October 2008 rich fein rif consulting llc
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Key characteristics of The Chief Actuary PowerPoint PPT Presentation


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October 2008 Rich Fein RIF Consulting, LLC. Key characteristics of The Chief Actuary. Key Characteristics of Chief Actuary. Clear line of sight to CEO/Audit Committee/Board Acceptance of and support for Authority over Actuarial Matters Credibility among Executive Management

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Key characteristics of The Chief Actuary

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October 2008

Rich Fein

RIF Consulting, LLC

Key characteristics of The Chief Actuary


Key Characteristics of Chief Actuary

  • Clear line of sight to CEO/Audit Committee/Board

  • Acceptance of and support for Authority over Actuarial Matters

  • Credibility among Executive Management

  • Experienced, qualified and communicative team with open 2-way communication at all levels

  • Assures team’s high level of active knowledge of firms businesses and operations

RIF Consulting, LLC


Key Characteristics of Chief Actuary

  • Identifies and shares risks and uncertainties of estimates with Executive Management

  • Has clear understanding of assumptions and bases for conclusions drawn by support team

  • Formalizes communications with key stakeholders: Senior Executive Management, Claims, Underwriting, Pricing, Reinsurance, Finance

  • Clear , well-documented presentation to management of support for methods, estimates and changes in methods and estimates

RIF Consulting, LLC


Key Characteristics of Chief Actuary

  • Assures stable and responsive methodologies, updated and supplemented by objective tests and special studies

  • Anticipates future areas requiring additional analyses/data

  • Assures a sound, high quality, relevant database to support methods

  • Assures clear professional and managerial direction to all staff

  • Assures controls and consistency of application of methods and assumptions across all teams

RIF Consulting, LLC


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