analysis to identify market segments, customer needs, and competitive landscape.

Champion initiatives to enhance automation and predictive analytics within actuarial and risk management functions.

Stay abreast of emerging technologies, industry trends, and regulatory developments in the InsurTech and insurance space.

Contribute to company efforts for SOX and MAR compliance.

Manage, lead and develop Corporate Actuarial team members.

Empower day to day execution within the department.

Consistently drive broad department initiatives.

Serve as a mentor to other team members on aspects of project work, insurance and general business knowledge.

Promote efficiency and automation efforts.

Must be able to present complex issues in a manner that is easily understood by non-technical audiences.

Maintain an external network within the insurance industry to track emerging trends and approaches to business issues.

Represent Root at an executive level at industry events and conferences.

Liaise with and maintain excellent relationships with the following bodies: Regulators, Board of Directors and Audit Committee, Rating agencies, and Reinsurance Brokers.

Collaborate with cross-functional business partners, such as Data Science, Pricing and Underwriting, Analytics, Claims, State Management, Regulatory and FPA and Accounting teams.

Qualification

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Actuarial experienceFellowship in CAS (FCAS)Reinsurance programsCapital modelingP&C insurance knowledgeRisk management frameworksInsurance operationsTeam managementMarket analysisAutomation effortsPredictive analyticsStatistical techniquesEmerging technologiesSenior management participation