Actuary. Life Product and Pricing

  • 35657
  • Life - Actuarial
  • |
  • Connecticut, United States
  • |
  • Aug 20, 2019
Insurance
RESPONSIBILITIES
  • Provides product research and design for Core Life products.
  • Designs and develops products to provide the targeted distribution and marketplace product offerings with distinct competitive advantages.
  • Develops products to meet company’s profit objectives in collaboration with other key stakeholders.
  • Builds models to price new products and manipulates models to test various scenarios, sensitivities, and sales opportunities.
  • Develops a thorough understanding of model assumptions, product mechanics, and reserving/financial regulations in order to validate each component of model output.
  • Develops tools in order to facilitate rate development and analysis of profitability using ALFA output.
  • Develops, expands, and maintains actuarial spreadsheets used to test product functionality on administrative and illustration systems.
  • Works closely with Product Analysts and partners in IT and QA to communicate product features and specs, design testing plans, and resolve defects uncovered in the testing process.
  • Assists in delivering exhibits, memoranda, and data for state filing approval.
  • Collaborates with other actuarial and non-actuarial areas to share results and gather input on product development initiatives.
  • Presents results to senior management for final approval.
  • Articulates information in a way that can be interpreted and understood at all levels.
  • Leads product development projects along timelines to completion.
  • Plans strategies, anticipating what is ahead; prioritizes team and individual objectives based on the enterprise’s vision, mission, values and goals.
  • Teaches and nurtures development of actuarial skills and knowledge within Actuarial Development Program participants on pricing team .
  • Develops and makes coding changes to actuarial pricing models and reviews the modeling work of team members.
  • Provides subject matter expertise to applicable internal/external stakeholders.
  • Maintains knowledge on current and emerging developments/trends for assigned area/s or responsibility, assesses the impact, and collaborates with senior management to incorporate new trends and developments in current and future solutions.
QUALIFICATIONS
  • Undergraduate degree or 4+ years of comparable work experience; educational concentration in mathematics or actuarial science is preferred.
  • Fellow of the Society of Actuaries designation or Associate with additional years of actuarial experience.
  • 5-7+ years of applicable actuarial experience including financial products and analysis that directly aligns with the specific responsibilities for this position.
  • Proficiency with actuarial pricing software, such as MG-ALFA.
  • Thorough knowledge of product development process and actuarial pricing techniques, methods, and software preferred.
  • Analytical skills: ability to think critically, identify and solve potential challenges, and validate results.
  • Sound understanding and knowledge of Statutory reserving, Generally Accepted Accounting Principles, and Internal Revenue Service regulations.
  • A demonstrated track record of consistently meeting and/or exceeding performance expectations.
  • Drives performance targets to completion.