Actuary, Model Governance

  • 35164
  • Life - Actuarial
  • |
  • Connecticut, United States
  • |
  • May 13, 2019
Insurance
RESPONSIBILITIES
  • Partners with product governance, product development, and risk management to monitor the product developmental cycle and ensure that the pricing models have adopted proper assumptions for Universal Life, Variable Universal Life, or other Interest Sensitive products.
  • Perform review of statutory/GAAP income statement and pricing model, especially related to the reserve methodology to ensure the reserving methodology is consistent with how it will be implemented in Valuation.
  • Review profit measurements to ensure it meets to the corporate standard and communicate the results with various stakeholders.
  • Assess any new risks were introduced by the new product.
  • Work with Product Model team to ensure any changes post rate launch are appropriately reviewed, and to assist in integrating good models to Quality of New Business team and Product Positioning team for budget review cases.
  • Serve as a consultant and provide review of new product implementation to valuation system.
  • Provides direction and support of key corporate initiative and projects as needed.
  • Leads projects or programs with moderate resource requirements, risk and/or complexity.
  • Provides subject matter expertise to team members and applicable internal/external stakeholders on complex assignments/projects for his/her assigned area/s of responsibility.
  • Ensure group's processes and procedures are compliant.
  • Communicate with product teams and others on issues and corporate standards.
  • Provides direction on complex assignments, projects, and/or initiatives to build and enhance the capability of his/her assigned area/s of responsibility.
  • Directs and enhances organizational initiatives by positively influencing and supporting change management and/or departmental/enterprise initiatives within assigned area/s of responsibility.
  • Identifies and directs the implementation of process improvements that significantly improve quality across the team, department and/or business unit for his/her assigned area/s of responsibility.
  • Maintains knowledge on current and emerging developments/trends for assigned area/s or responsibility, assess the impact, and collaborates with senior management to incorporate new trends and developments in current and future solutions.
  • Development of test plans for validation of pricing or valuation model functionality and assessing validity of approximations/proxy approaches, including identification of sample model points which cover key policy features and isolate areas of potential error, and selection of assumptions/scenarios to run against this set of model points for back testing, sensitivity testing and stress testing.
  • Creation/modification of benchmark testing tools, including developing spreadsheets based on model specifications to replicate model functionality and assembling benchmark data from financial statements and production systems for back testing and comparison testing.
  • Documentation of testing and results, including actions taken upon uncovering model defects
  • Implementation of industry best practices and development of coding and control standards for testing tools developed in Excel or other programming platform.
  • Oversight of defect tracking tool, ensuring the tool is used efficiently and communicate and address model defects and deficiencies across the teams.
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.
  • 5-7+ years of experience in Actuarial positions that directly aligns with the specific responsibilities of the position.
  • Educational experience and/or proficiency in pricing of Life and/or Long Term Care products and valuation of Life and/or Long Term Care products.
  • Prophet, MG-ALFA, or similar actuarial projection software systems.
  • A demonstrated track record of consistently meeting and/or exceeding performance expectations.
  • Possesses a bias for action and avoids workplace distractions.
  • Drives performance targets to completion.