USAA Jobs Openings – AVP, Loss Reserving

At USAA, we have an important mission: facilitating the financial security of millions of U.S. military members and their families. Not all of our employees served in our nation’s military, but we all share in the mission to give back to those who did. We’re working as one to build a great experience and make a real impact for our members.

We believe in our core values of honesty, integrity, loyalty and service. They’re what guides everything we do – from how we treat our members to how we treat each other. Come be a part of what makes us so special!

The Assistant Vice President, Loss Reserving is responsible for establishing reserves for the payment of anticipated loss and loss adjustment expenses (LAE) for USAA’s Property & Casualty Group. Leads the team responsible for evaluating loss experience, claim frequency and severity trends. Provides analysis and advice on the overall financial strength of insurance products to P&C Actuarial, Claims, Product and Financial Executives and communicates changes in loss experience to the Chairman, Board of Directors, and P&C Senior Management. Responsible for leading the Enterprise Stress Testing submission for P&C Operations. Serves as the head of Loss Reserving within USAA Property and Casualty Group.

The Opportunity

• Identifies and manages existing and emerging risks that stem from business activities and the job role.
• Ensures risks associated with business activities are effectively identified, measured, monitored, and controlled.
• Follows written risk and compliance policies, standards, and procedures for business activities.
• Leads the design and execution of USAA’s P&C loss reserving strategy, considering USAA’s broader business strategy and complex regulations, including how they apply in a matrixed commercial environment.
• Proactively communicates with P&C and Finance leaders, ensuring that loss reserving analyses inform business decisions and reflect current operational insights in addition to monitoring the economic and social climate and the internal claims environment.
• Manages loss reserving operations including core business processes, data, and technologies, and develops plans for enhancing and improving these operations. Holds self and others accountable for meeting commitments by setting and clearly communicating expectations and roles and responsibilities relative to loss reserving.
• Determines appropriate loss and LAE reserve levels for P&C to conform to USAA’s reserving policy, consistent with statutory, GAAP and regulatory requirements.
• Supervises the analysis, computation, and evaluation of the loss and LAE reserves using efficient and effective processes and tools; projects loss and LAE reserve needs for the monthly financial forecast.
• Responsible for leading the Enterprise Stress Testing submission for P&C Operations which includes developing the forecast scenario as well as assuring the appropriate documentation, controls, and governance is in place.
• Ensures that adequate, accurate and timely information about loss cost trends is available to support strategic planning, pricing, marketing, and underwriting objectives of P&C.
• Provides analytical and technical expertise to claims staff, pricing staff, product management, and other areas for special studies, and management information relating to losses, case reserves and LAE.
• Ensures continuous improvement and innovation in analytical methods, technology, and processes, to ensure reserving analyses provide timely and relevant insights to business leaders.
• Supports the Chief Actuary in preparing the Statement of Actuarial Opinion for the USAA parent company and serves as the appointed actuary for USAA P&C subsidiaries submitting Statements of Actuarial Opinion according to regulatory requirements.
• May represent USAA before state insurance departments, industry committees and trade associates by committee and seminar participation, and in negotiations concerning regulations, industry positions and practices regarding financial reserves.
• Builds and oversees a team of employees for assigned functional area through ongoing execution of recruiting, development, retention, coaching and support, performance management, and managerial activities.

What You Have

• Bachelor’s degree OR 4 years of related experience (in addition to the minimum years of experience required) may be substituted in lieu of degree.
• 10 years of experience in the actuarial discipline (e.g., loss reserve, pricing, stress testing, analytics, catastrophe modeling, finance) developing strategies, managing major initiatives, and delivering results within a large and complex matrix environment.
• More than 5 years of P&C Loss Reserving experience or comparable P&C actuarial work.
• 6 years of people leadership experience in building, managing and/or developing high-performing teams.
• A minimum of 5 years of relevant experience in a senior staff role within a loss reserve, pricing, analytics, stress testing, catastrophe modeling, or finance department.
• Meets and maintains qualifications for issuing NAIC P&C Statements of Actuarial Opinion (SAO) on loss reserves.
• Fellow of the Casualty Actuarial Society (FCAS).
• Expert knowledge of relevant regulatory compliance, industry regulations, risk management practices, and regulatory data sources.
• Demonstrated experience leading comparable operations and programs through strategy development and execution within Loss Reserving.
• Demonstrated experience translating complex business strategy and vision into an executable business process/plan.

Compensation

USAA has an effective process for assessing market data and establishing ranges to ensure we remain competitive. You are paid within the salary range based on your experience and market position. The salary range for this position is: $207,600.00-373,700.00.

Employees may be eligible for pay incentives based on overall corporate and individual performance or at the discretion of the USAA Board of Directors.

Long Term Incentive Plan

: Cash payment for Executive level roles only, representing a cash payment which is both time and performance based.

Benefits

At USAA our employees enjoy best-in-class benefits to support their physical, financial, and emotional wellness. These benefits include comprehensive medical, dental and vision plans, 401(k), pension, life insurance, parental benefits, adoption assistance, paid time off program with paid holidays plus 16 paid volunteer hours, and various wellness programs. Additionally, our career path planning and continuing education assists employees with their professional goals.

Please click on the link below for more details.

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USAA is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.