Location Designation: Hybrid - 3 days per week
Location: Philadelphia, PA (Hybrid: Tuesday-Thursday from the Philadelphia office, Monday & Friday work from home)
Offered Wage: $133,800/year
Duties: Provides pricing support and risk analysis for Long-Term Disability (LTD) product. Develops and enhances complex actuarial analyses to support LTD profitability, growth, and operational objectives. Develops and improves pricing methodologies, models, and tools used by Underwriting to determine appropriate premium rates for inforce and takeover business. Performs in-depth reviews of manual rating assumptions and formulas as well as experience rating methodology. Analyzes and enhances pricing formulas, including consideration of emerging trends, to ensure adequacy of prospective full-profit premium rates. Calculates appropriate reserve estimates required for unpaid claim liability. Ensures compliance of all pricing formulas, including state rate filing preparation, certifications, and accurate implementation in rating systems. Develops pricing for new product features or new products as needed. Collaborates with and supports key business partners such as Underwriting, Distribution, Product, Claims, Finance, IT, and Compliance. Provides case-level pricing support for non-standard product and service requests. Provides clear communications and presentations of technical actuarial work to technical and non-technical audiences, including senior leaders. Partial virtual/work from home benefit available.
Education & Experience Requirements:
Position requires a Bachelor's degree in Actuarial Science, Statistics, Mathematics
or
a related field and 3 years of actuarial experience in the Group life and health insurance industry.
Required Skills:
Must have experience with: Disability plan designs and their associated risk; Group Disability contract limitations and exclusions; Group risk characteristics; economic, behavioral, and health trends that impact disability risk; claims management practices; and different types of reserves such as disabled life, incurred but not reported (IBNR), and reopen.
Eligible for Employee Referral Program.
Pay Transparency
Overtime eligible: Exempt
Discretionary bonus eligible: No
Sales bonus eligible: No
Actual base salary will be determined based on several factors but not limited to individual's experience, skills, qualifications, and job location. Additionally, employees are eligible for an annual discretionary bonus. In addition to base salary, employees may also be eligible to participate in an incentive program.
Our Benefits
We provide a full package of benefits for employees - and have unique offerings for a modern workforce, including leave programs, adoption assistance, and student loan repayment programs. Based on feedback from our employees, we continue to refine and add benefits to our offering, so that you can flourish both inside and outside of work.Click hereto discover more about our comprehensive benefit options or visit our NYL Benefits Site.
Our Diversity Promise
We believe in a diverse workforce because it is our mission to advocate for the financial security and success of people in every community. This is why diversity, equity, and inclusion (DEI) are guiding principles that are embedded in our brand and our culture. Click here to learn more about how we have been recognized for our leadership.
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. To learn more about career opportunities at New York Life, please visit the Careers page of www.NewYorkLife.com.
Job Requisition ID: 90770
About NY Life Insurance Company
Diversity & Humanity-two values that are deeply rooted in the New York Life culture and have laid the foundation for over 175 years of commitment to our employees, agents, policy owners, and the communities where we live and work. At New York Life you become a valued part of a welcoming, inclusive, and caring culture that has a long-standing legacy in stability and growth. The strength of New York Life revolves around our diversified, multi-dimensional business portfolio that goes beyond life insurance, and we want you to be a part of our legacy.
As a Fortune 100 company and industry leader, we provide an environment where you can explore your career ambitions, offering opportunities to tackle meaningful challenges and stretch your skills while balancing work and life priorities. You will be part of a diverse team guided by our belief to always be there for each other-providing the support and flexibility to grow and reach new heights while making an impact in the lives of others.
You are our future, and we commit to investing in you accordingly.
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Visit our Newsroom to learn more about how our company is constantly evolving to meet our clients' and employees' needs.
Required Legal Notices - All Candidates Please Click Here
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.