What You'll Do: The Life Pricing and Product Risk team is responsible for new product development including design, research, pricing, risk analysis and supporting product implementation activities. Oversee all aspects of product strategy to ensure competitive products are available by following company standards and pricing targets to achieve Company objectives. This position is also responsible for monitoring product risks that meet the risk appetite of the Company and recommend appropriate action through various committees including: Rate Setting Committee, Derivative Working Group, Distribution Compensation Committee and Enterprise Risk Management.
- Oversee product strategy development and implementation of competitive products by conducting competitive studies, product research, participating in industry surveys, recommending new products and revisions to current products, and maintaining project schedules.
- Ensure compliance with laws and regulations by reviewing and/or drafting appropriate policy language, developing, and filing forms, rates, and values in a timely manner with insurance departments and the SEC/NASD, as well as by review of other tax and regulatory matters.
- Act as the Chair of the Product Management Group (PMG) and execute the PMG charter in a timely and collaborative manner with the committee membership.
- Oversee the development of profitable and competitive insurance programs by coordinating peer review of the development of pricing assumptions, profit testing, and recommendations of appropriate premium rates, dividend rates, credited interest rates, mortality charges and expense charges.
- Act as the Chair of the FBLIC Rate Setting Committee to help ensure appropriate non-guaranteed elements including interest rates, cap rates, and dividend rates are set to meet profit and growth objectives. Participate in the Enterprise Risk Management Committee in support of risk management activities.
- Oversee the Pricing team which has responsibilities to design and develop profitable and competitive insurance programs by developing pricing assumptions, conducting profit testing, and recommending appropriate premium rates, dividend rates, credited interest rates, mortality charges and expense charges. Document results in product specifications, pricing memos and support the drafting of new contractual language.
- Present pricing designs and results to management for evaluation, feedback, and approvals including a discussion of competitiveness, key design, or pricing risks, guaranteed and non-guaranteed elements, and regulatory compliance.
- Oversee and/or actively participate in key business committees (as assigned), including the Rate Setting, Capital-Asset-Liability, Product Management Group, and Enterprise Risk Management Committees.
- Ensure products meet the needs of Client / Members by overseeing market intelligence activities for both newly designed and existing products in the marketplace. Develop and keep current a two-year product roadmap of bi-annual product updates.
- Contribute to marketing efforts by developing go to market strategies, participating in developing/delivering product trainings, illustrations (including serving or overseeing "Illustration Actuary"), responding to special agent requests, providing input on marketing services and education services, and helping maintain rate books and reference manuals.
- Oversee the Product Risk team to monitor, assess, report, and react to evolving market conditions including regulatory, economic, competitive, legal, and operational risks to achieve profitable growth and financial strength. Use appropriate risk analysis methods including but not limited to profit analysis, sensitivity analysis, deterministic and stochastic projections, embedded value, and value of new business.
- Design, develop, and maintain a comprehensive hedging program for indexed products (life and annuity) and other product risks, as appropriate.
- Oversee all process improvement initiatives regarding actuarial pricing and product risk as well as the analysis of available tools to further automate processes and increase efficiency. Challenge processes to ensure work is accurate, timely and efficient.
- Oversee all staff development aspects including the selection, training/development, disciplining/performance review, salary administration, referring employee complaints, controlling workflow, motivation of employees, and assigned budget activities.
- Monitor trade publications and regulatory bodies to keep the companies up to date and ensure sound decision making and compliance with applicable regulations. Attend actuarial meetings to keep up to date on current actuarial methods and technology.
What it takes to join our team:
- College degree (actuarial science or math) or equivalent plus at least fifteen years of relevant experience required.
- Actuarial science work including extensive pricing and product design reporting experience preferred.
- Fellow of the Society of Actuaries (FSA) and Member of the American Academy of Actuaries (MAAA) required.
- Experience with actuarial projection software MG-ALFA strongly preferred.
- Strong analytical, problem solving, organizational, and leadership skills required.
- Strong interpersonal, negotiation, presentation, and facilitation skills required.
- Some travel is required.
- Ability to work collaboratively in a team environment.
- Oral and written communication skills as appropriate to this position.
- Reasonably regular and predictable attendance.
- Ability to read, write and speak the English language.
What We Offer You:
- Health / Vision / Dental Insurance
- 401k with match
- Life and Disability insurance options
- PTO / Paid holidays / Volunteer Time
- Hybrid Flexibility
- Onsite gym with fitness classes and programs
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Work Authorization/Sponsorship: Currently, we are not considering candidates that need any type of immigration sponsorship now or in the future, such as additional or permanent work authorization. Applicants must be currently authorized to work in the United States on a full-time, permanent basis. We are not able to sponsor now or in the future, or take over sponsorship of, an employment visa or work authorization for this role. For example, we are not considering candidates with OPT status.