When you join New York Life, you're joining a company that values career development, collaboration, innovation, and inclusiveness. We want employees to feel proud about being part of a company that is committed to doing the right thing. You'll have the opportunity to grow your career while developing personally and professionally through various resources and programs. New York Life is a relationship-based company and appreciates how both virtual and in-person interactions support our culture.
New York Life's Group Benefit Solutions team is seeking a Corporate Vice President & Actuary, Group Pricing leader for a critical role in the organization. This individual will report to the VP, Head of Group Pricing.
Our Group Insurance division is a leading provider of group benefits products, including disability, life, accident, absence management and voluntary benefits. As a top player in the group market, our strong risk management and pricing discipline drive consistent organic growth and profitability. With over $4 billion of in-force premium we maintain a nationwide presence across all size segments above 50 lives.
Position Summary:
In this significant people leadership and relationship building role, the incumbent will lead a team responsible for developing and maintaining formula pricing across one or more of our Group Insurance products. S/he will partner heavily with Underwriting, Sales, Product Solutions and others to drive profitable growth and development of the company's product and benefit suite, while ensuring strong governance and compliance.
Functional Responsibilities
This role has accountability for a team that is responsible for:
- Developing and maintaining accurate formula pricing across one or more of our key Group Insurance products
- Completing periodic rate reviews for manual and experience rates
- Looking for opportunities to enhance rating methodologies and variables
- Seeking feedback and engaging underwriting and sales partners to identify targeted improvement opportunities
- Providing strong case level support and working closely with our Underwriting teams
- Case level pricing reviews
- Pricing adjustments for non-standard benefits and provisions
- Timely responses to underwriter questions
- Driving profitable growth
- Partnering with Underwriting and Sales to develop strategies and identify areas of risk / opportunity
- Supporting the product development process by providing pricing for new and enhanced benefit offerings
- Ensuring compliance with all regulatory rate filing requirements
Leadership Responsibilities
- Lead a team of actuaries and actuarial students
- Continue to build and retain a high performing team; continuously look for opportunities to add, develop and upgrade talent
- Minimize voluntary turnover of strong performers
- Develop strong talent pipeline and ensure effective succession planning is in place
- Support development and exam progress of junior team members
- Network, participate at industry events to promote New York Life and connect with external actuarial talent
- Drive best practices across the pricing team
- Ensure appropriate structure / governance is in place to deliver on goals
- Build and maintain relationships across functions, especially Underwriting, and ensure pricing team is engaged as needed to support business strategy and priorities
Key Relationships:
- Underwriting
- Sales
- Product Solutions
- Valuation
Other Relationships (external):
- Brokers and employee benefits consultants
- Reinsurers and reinsurance brokers
Qualifications:
- Fellow or Associate of the Society of Actuaries
- Bachelor's degree in actuarial science, mathematics, economics, or related field preferred
- Minimum 10 years of experience in actuarial roles
- Exceptionally strong leadership qualities. Demonstrated accountability for development, coaching, talent pipeline and succession, networking
- Functional pricing technical expertise
- Demonstrated influence skill and ability
- Group Disability and Life experience strongly preferred
Salary range: $157,500-$237,500
Overtime eligible: Exempt
Discretionary bonus eligible: Yes
Sales bonus eligible: No
Click here to learn more about our benefits. Starting salary is dependent upon several factors including previous work experience, specific industry experience, and/or skills required.
Recognized as one of Fortune's World's Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. We invite you to bring your talents to New York Life, so we can continue to help families and businesses "Be Good At Life." To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.
Job Requisition ID: 90077
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Working at
New York Life Insurance Co
New York Life Insurance Company is a highly respected and renowned insurance provider with a rich history that spans over 175 years. As one of the largest mutual life insurance companies in the United States, New York Life is committed to helping individuals and families secure their financial futures. As an actuary at New York Life Insurance Company, you'll be part of a distinguished team that plays a vital role in assessing and managing risks. Actuaries at New York Life utilize their expertise in statistical analysis, risk assessment, and financial modeling to evaluate risks, develop pricing strategies, and ensure the financial stability of the company's insurance offerings. Collaborating with cross-functional teams, actuaries at New York Life provide valuable insights that inform strategic decision-making. Actuaries analyze complex data, forecast trends, and develop innovative solutions that meet the evolving needs of customers while maintaining the company's financial strength. New York Life values professional growth and provides actuaries with ongoing training and development opportunities. Actuaries can enhance their skills, stay at the forefront of industry advancements, and contribute to the company's continued success. Join New York Life Insurance Company's esteemed actuarial team and embark on a rewarding career where you can apply your actuarial expertise, make a meaningful impact on securing individuals' financial futures, and enjoy competitive benefits in a supportive work environment.