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Actuary, Life Insurance Pricing & Modeling
Education Requirements: Bachelor's degree in Math, Finance, Statistics, Actuarial Science, Computer Science or related field.
Other Requirements: Include:
- 7+ years of actuarial experience in Life Insurance/Reinsurance.
- Demonstrated knowledge of life insurance, health insurance, longevity, and/or annuity products.
- Ability to take ownership in projects and drive them to completion.
- Experience with actuarial modeling software.
- Highly advanced oral and written communication skills, demonstrating the ability to convey business terminology that is meaningful and well received.
- Highly advanced investigative, analytical and problem-solving skills.
- Expert ability to balance detail with departmental goals/objectives.
- Advanced skills in customer relationship management and change management.
- Highly advanced ability to translate business needs and problems into viable/accepted solutions.
- Highly advanced ability to manage multiple projects and/or teams simultaneously.
- Highly advanced ability to liaise with individuals across a wide variety of operational, functional, and technical disciplines.
- Highly advanced persuasion and negotiation skills when working with internal/external customers.
- MAAA/FCIA or other local actuarial organization accreditation.
- Advanced quantitative degree or designation.
- Reinsurance industry experience.
- Merger and acquisition experience.
- Product design/pricing experience or ALM/risk management experience (requirements vary with job level).
- Financial reinsurance, asset-intensive or longevity pricing experience.
- Advanced knowledge of key financial reporting, accounting, and solvency regimes, including (but not limited to): US GAAP (including FAS 97, FAS 91, FAS 133, FAS 157, and SOP 03-1), US Statutory, and US tax; IFRS; MCEV / EV / EEV; and Solvency II.
- Advanced ability to model various insurance products and reinsurance structures.
- Advanced knowledge of life insurance, health insurance, longevity, and/or annuity products.
- Advanced PC and technical skills including (but not limited to): spreadsheets (VBA), database applications (Access, Oracle, SQL or equivalent technology), statistical programs, and one or more computing languages (ex: C/C++).
- Expertise in AXIS, Prophet and/or MoSes.
- Ability to challenge and enhance our Client’s analytical capabilities.
- Understanding of asset modeling and ALM techniques, including derivatives, and capital markets approaches.
Salary Range: $150k to $160k base + 15% target bonus
Description: Our Client is one of the largest global providers of life reinsurance, with offices around the world. The Actuary, Life Insurance Pricing & Modeling performs pricing, modeling, risk analysis, structuring, and other activities related to specific new business development opportunities for our Client’s global business unit. Works with the marketing staff to determine client needs and objectives, understand and analyze client information, and design terms and structures of transactions to meet those needs and objectives. Documents risk exposure in potential transactions. Assists business development associates by building proof-of-concept models for new opportunities or new reinsurance resolutions for company’s clients. Assists business development associates in the development of new markets, structures, and product lines for our Client’s global business unit to be marketing proactively to their customers. Duties and responsibilities include:
- Perform pricing, modeling, risk analysis, and structuring activities on new or proposed transactions, or amendments to existing transactions, for our Client’s global business unit in a timely manner consistent with applicable standards.
- Assess and analyze risk exposure in potential transactions and prepare documentation of these risks in detailed risk analysis reports.
- Develop and maintain adequate and timely documentation of personal work that complies with relevant ASOPs.
- Work with the marketing staff to determine client needs and objectives, understand and analyze client information, and design terms and structures of transactions to meet those needs and objectives.
- Assist business development associates by building proof-of-concept models for new opportunities or new reinsurance solutions for customers.
- Perform peer review on the work of other actuaries.
- Update documentation of our Client’s global business unit pricing methodology, parameters, and procedures. Recommend, implement, and document enhancements to the pricing process.
- Set realistic and achievable deadlines for modeling, risk analysis, and other new business development activities. Complete required tasks accurately within those deadlines. Drive the design of reinsurance transactions and lead discussions on risk issues with internal and external clients. Provide updates on ongoing progress to supervisor and other personnel in our Client’s global business unit.
- Assist risk management personnel with monitoring experience of in-force treaties.
- Participate in key unit and ad-hoc department projects as needed.