Life & Annuity Pricing Actuary

Do you have Life & Annuity Pricing Actuarial experience? Do you have ALFA experience? If so, apply now for this exciting Senior Associate, Life & Annuity Pricing Assistant Actuary job! You will be responsible for all actuarial and marketing matters pertaining to product development for both sales divisions; including pricing, implementation, and illustration testing. Our Client is a leading Life Insurance Company in the Mid-Atlantic area. Above all, our Client serves the mutual interests of their policyholders, agents, employees, and communities. Furthermore, their commitment to: Openness and honesty; Integrity and respect; Making a positive difference; and Financial discipline set them apart. Truly exceptional company. Apply now for this exciting Life & Annuity Pricing Actuary job by clicking on the Apply Now button above! This is Job 2866

RESPONSIBILITIES

  • First of all, support the Company’s product schedule for all actuarial activities associated with the pricing and implementation of new products and enhancements for both sales divisions.
    • Above all, build and maintain pricing models in ALFA software given appropriate assumptions, run profit/sensitivity tests, and solve for corporate profit targets (determine rates and values within company guidelines).
    • Furthermore, assist in assumption research and development.
    • Also, provide input in determining pricing priorities.
    • Provide admin systems, illustrations, and sales materials support for all new product/enhancements
    • Document all results and provide final/updated pricing models to Actuarial team for business forecasting purposes.
    • Maintain a basic governance structure related to the pricing function.
    • Finally, provide support to Legal & Compliance Department concerning development of applications, contract forms, actuarial memos, and state objection responses for new product submissions.
  • Also, provide support for the Company’s annual Illustration Actuary certification process.
    • Above all, develop and incorporate updated assumptions into illustration models each year for all illustrated products.
    • Furthermore, test products for compliance with state illustration regulations.
    • Finally, document the testing and report test results to the Company’s Illustration Actuary.  All support work must satisfy the IA’s professional reliance needs for full certification.
  • Furthermore, provide support for the Company’s Cash Flow Testing process.
    • First of all, exhibit / develop proficiency in Cash Flow Testing concepts.
    • Second, be responsible for the transition of the Cash Flow Testing models from the current actuarial software to ALFA.
    • Hence, prior actuarial system conversion experience desired.
  • Also, provide financial analysis for strategic/tactical decision-making as needed: (for example)
    • Developing profit reconciliation analysis.
  • Furthermore, assist with post-launch program monitoring, as well as analyze and participate in vetting of success criteria quarterly process.
  • Finally, maintain network of pricing actuaries, consulting actuaries, reinsurers, personnel in benchmark companies (corporate, product line), and prior business contacts.

EDUCATION and EXPERIENCE

  • Bachelor’s degree in Math or related subject. Associate in the Society of Actuaries is preferred, but equivalent work experience would be considered.
  • Above all, experience with actuarial/product development with emphasis on universal life, traditional life and annuity products. 
  • Finally, experience with ALFA software strongly preferred.

SKILLS AND KNOWLEDGE

  • Ability to use and learn technically oriented platforms, such as actuarial modeling / pricing products, database, spreadsheet, and predictive analytic software and ability to use communication-oriented software for presentation and documentation is required. 
  • Demonstrated knowledge of the various processes and systems used in the design, pricing, implementation and distribution of life insurance and annuities is required.
  • Excellent project management skills.

COMPETENCIES

Drive – Displays motivation, is proactive and resourceful in daily work. Persists to complete responsibilities, even in the face of difficulties, is optimistic and tenacious throughout.

Collaboration – Able to actively listen to others and build relationships and trust, effectively handle conflict and interact with tact and respect. Articulates ideas and concerns so others are able to understand and is sensitive to others and is able to adapt to different types of individuals.

Able to cooperate and collaborate with colleagues to achieve shared goals and encourages others and seeks out opportunities to collaborate across the business.

Adaptable – Willingly adapts to constantly changing circumstances while maintaining perspective. Engaging in continuous learning, adjusting the application of knowledge, skills and abilities while addressing new challenges. Accepts constructive feedback.

Responsible – Follows through on commitments; clearly defines mutual expectations of selves & others. Responds to demands of job by accepting responsibility for assignments, shows initiative and takes timely and appropriate actions to meet needs.

Execution – Thinks critically and has the best interests of the company, colleagues, and customers in mind when approaching situations. Anticipates obstacles and assesses situation to determine best possible solution. Demonstrates an ability to get essential information and exercises sound judgments about alternatives. Knows both technical and practical aspects of the job and continually updates skills and knowledge.

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