As a team member in the Finance and Internal Audit department at Nationwide, the opportunities are endless! You can grow and learn in diverse areas across many disciplines such as Advanced Analytics, Investments, Actuarial, Accounting, Risk Management, Critical Business Advisor and so much more. Let Nationwide help create your career journey!

Please Note: This role is open to a hybrid wfh/office environment in Columbus, Ohio.

Job Description Summary

Our Nationwide Financial Actuarial organization uses state-of-the-art tools and is encouraged to innovate and learn to master actuarial methodologies. If this sounds like a place you could thrive, then we want to know more about you!

As the Senior Associate Vice President, you’ll create and drive the strategy related to maintaining a competitive in-force suite of Individual Life Insurance products. You’ll lead a team that will be accountable for the development and maintenance of Life reinsurance and the optimization of related processes, illustration actuary testing, product rate setting and dividend calculation processes, as well as the execution of action plans related to overall product competitiveness. You’ll be responsible for resources executing all new/enhanced product configuration activities for products on the Life Administration System (OIPA) and the business ownership of systems supporting ongoing product validation/compliance/accuracy for all OIPA calculations. You’ll also serve as the product expert and actuarial/in-force leader for the organization’s transformational program addressing Nationwide’s closed-block Life Insurance portfolio.

Job Description

Key Responsibilities: 

• Illustration Actuary: Oversees the testing of  all in-force life insurance products for compliance with various Actuarial Illustration Model Regulations and prepares the annual report for certification by Nationwide Board of Directors and for filing with state insurance departments.  Actively participates in government relations activities to influence regulatory rulemaking and promotes thought leadership and expertise in this space through participation in industry work groups.

• Reinsurance: Leads end-to-end Life reinsurance process, including macro strategy development, treaty negotiation, execution, and maintenance.  Assesses overall performance of reinsurance treaties and relationships and analyzes return on investment for in excess of $100 million in annual reinsurance premiums. Performs and oversees audits of reinsurance transactions. Actively works with Operations to ensure accuracy and efficiency of reinsurance administration and appropriate aging of reinsurance receivables. Continuously improves process and leverages industry knowledge and best practices to do so.

• In-force Management: Leads team that manages in-force review of existing products by partnering with Business Development, Marketing, Legal, and other areas of actuarial.  Team performs analysis of existing product portfolio by comparing actual performance relative to expectations and guaranteed charges of all in-force contracts to determine opportunity for pricing adjustments.  Manages all rate setting and dividend calculation processes for all in-force products.  Participates on projects to improve customer communications relative to performance of policies.  Oversees completion of complex in-force illustrations on behalf of customers.

• Product Configuration, Validation, and Implementation Support: Oversees team that owns the configuration of all new/enhanced products on OIPA, including designing and developing product specs/requirements, testing strategies and execution of all system configuration activities within administration application. Business ownership of LifeSupport including maintenance, programming, and operational support that validates complex actuarial calculations, requirements, and data accuracy for Life technology applications.  Leads team that provides all actuarial support for new/enhanced product implementations on OIPA including the review of customer statements and individual accounts for complex calculations and customer/producer issue resolution, and the audit of actuarial values and projections. 

• Leads all actuarial product requirements for Tier 1 Life insurance initiatives across the breadth of in-scope products supporting the development and conversion to the new administration application(s).

• Member of Nationwide Financial’s Finance Extended Leadership Team. Supports the recruiting and unique development needs of the entire Finance population.  Engages, develops, and coaches direct team of associates. Develops and maintains actuarial-specific competencies.  Participates in other Actuarial initiatives that develop and implement a future vision for the actuarial function.

May perform other responsibilities as assigned.

Reporting Relationships:  Reports to the VP, CFO Individual Life Leads a team of 15-20 technical actuarial and finance associates.

Typical Skills and Experiences: 

Education:  Undergraduate degree in Actuarial Science or Mathematics.

License/Certification/Designation: FSA designation preferred.

Experience: Typically, ten or more years of life pricing and/or product development experience, including product pricing / actuarial principles, analysis, leveraging systems capabilities (ALFA/Axis), business perspective. Individual or corporate life insurance pricing / business experience preferred.

Knowledge, Abilities and Skills: Demonstrated organizational agility, ability to influence, proven conflict management skills, ablet to motivate others, drive for results, dealing with ambiguity, strong customer focus, excellent communication and collaboration skills

Other criteria, including leadership skills, competencies and experiences may take precedence.

Staffing exceptions to the above must be approved by the hiring manager’s leader and HR Executive Business Partner.

Values:  Regularly and consistently demonstrates Nationwide Values.

Job Conditions: 

Overtime Eligibility: Not Eligible (Exempt)

Working Conditions: Normal office environment.  Some travel may be required.

ADA:  The above statements cover what are generally believed to be principal and essential functions of this job.  Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties. 

Benefits

We have an array of benefits to fit your needs, including: medical/dental/vision, life insurance, short and long term disability coverage, paid time off with newly hired associates receiving a minimum of 18 days paid time off each full calendar year pro-rated quarterly based on hire date, nine paid holidays, 8 hours of Lifetime paid time off, 8 hours of Unity Day paid time off, 401(k) with company match, company-paid pension plan, business casual attire, and more. To learn more about the benefits we offer, click here.

Nationwide is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive culture where everyone feels challenged, appreciated, respected and engaged. Nationwide prohibits discrimination and harassment and affords equal employment opportunities to employees and applicants without regard to any characteristic (or classification) protected by applicable law.

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