Associate Director, Actuarial

Ready to help us transform healthcare? Bring your true colors to blue. Job Summary We are seeking a highly qualified and experienced Associate Director of Actuarial Reserves to lead our actuarial reserving functions. The successful candidate will be responsible for overseeing all aspects of the company’s claim reserves, ensuring actuarial soundness, regulatory compliance, and financial sustainability. This individual will serve as the company’s Appointed Actuary, providing critical analysis and strategic insights to executive leadership. Key Responsibilities Financial Reserving and Valuation: Lead the quarterly and annual actuarial reserving process, including the calculation of reserves for Incurred But Not Reported (IBNR) and other statutory reserves. Develop and maintain actuarial models for financial forecasting, reserving, and risk adjustment. Establish methodologies to accurately estimate claim reserve liabilities for all product lines. Ensure the adequacy of reserves and contribute to the effective implementation of the company's risk management system. Appointed Actuary Duties: Serve as the company's Appointed Actuary and provide the annual Statement of Actuarial Opinion (SAO) for required regulatory filings. Ensure compliance with all relevant statutory and regulatory requirements, including the NAIC Valuation Manual and Actuarial Standards of Practice (ASOPs). Maintain direct accountability to state insurance departments for all actuarial opinions and rate filings. Prepare and submit the Financial Condition Report (FCR) to the regulatory authority. Trend Analysis: Collaborate with Medical Expense Analytics team to synthesize emerging trend, pricing, and forecasting concepts to and establish trend assumptions for pricing and forecasting. Develop and monitor trend information for pricing and forecasting purposes, including recommendations for large group pricing trend. Present actuarial findings and recommendations clearly to both actuarial and non-actuarial audiences, including executive leadership and the Board. Premium Analysis: Oversee premium variance analysis for BCBSMA’s insured lines of business, articulating variance drivers for monthly financial reporting and forecasting purposes. Develop premium forecast for BCBSMA’s commercial insured lines of business. Strategy and Leadership: Serve as the principal actuarial advisor to executive leadership, providing strategic insight on projections and variance evaluation. Provide actuarial leadership for growth and strategic partnerships, including due diligence and financial impact modeling. Manage and mentor a team of actuaries, fostering a culture of accountability, collaboration, and innovation. Collaborate with finance, underwriting, sales, and other departments to support product design, pricing, and strategic initiatives. Qualifications Education: Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related quantitative field. Credentials: Fellow of the Society of Actuaries (FSA) is required. Member of the American Academy of Actuaries (MAAA) is required. Eligibility to serve as an Appointed Actuary under all applicable state and federal requirements. Experience: A minimum of 8 years of progressive actuarial experience in the health insurance industry, with at least 3 years in a leadership or supervisory role. Demonstrated expertise in Individual/ACA, Group Commercial, and Medicare lines of business, including pricing, reserving, risk adjustment, and regulatory compliance. Extensive knowledge of health insurance regulatory requirements, the Affordable Care Act (ACA), and statutory accounting principles. Skills: Proficiency in actuarial modeling software and data analysis tools (e.g., SQL, SAS, Python). Strong executive presence with polished and well-developed written and oral communication skills. Proven ability to lead complex, multi-stakeholder initiatives and manage teams effectively. Strategic thinker with the ability to translate complex actuarial concepts into actionable business insights. #LI-HYBRID Minimum Education Requirements: High school degree or equivalent required unless otherwise noted above Location Boston Time Type Full time Salary Range: $185,850.00 - $227,150.00 The job posting range is the lowest to highest salary we in good faith believe we would pay for this role at the time of this posting. We may ultimately pay more or less than the posted range, and the range may be modified in the future. An employee’s pay position within the salary range will be based on several factors including, but limited to, relevant education, qualifications, certifications, experience, skills, performance, shift, travel requirements, sales or revenue-based metrics, and business or organizational needs and affordability. This job is also eligible for variable pay. We offer comprehensive package of benefits including paid time off, medical/dental/vision insurance, 401(k), and a suite of well-being benefits to eligible employees. Note: No amount of pay is considered to be wages or compensation until such amount is earned, vested, and determinable. The amount and availability of any bonus, commission, or any other form of compensation that are allocable to a particular employee remains in the Company's sole discretion unless and until paid and may be modified at the Company’s sole discretion, consistent with the law. WHY Blue Cross Blue Shield of MA? We understand that the confidence gap and imposter syndrome can prevent amazing candidates coming our way, so please don’t hesitate to apply. We’d love to hear from you. You might be just what we need for this role or possibly another one at Blue Cross Blue Shield of MA. The more voices we have represented and amplified in our business, the more we will all thrive, contribute, and be brilliant. We encourage you to bring us your true colors, , your perspectives, and your experiences. It’s in our differences that we will remain relentless in our pursuit to transform healthcare for ALL. As an employer, we are committed to investing in your development and providing the necessary resources to enable your success. Learn how we are dedicated to creating an inclusive and rewarding workplace that promotes excellence and provides opportunities for employees to forge their unique career path by visiting our Company Culture page. If this sounds like something you’d like to be a part of, we’d love to hear from you. You can also join our Talent Community to stay “in the know” on all things Blue. At Blue Cross Blue Shield of Massachusetts, we believe in wellness and that work/life balance is a key part of associate wellbeing. For more information on how we work and support that work/life balance visit our "How We Work" Page. Voted as the highest in member satisfaction among Massachusetts commercial health plans by JD Power, Blue Cross Blue Shield of Massachusetts is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. We have been a market leader for over 75 years, and are consistently ranked among the nation's best health plans. Our daily efforts are dedicated to effectively serving our 2.8 million members, and consistently offering security, stability, and peace of mind to both our members and associates. Our Commitment to You We are committed to investing in your development and providing the necessary resources to enable your success. We are dedicated to creating a refreshing and rewarding workplace that promotes excellence and provides opportunities for employees to forge their unique career path. We take pride in our diverse, community-centric, wellness-focused culture and believe every member of our team deserves to enjoy a positive work-life balance. Blue Cross Blue Shield of Massachusetts is an Equal Employment Employer - veterans/disability. Applicants are considered for all positions without regard to race, color, religion, sex, national origin, age, veteran status, disability, sexual orientation, gender identity or expression, or any other characteristics protected by law. Blue Cross Blue Shield of Massachusetts will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with Blue Cross Blue Shield of Massachusetts's legal duty to furnish information.