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Corporate Life Actuary
Location: Greater Des Moines, IA
Education Requirements: Four-year college degree preferably in mathematics, actuarial science or a related field.
Other Requirements: Include:
- FSA or experienced ASA.
- 7+ years progressive life experience, including experience in pricing and reserving.
- Strong analytical skills with ability to analyze data, develop hypothesis, present conclusions and defend recommendations.
- Exceptional organizational skills with demonstrated ability to follow through and accomplish results with minimum supervision.
- Excellent communication skills with ability to effectively present complex concepts to a range of audiences.
- Proficient in MG-ALFA.
- SQL reporting skills preferred.
- Asset Modeling and/or Asset Liability matching experience a plus.
- Regulatory filing experience a plus.
Salary Range: $140k to $160k DOE + 15% target bonus
Description: Our Client, a highly AM Best rated company, is seeking a Corporate Life Actuary. In this role, you will work both independently and in a cross functional team. As an Actuarial Services team member, you will be responsible for ongoing corporate model validation, product profitability review, competitive intelligence, as well as the valuation and pricing of preneed and annuity products. Under the general supervision of the EVP, Chief Actuary, the incumbent is responsible for performing the following:
- Development and running of actuarial models in MG-ALFA. This includes the development of actuarial modeling assumptions which incorporate historical company experience data where possible.
- Assist with completing accurate periodic valuation of certain liabilities. This includes auditing of reserve, cash surrender and other values on all inforce and new business.
- Support for the completion of financial statements.
- Development and distribution of reports summarizing company and agent performance. Participate in meetings where these reports might be used for other actions.
- Assists in the research, design, pricing, risk assessment and utilization of products.
- Monitors the product line to comply with various state and federal regulations.
- Provides recommendations on financial viability of product design and/or features.
- Essential Job Functions/Principal Accountabilities:
- As much as 50% of the job will entail work in MG-ALFA, either developing models independently or assisting department with Cash Flow Testing, Corporate Modeling, and Product Pricing and Profitability models. This includes building of inforce and new business extracts for input into modeling software.
- Analyze, interpret and report actuarial modeling results. Document inputs, report results, interpretation of analysis and results of modeling for the original purpose of the modeling projections as well as any learning that may have come from the modeling exercise.
- Development and distribute company and agent performance reports pertaining to sales, mortality rates, termination & persistency rates, conversions rates, sales mix and other characteristics. Provide management with appropriate analysis & reports.
- Utilize the current actuarial modeling software to build appropriate models for the specific studies being carried out. This includes the building of in force and new business extracts for input into office model software.
- Based on input from sales, marketing, and customer service, assist in the identification of product needs, and feature modifications, to stay current in a competitive market.
- Researches, interprets, and models data for the purpose of product development, product modification, and financial viability. Communicates findings to appropriate parties for potential product adjustments and subsequent implementation in the field.
- Initiates and conducts product and competitive research of marketplace products to be used in the development of new products, evaluation of existing products and makes recommendation for change based on research. Maintains current information about competitor’s products and programs. Based on analysis, makes recommendation(s) to appropriate entity for product change or modification to keep our Client competitive in the marketplace and financially sound.
- Responsible for utilizing actuarial software to model and forecast existing products and product features on a regular basis to confirm on-going financial profitability, ensure product line is self-supporting, and are aligned with corporate objectives.
- Marginal/Additional Job Functions:
- Serves as liaison with software vendor(s) for appropriate actuarial software for current and future product portfolio.
- Writes or assists with writing specifications for system or program changes or corrections that need development to administer policies correctly. Creation of advanced Excel worksheets and formulas to test the administration system and check changes being implemented to it.
- Any other tasks or projects as assigned.