Exciting AVP Product Design and Pricing Actuary job with dynamic West Des Moines based Client. Above all, this Pricing Actuary leads model development for inforce and new business. Furthermore, leads the pricing of new products and implementation functions for our Client. Aim is to achieve sustainable competitive advantage with an industry leading product portfolio. Also, engages with key internal and external stakeholders on product profitability and risks. Finally, requires FSA with 10+ years of modeling and 5+ years pricing in the securities space. Actuary salary target of $200k compensation (base + bonus). Apply now for this exciting AVP Product Design and Pricing job by clicking on the Apply Now green button above! This is Job 2853.
Excellent opportunity with highly rated Insurance Group. First of all, this is a strategic role. Hence, it aids in the development of product strategy, develops models, and leads new product pricing efforts. Yet, it is also a hands on role in the development of models. Ideal pricing actuary will have worked with variable annuity and securities products. Also, will do hands on Axis work.
The Essential Functions
First of all, lead model development for inforce and new business, pricing of new products and implementation functions for our Client with the objective of achieving sustainable competitive advantage with an industry leading product portfolio. Most noteworthy, responsible for engaging with key internal and external stakeholders to evaluate the profitability and risks of new and inforce products and support the implementation of new products. Finally, this role is a strategic role that will aid in the development of product strategy, developing models, lead new product pricing efforts and interface with a broad spectrum of key stakeholders. Accountable for developing and growing direct reports and other team members.
- First of all, provide leadership and direction in the development of new security insurance products. Pricing Actuary will effectively balance competitive and pricing objectives to achieve overall company objectives.
- Also, lead and aid in the development of disciplined, robust pricing and inforce risk analysis processes and models. Collaborate with Corporate Actuarial as needed to ensure strong model governance. Ensure that corporate standards specified by the Product Development ERM Committee are met.
- Lead and direct the development of product specifications to ensure that product designs fit the desired risk and profitability profile and that policy forms provide sufficient product levers to effectively manage product profitability post issue.
- Collaborate with project management team and internal and external IT teams to ensure proper implementation of new products.
- Oversee the creation of appropriate tools, including calculation memos and test spreadsheets that allow for new products to be appropriately implemented on our administrative platforms.
- Furthermore, assist in evaluating emerging opportunities and challenges that impact our Client’s security insurance products, specifically in regards to new distribution opportunities, emerging risks and changes in regulation.
- Most noteworthy, ensure models are properly validated and thoroughly documented. Ensure documentation and formal reports are prepared in accordance with Actuarial Standards of Practice and appropriately considers Legal and Compliance input. Develop strong documentation practices within the team.
- Above all, maintain strong knowledge of industry issues including economic, regulatory and competitive environments.
- Recruit, develop and retain a qualified staff to perform pricing and implementation functions.
- Create and maintain a departmental environment which embraces our Client’s shared values.
- Also, actively engage in special projects as needed, collaborating with other departments.
- Meet and document the continuing education requirements promulgated by the Society of Actuaries and the American Academy of Actuaries for making public statements of actuarial opinion. Support the ongoing professional development of team members.
- Finally, drive and reinforce commitment to internal controls processes such as those under Model Audit Rule and Record Information Management.
Experience and Education Requirements
- Bachelor’s Degree in Mathematics, Business or Actuarial Science with a high level of demonstrated mathematical ability required
- FSA required
- Minimum 10 years’ experience in securities insurance industry (i.e. variable annuities, mutual fund based products and hybrid annuities) preferred
- Minimum 5 years’ management experience with ability to develop talent, including managers required
- Security insurance product development experience required
- Significant hands on experience developing inforce and pricing actuary models in Axis. This includes use of formula tables and working with Axis team to update their system.
- Effective leadership, decision-making and motivational skills
- Above all, demonstrated ability to effectively lead through change and deliver results by developing and implementing strategy
- Demonstrated success in innovation and creative problem solving
- Strong interpersonal skills for relationship building and engagement
- Most noteworthy, excellent communication skills, including oral and written, for all levels of management
- Furthermore, strong analytical skills; forward thinking; ability to anticipate and direct the analysis of problems or questions and provide recommendations to appropriate audiences
- Hence, solid understanding of the insurance industry, financial statements (GAAP and STAT), financial metrics, stochastic modeling, underwriting methods and tools, marketing distribution and other operational duties.
- Finally, strong organization skills with demonstrated ability to prioritize multiple projects and deliver results and delivery of results