Actuary may have wide range of responsibilities that may include but not be limited to valuation and reserving, asset liability modeling, economic capital modeling, cash flow testing, pricing & product develop, data analytics and data science, product management, underwriting and risk pricing.
This position will be expected to interact with all areas of the company and as a coach to less experienced actuaries in the company. They will be expected to assist in planning and organizing short- and long-term activities necessary to achieve established goals and is expected to stay current on the latest trends impacting life insurance and annuity business.
Responsibilities
Financial Modeling:
- Responsible for the development, enhancement, governance and maintenance of asset and liability models supporting all lines of life insurance and annuities.
- Familiarity using modeling software such as MG-ALFA. Models are used for Valuation, Corporate Planning, Investment Analysis, Cash Flow Testing, Principle Based Reserving, Reinsurance, and other potential use cases.
Pricing & Product Development:
- Responsible for the pricing, modeling, filing, implementation, profitability analysis and assumptions of Life and Annuity products. Must have experience using pricing software such as MG-ALFA.
- Responsible for ensuring new products comply with various state and federal regulation and ensure that profitability objectives of new business are achieved.
Valuation:
- Responsible for managing all aspects of Statutory, GAAP and Tax valuation. Creates or assists with the creation of appropriate actuarial financial reporting to support finance department.
- Experience and/or knowledge of emerging changes to valuation including Principle Based Reserves and Long Duration Targeted Improvements is required.
Product Management & Underwriting Innovation:
- Responsible for analyzing inforce and experience study results with the goal of recommending strategies and modifications that support product profitability and new business sales objectives. This will be done using a combination of traditional A/E studies, statistical analysis and machine learning.
- Supports innovation of risk selection and risk pricing.
Qualifications
- Bachelor's Degree in Actuarial Science, Computer Science, Mathematics, or a related field.
- An Associate of the Society of Actuaries (ASA) Designation or equivalent work experience.
- A Chartered Enterprise Risk Analyst (CERA) Designation strongly preferred.
- Minimum of eight years' experience in the actuarial field. Life Insurance and/or annuity experience preferred.
- Strong analytical and problem-solving skills.
- Advanced experience with an Actuarial modeling system.
- Highly proficient programming in Access and proficient in Excel.
- Knowledge of state and federal product regulations including nonforfeiture regulations, valuation regulations, actuarially related state filing regulations, illustration actuary requirements.
- Ability to:
- Identify improvements and enhance routine functions such as financial reporting.
- Program and test in Access and SQL Server database environments.
- Analyze results for reasonableness.
- Learn company operations, systems and actuarial methodologies quickly.