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Actuarial Associate, Product Development (2 Positions)
Location: IL or Remote
Education Requirements: Bachelor’s Degree or Master’s Degree in Actuarial Science, Mathematics, Statistics or related field of study.
Other Requirements: Include:
- Required Qualifications:
- 8+ years of actuarial or related experience with Bachelor’s Degree.
- 6+ years of actuarial or related experience with Master’s Degree.
- 1+ year of lead experience.
- Advanced skills in spreadsheets, databases, word processing, and programming.
- In-depth experience working with actuarial modeling software, including programming new product features, solving for premiums, and analyzing output.
- Comprehensive and current knowledge of nonforfeiture standards, standard valuation law, actuarial standards of practice, definition of life insurance, and federal taxation of insurance products.
- Experience working on project teams or similar collaboration with other areas.
- Excellent written and verbal communication skills.
- Ability to work independently under supervision of Manager.
- Effective communication of actuarial concepts, modeling processes and pricing review.
- Strong analytical skills.
- Experience balancing multiple priorities.
- Preferred Qualifications:
- FSA or experienced ASA with expertise in pricing and modeling Life and Annuity products.
- Experience acting as actuarial delegate or lead on project teams.
- Experience communicating with financial agents/representatives.
- Understanding of marketing and sales processes.
- Effective communication of actuarial pricing concepts and financial returns on product offerings.
Salary Range: $95k to $135k DOE (See Description Below)
Description: This position creates and maintains actuarial models to design and price life, health and annuity products. Serves as team lead by coordinating workflow of other Product Development staff to complete product filings and secure approval. Prepares actuarial demonstrations and maintains pricing and model documentation. Communicates product design and projected financial results to division and executive leadership. Salary information is as follows: ASA with 5+ years’ experience, salary would be $95k to $100k and FSA approximately $120k, may consider up to $135k if extensive experience. Duties and responsibilities include:
- Uses actuarial models to design and price new life, health, and annuity products in accordance with company standards and regulatory requirements.
- Serves as actuarial pricing lead utilizing actuarial analysts, interns, and Forms & Filing staff to develop and price new products.
- Coordinates the workflow of actuarial staff, interns, and Forms & Filing staff to complete projects. Provides performance feedback to team members and supervisor.
- Works closely with other actuarial leads and supervisors to ensure consistency in assumptions, valuations methods, modeling techniques, documentation standards, etc.
- Makes and presents recommendations to Senior Management.
- Works with external consultants and reinsurers in the development of rates and reinsurance quotes, as needed. Evaluates and helps negotiate reinsurance programs that provide adequate financial returns, and risk management. Assists in review of reinsurance treaties.
- Maintains complete documentation of pricing models, assumptions, and decisions.
- Maintains an active awareness of product development in the life, health and annuity marketplace, including emerging product designs, features and riders.
- Monitors and reports on the competitive position of the company’s products in the marketplace.
- Participates in actuarial study program and makes consistent progress toward FSA designation, if not already attained.
- Assists with development and review of marketing and training material.
- Helps trains actuarial staff and interns on actuarial principles and company products and systems.