Actuary

Overview

Operating within the core values and operating principles of the organization, the Actuary may have wide range of responsibilities that may include but not be limited to valuation and reserving, asset liability modeling, economic capital modeling, cash flow testing, pricing & product develop, data analytics and data science, product management, underwriting and risk pricing.

This position will be expected to interact with all areas of the company and as a coach to less experienced actuaries in the company. They will be expected to assist in planning and organizing short- and long-term activities necessary to achieve established goals and is expected to stay current on the latest trends impacting life insurance and annuity business.

Responsibilities

Financial Modeling:

• Responsible for the development, enhancement, governance and maintenance of asset and liability models supporting all lines of life insurance and annuities.
• Familiarity using modeling software such as MG-ALFA. Models are used for Valuation, Corporate Planning, Investment Analysis, Cash Flow Testing, Principle Based Reserving, Reinsurance, and other potential use cases.

Pricing & Product Development:

• Responsible for the pricing, modeling, filing, implementation, profitability analysis and assumptions of Life and Annuity products. Must have experience using pricing software such as MG-ALFA.
• Responsible for ensuring new products comply with various state and federal regulation and ensure that profitability objectives of new business are achieved.

Valuation:

• Responsible for managing all aspects of Statutory, GAAP and Tax valuation. Creates or assists with the creation of appropriate actuarial financial reporting to support finance department.
• Experience and/or knowledge of emerging changes to valuation including Principle Based Reserves and Long Duration Targeted Improvements is required.

Product Management & Underwriting Innovation:

• Responsible for analyzing inforce and experience study results with the goal of recommending strategies and modifications that support product profitability and new business sales objectives. This will be done using a combination of traditional A/E studies, statistical analysis and machine learning.
• Supports innovation of risk selection and risk pricing.

Qualifications

• Bachelor’s Degree in Actuarial Science, Computer Science, Mathematics, or a related field.
• An Associate of the Society of Actuaries (ASA) Designation or equivalent work experience.
• A Chartered Enterprise Risk Analyst (CERA) Designation strongly preferred.
• Minimum of eight years’ experience in the actuarial field. Life Insurance and/or annuity experience preferred.
• Strong analytical and problem-solving skills.
• Advanced experience with an Actuarial modeling system.
• Highly proficient programming in Access and proficient in Excel.
• Knowledge of state and federal product regulations including nonforfeiture regulations, valuation regulations, actuarially related state filing regulations, illustration actuary requirements.
• Ability to:
  • Identify improvements and enhance routine functions such as financial reporting.
  • Program and test in Access and SQL Server database environments.
  • Analyze results for reasonableness.
  • Learn company operations, systems and actuarial methodologies quickly.