Ned Steinwand is an efficient and sales-driven Financial Manager with extensive insurance industry experience in the are...
NED J. STEINWAND, FSA, MAAA Andover, MN 55304 (763) 234-7748|
[email protected]
SALES-DRIVEN ACTUARY WITH EXTENSIVE INSURANCE EXPERIENCE Efficient and sales-driven actuary with extensive insurance industry experience in the areas of economic (MCEV) valuation, asset-liability modeling, financial reporting, and asset adequacy testing. Especially skilled at building effective, productive working relationships with non-actuarial functional areas within the company. Excellent inter-personal and project management skills with an ability to engage and lead team members to achieve a common goal. Adept at establishing strong relationships with product development, product management, financial reporting, and investment areas. Actuarial expertise on life insurance policy taxation, and IRS liability discharging.
CORE COMPETENCIES MoSes ~ TAS Actuarial Software ~ Microsoft Office Suite Visual Basic ~ Paradox Databases ~ SAS software ~ Financial Reporting Management and Staff Development ~ Assets and Liabilities Modeling Analysis, Planning and Coordination
PROFESSIONAL EXPERIENCE Parsons Electric, Minneapolis, MN Temporary Assignment - Consultant (Apr 2011) 1 month Reduced year-end processing time by 40 hours by developing a reporting framework for two processes; analysis of tool rental costs for bid process and a management report to track worker’s compensation claim experience.
Allianz Life Insurance Company of North America, Minneapolis, MN (1995-2011) (Allianz purchased LifeUSA Insurance Company in 1999) Economic Value Management, Actuary (2010 – Feb 2011) Developed a staff of four actuaries. Accountable for the completion and approval of SOX-like controls related to MCEV reporting. EV team representative on a company-wide team to implement “transfer" portfolio process; an interface between actual assets and sub-portfolios used for product management, investment income allocation, Solvency II capital, and MCEV purposes. Liaison between EV team and Corporate Risk Management to ensure consistency related to the modeling of assets and liabilities for the new European solvency requirement (Solvency II). Developed a comprehensive framework to assess the accuracy and coverage of company’s assets and liabilities for corporate “economic value” reporting. Directed cross-functional team of two actuaries and two accountants charged with the completion and approval of controls for “economic value” and corporate “risk-capital” reporting. Approval and sign-off was accelerated and successfully completed within a very “tight” year-end deadline.
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Financial Modeling Manager, Actuary (2006-2009) Managed and developed a staff of five actuaries. Directed modeling initiatives related to the accurate projection of asset, liability cash flows and GAAP/statutory reserves for fixed annuity, universal life blocks, ultimately reducing production time by more than ten hours. Successfully planned, completed, and communicated two comprehensive year-end reporting requirements, even with team short-staffed by 2 full-time employees. Reporting requirements were approved by management and met the standards of each governing body; team received recognition from VP Corporate Actuarial. Accountable for delivering and communicating accurate, timely embedded value results, fixed annuity and universal life 3-year plan to senior management. Discovered error in the pricing of our largest selling annuity product that reduced target profitability. Error was communicated to VP product development and Chief Actuary. Corrections were made and reviewed ensuring that expected profitability would be restored on future sales. Coordinated and planned asset adequacy analysis (CFT) for enterprise across all lines of business (accountable to Appointed Actuary). Profitability & Financial Reporting, Associate Actuary (2000-2005) Managed and developed a staff of two actuarial students. Re-priced both inforce fixed annuity and universal life blocks. Implemented reporting process for equity-indexed annuities under FAS133 accounting standard. Coordinated project plan directed at implementing new GAAP valuation method for “two-tier” fixed annuity policyholder liabilities. Managed month-end process to calculate actuarial line items for GAAP and statutory financial statements (Fixed annuities, Universal Life).
LifeUSA Insurance Company, Minneapolis, MN Financial Reporting, Assistant Actuary (Aug 1995 - 1999)
EDUCATION Bachelor of Arts, Mathematics Jamestown College, Jamestown, ND
