Senior Director

  • 37037
  • Life - Actuarial
  • |
  • Ohio, United States
  • |
  • Mar 13, 2020
Insurance
RESPONSIBILITIES
  • Building models and assumptions to evaluate the pricing metrics of a product design in order to inform business and risk management leadership of the expected profitability and most significant risks associated with new product concepts.
  • Requires expert knowledge of pricing assumption setting, model building, actuarial analysis, product mechanics and embedded policy owner options, valuation and non-forfeiture law.
  • Working with business leadership to design innovative concepts and product designs to meet customer needs while at the same time figuring out how the new concepts and products provide adequate risk adjusted return on capital and meet regulatory constraints.
  • May also be involved with risk management leadership on innovative reinsurance concepts and redundant reserve transactions.
  • Requires collaboration skills and knowledge of markets and distribution systems as well as the underlying actuarial expertise.
  • Evaluation, updating, and maintenance of models and assumptions as experience emerges in order to manage risk and periodically determine capital use and expected return on capital to advise and inform business and risk management leadership of recommended product or process changes to support profitable growth and capital strength.
  • The Product Actuary Lead on product efforts plays an important role in educating and motivating the cross functional team to deliver results.
  • The role also requires the ability to communicate and influence to gain top-down support as well as business and risk management leadership approval.
  • Building materials to support the State & Interstate Compact approval, implementation and administration of new products including filing demonstrations and Actuarial specifications.
QUALIFICATIONS
  • Undergraduate degree in actuarial science, mathematics, statistics or similar background requiring modeling, programming or quantitative analysis.
  • Achievement of Fellowship in the Society of Actuaries.
  • Has membership in the Society of Actuaries and American Academy of Actuaries.
  • At least eight years Actuarial experience and Actuarial Council approval.
  • The highest level of technical actuarial expertise in life insurance product mechanics and embedded options, pricing models, life pricing assumptions, valuation and non-forfeiture laws, tax code, state life insurance regulations.
  • The role will require leadership, influence and communication skills.
  • An ability to leverage past actuarial experience to apply to new product concepts and requirements such as Principles Based Reserves is required.
  • Other criteria, including leadership skills, competencies and experiences may take precedence.