Actuary, Annuities Valuation

  • 33825
  • Life - Actuarial
  • |
  • Indiana, United States
  • |
  • Jun 27, 2018
Insurance Organization
RESPONSIBILITIES
  • Lead the valuation team responsible for the Statutory, Tax and GAAP Valuation and related Financial Reporting for the Fixed and Fixed Indexed Annuity product lines reporting through Annuity Valuation in the Annuities business. Perform individual hands on work as needed in addition to managing, review and sign-off responsibilities
  • Provide team leadership and hands on contribution as needed to ensure timely and accurate reporting, validation and analysis of reserves and DAC items, reporting to reinsurers, as well as delivering on required additional quarterly and year-end reporting items. Perform required SOX and audit validation checks on in-force administrative system inputs as they feed into the valuation systems and outputs. Responsible for accurate maintenance and updating of valuation assumptions and inputs.
  • Produce reserve and, trending and drill-down analyses. Provide key support to Financial Planning and Analysis team on understanding sources of earnings items related to reserve and DAC movements, hedge breakage, variance analysis from prior periods and plan. Assist the team with development of certain financial plan and forecasting items.
  • Ensure timely and accurate preparation, validation and delivery on external audit and internal audit/SOX PMO requests throughout the year.
  • Assist Annuity Valuation Actuary in developing timely statutory and GAAP valuation frameworks and documentation relating to new products, riders, reinsurance agreements, regulation changes and changes in accounting requirements.
  • Work closely with Valuation Implementation team in monthly/quarterly testing/implementation of administrative and valuation system updates, valuation input data validation, as well as any changes to valuation/modeling systems.
  • Assist and support the Annuity Valuation Actuary in monitoring developments in the actuarial industry, regulatory and accounting areas, participating in industry and professional committees and with regulators and auditors, providing key impact and implementation testing of regulatory and/or accounting changes. Assist in development and implementation of actuarial policies and procedures.
  • The position will be a key participant in the Valuation Data Modernization project commencing in 2018.
  • Provides subject matter expertise to team members and internal/external stakeholders on complex actuarial models, assumption development support and assignments/projects.
  • Directs actuarial projects, delegating work and providing appropriate levels of support and responsibility to employees. Provides training and development opportunities, including stretch assignments, for team members and gives honest and open feedback to aid in the development of talent. Provides leadership and direction to continually improve the capability and results.
  • Provides guidance on structure of actuarial models and assumption development and proper balance of precision and timeliness.
  • Directs and enhances organizational initiatives by positively influencing and supporting change management and/or departmental/enterprise initiatives.
  • Directs/executes approved strategy decisions and contributes to strategy creation.
QUALIFICATIONS
  • Undergraduate Degree or 4+ years of comparable work experience; educational concentration in Applied Science or Mathematics is preferred.
  • ASA designation is required.
  • FSA designation strongly preferred.
  • 7+ Years of experience years in actuarial science that directly aligns with the specific responsibilities for this position.
  • Some managerial or supervisory experience preferred.
  • Strong working knowledge of fixed and fixed indexed annuity valuation, market, products and systems
  • Strong knowledge of the life insurance industry
  • A demonstrated ability to implement process improvements and efficiencies.
  • Strong presentation skills with demonstrated ability to perform clear, informed and logical discussions/presentations.
  • Excellent written and verbal communication skills.
  • Apply concepts such as probability, statistics, modeling, percentages, ratios, and proportions to practical solutions.
  • Ability to solve problems and deal with a variety of concrete variables in situations where evaluate the implications of a course of action or solution.
  • Demonstrated strong relationship management skills with internal clients proven ability to develop creative and collaborative approaches.