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Assistant Actuary, Annuity Product Management Job

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Assistant Actuary, Annuity Product Management
Job# 2785
Location:  Midwest
Education Requirements:  Bachelor's degree required, preferably in the area of mathematics, or a business-related field.
Other Requirements:  Include:

  • FSA preferred. Will consider near-FSA actively pursuing completion of FSA or career ASA.
  • Prefer at least 6-8 years of experience in the field of Actuarial Science.
  • Ideally looking for someone who has had a variety of roles: reporting, product pricing, valuation, etc.
  • Demonstrate a superior level of mathematical ability and attention to detail and strong analytical skills.
  • Demonstrate strong computer skills including proficiency in the use of applicable technical tools.
  • Demonstrate strong written and verbal communication skills including the ability to present highly technical information to non- technical audiences.
  • Ability to apply insurance industry knowledge, preferably in the fields of individual life and annuities.
  • Ability to identify and direct the analysis of problems or questions and provide recommendations to appropriate audiences.
  • Highly organized with the demonstrated ability to prioritize multiple projects and to switch priorities as necessary.

Salary Range:  $120k to $150k
Description:  As an Assistant Actuary you will serve as a leader in the development and execution of accurate and efficient tools and processes to support the actuarial function(s) related to this role.  Analyze, summarize and present management information to drive decisions.  Understand our Client’s financial objectives and ensure processes and work product support those objectives.  Manage multiple projects and work collaboratively with other departments, providing technical guidance as needed.  Lead special projects as directed.  Duties and responsibilities include:

  • Apply strong knowledge of our Client’s products related to area of focus.  Understand new products and make recommendations regarding how to incorporate into existing models and/or actuarial processes.
  • Apply strong knowledge of insurance contracts and actuarial related regulations to perform existing functions.  Recommend enhancements to existing processes or develop new processes to accommodate regulatory changes.  Prepare actuarial memorandums and/or disclosures in compliance with regulations related to area of focus.
  • Develop and recommend assumptions for management approval.  Apply as needed for actuarial calculations or financial projections.  Leverage company data, industry data and/or any other information indicating a potential change in the future to support individual assumptions.  Use actuarial models to understand and explain the impact of a change in assumptions.  Ensure assumptions and sources of underlying data are well documented.
  • Create, understand and interpret complex financial models.  Assist in choosing the appropriate modeling approach and using the right tools and methods to maximize efficiency.  Analyze and explain the results of both deterministic and stochastic projections.  Ensure proper governance, peer review and documentation is completed.
  • Leverage knowledge of accounting standards and other reporting requirements covering insurance liabilities and the assets backing liabilities to understand, analyze and explain financial reporting as needed.  This includes balance sheets and income statements produced by actuarial models.  Assist in interpreting and implementing changes in accounting and/or actuarial standards.
  • Create spreadsheets, databases and other data analytic software as needed to perform data analysis and summarize, manipulate, transform and aggregate data efficiently and accurately.  Present aggregated data verbally, numerically, graphically or in another written format to highlight key features to inform management decisions.  Perform checks to confirm the robustness of the data and analysis.
  • Understand concepts of relevant actuarial risks and the implications of failing to manage risk.  Quantify risk exposure and use model projections to produce management information to measure and to monitor on-going exposure.  Assist in developing risk mitigation techniques which may include product changes or new product designs.
  • Lead special projects as required.  Work individually and/or in teams on multiple projects and deliver completed projects on time and with high quality.  Effectively plan and prioritize your work in accordance with broader department objectives and priorities.
  • Develop relationships and collaborate with other departments and business units.  Communicate effectively with other actuarial teams to ensure consistency in modeling approaches and assumptions across actuarial functions. As needed, perform actuarial calculations to support administration or test IT functionality.

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