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Director, Individual Life Pricing Actuary
Education Requirements: Bachelor’s Degree in Actuarial Science, Mathematics, Statistics or a related field.
Other Requirements: Include:
- Required Knowledge and Skills:
- ASA or FSA, FSA preferred. MAAA.
- 8+ years of actuarial experience.
- Advanced knowledge of insurance products and concepts, actuarial theory and techniques.
- Understanding of advanced mathematical and statistical concepts.
- Ability to work effectively both independently and as part of a team.
- Demonstrates leadership and initiative in a professional manner.
- Strong analytical, problem solving, written and oral communication, and organizational skills.
- Ability to multi-task and switch back and forth between projects as needed.
- Willingness to learn new software tools and packages.
- Specific Required Knowledge and Skills:
- Experience in individual life products strongly preferred.
- Statutory or GAAP pricing experience preferred.
- Ability to accurately perform detailed calculations with a high-level of understanding.
- Ability to clearly and thoroughly document assumptions, decisions, processes and other work performed.
- Prophet modeling software experience preferred.
Salary Range: $145k+ DOE + 14% bonus target
Description: This position will allow the individual to have a major impact on the direction of our Client’s life product portfolio, leading the design of life products from the initial concept through to the market launch. The individual will lead the product design with the possibility of serving as the project sponsor on new life product initiatives. The ideal candidate will embrace the opportunities for internal networking and collaboration across many areas of the company including IT, internal sales development, marketing, product filing, client services, and product management. Duties and responsibilities include:
- Providing timely and accurate calculations and detailed analysis of values related to development of pricing models on a variety of accounting methodologies including statutory, tax and GAAP as well as using principles based reserves.
- Analyzing product, funding pattern, and demographic mix of new life product sales and reporting on the impacts on actual to expected profit measures.
- Developing and/or validating rate files for upload into our Client’s systems as well as managing the creation of testing tools for product implementation.
- Learning, understanding, and training the product development team on new and emerging requirements that impact pricing methodologies.
- Supporting the marketing launches of products by working closely with marketing and sales teams to train associates on the structure of new or revised life products.
- Presenting product development initiatives to internal audiences, including senior management.
- Developing or directing new procedures and workflows to improve on existing processes.
- Working proactively with valuation and forecasting teams to ensure pricing models are meeting corporate data standards.
- Debugging and validating pricing models during development phase with regards to the technical aspects of the calculations.
- Working independently and taking initiative to manage assigned pricing functions, while still working in a team environment.
- Conducting special projects as directed by your supervisor.
- Documenting decisions made as well as processes put into place and other work performed.
- Demonstrating a willingness to learn and understand new software tools, new administrative systems and new product features.
- Must be in compliance with the American Academy of Actuaries continuing education requirements.