Opportunities at AVP portfolio companies


VP, Reserving and Risk Management (Remote, US)



Posted on Thursday, November 9, 2023

Openly is rebuilding insurance from the ground up. We are re-envisioning and enhancing every aspect of the customer experience. Doing this requires a rapidly growing team of exceptional, curious, empathetic people with a wide range of skill sets, spanning technology, data science, product, marketing, sales, service, claims handling, finance, etc.

Now is the perfect time to join the journey. Here’s why

  • It’s working. We’re in multiple states and on our way to operating countrywide. We have thousands of agents selling our product and millions of dollars of annual customer premiums.
  • We’re well-backed & stable. We closed our $100M Series D fundraise. We are supported by some of the top investors globally, including Google’s “Gradient” AI-focused fund, Obvious Ventures, Advance Venture Partners, Eden Global Partners, and Clocktower Technology Ventures.
  • It’s not too late! Despite this traction and stability, we’re still early enough in the journey that there’s time to make a real difference during Openly’s formative period.

If you’d like to understand more about Openly’s mission, consider checking out this video (https://vimeo.com/267654520) from a company pitch we gave several years ago at Techstars.

Job Details

The Vice President, Reserving and Risk Management is an analytic leadership role that is responsible for the implementation of a variety of actuarial/statistical techniques and analyses in order to derive an actuarial central estimate of reserves, providing analysis to the reserving committee and engaging management in the determination of the best estimate of reserve. Other responsibilities include planning/forecasting, risk capital calculations (i.e. RBC and BCAR), project management and research. This role is expected to implement the reserving and risk management function, lead and drive work within the Finance organization, provide analytical insights and recommendations to leadership and business partners, and share ownership of the business's financial results. The VP, Reserving and Risk Management will work within broad limits and authority on complex assignments requiring specialized knowledge and expertise in breadth and/or depth in the areas of reserving and pricing.

Key Responsibilities

  • Lead the loss reserve review and analysis for the Company working closely with the Insurance
    Product and Claims teams to determine appropriate ACE reserves and establishment of the
    Management Best Estimate reserves (MBE).
  • Ensure that there is a regular flow of reserving information to and from key stakeholders,
    including Insurance Product, Claims, Reinsurance and Finance. Manage information that is
    shared with external stakeholders, such as reinsurers and regulators.
  • Coordinate and lead quarterly reserving committee meetings with management, ensuring
    alignment and approval of reserves.
  • Assist in the forecasting of loss ratio, utilizing historical and projected data as well as input from
    stakeholders to determine expected ultimate loss ratio under several basis (i.e., statutory, accident
    year, treaty year, etc).
  • Assist in establishing and maintaining a culture of risk management within the organization.
  • Work with the Insurance Product and Financial Planning & Analysis teams to develop a cost of
  • Support the Finance / Financial Planning & Analysis team on Best's Capital Adequacy Ratio
    (BCAR), Enterprise Risk Management (ERM), and Risk Based Capital (RBC) to ensure
    credibility and alignment of required capital across multiple risk-bearing entities.
  • Build strong relationships with key internal and external stakeholders and manage various
    reporting and meeting requirements to maintain alignment.
  • Support the development of actuarial and analytical skills within the Company serving as a
    mentor and guide across different functional areas


  • Bachelor's Degree or equivalent combination of education and work experience
  • Master's Degree preferred
  • Fellow of the Casualty Actuarial Society (FCAS) required
  • Member of the Academy of Actuaries (MAAA) preferred
  • 12+ years relevant experience
  • Advanced technical skills and working experience with various reserving techniques and
  • Extensive experience forecasting loss ratios and related components (i.e. earned premium, loss
    costs, etc.), with a thorough understanding of their impact on financial statements, both on a
    GAAP and STAT basis.
  • Experience in pricing/product actuarial work.
  • Problem solving through advanced data and statistical analysis
  • Work effectively with senior executives and executive teams by utilizing clear, concise and
    analytical communication.
  • Make decisions by examining facts, applying expertise, analysis, and sound judgment.
  • Deal positively and constructively with ambiguity, applying experience to drive creation and
    improvement of processes where necessary.
  • Strong interpersonal and communication skills to build relationships and trust at all levels with
    internal stakeholders.
  • Manage, influence and collaborate with people at different levels within the organization to
    accomplish a common goal.


Compensation & Benefits:

The base compensation for this position will be commensurate with experience and qualifications. Actual compensation will be determined based on various factors including the candidate's qualifications, skills, and experience.

Base Salary Range
$206,250$343,750 USD

The target compensation for this position will be determined based on the successful candidate's experience and skills. We are committed to providing a compensation package that not only reflects the responsibilities and requirements of the role, but also the unique expertise that the chosen candidate will bring to our team.

Target Salary Range
$206,250$275,000 USD

Benefits & Perks

  • Remote-First Culture - We supported #remotelife long before it was a given. We'll keep promoting it.
  • Competitive Salary & Equity
  • Comprehensive Medical, Dental, and Vision Plan Offerings
  • Life and disability coverage including voluntary options
  • Competitive PTO - 20 days and 11 paid holidays (including floating holidays) per year under the Company’s vacation and holiday policies.
  • Parental Leave - 12 weeks paid for eligible employees
  • 401K Company Contribution - Openly contributes 3% of the employee's gross income, even if the employee does not contribute.
  • Work-from-home stipend - We provide a $1,500 allowance to spend on setting up your home workplace
  • Annual Professional Development Fund: Each employee has $2,000 in professional development (PD) funds to spend on activities or resources annually. We want each Openly employee to achieve personal and professional success and to feel supported, confident, and informed about improving their efficiency and productivity.
  • Be Well Program - Employees receive $50 per month to use towards your overall well-being
  • Paid Volunteer Service Hours
  • Referral Program and Reward

Depending on position, Employees generally are eligible for cash incentive compensation, including commissions for sales eligible roles. In all cases, eligibility for compensation and benefits is subject to applicable plan and policy terms in effect from time to time.

U.S. Citizens, Green Card Holders, and those authorized to work in the U.S. for any employer and currently residing in the US will be considered.

Openly is committed to equal employment opportunity and non-discrimination for all employees and qualified applicants without regard to a person's race, color, sex, gender identity or expression, age, religion, national origin, ancestry, ethnicity, disability, veteran status, genetic information, sexual orientation, marital status, or any characteristic protected under applicable law. Openly is an E-Verify Employer in the United States. Openly will make reasonable accommodations for qualified individuals with known disabilities under applicable law.