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Actuarial Analyst, Internal Audit
Location: Omaha, NE
Education Requirements: Bachelor’s degree (Master's degree preferred) in relevant field of study (Actuarial Science, Mathematics, Statistics, Economics, Finance, or other related business field).
Other Requirements: Include:
- Minimum Qualifications:
- 3+ years of insurance industry and/or company experience.
- 1+ years supervisory/project lead experience.
- Background in math, statistics, economics, or finance.
- Superior aptitude for statistical interpretation, a working knowledge of modeling assumptions, formulas, and practices.
- Ability to demonstrate a high-level of analytical and problem-solving skills.
- Awareness of actuarial modeling concepts and model risk management framework.
- Understanding of risk management concepts such as risk appetite, risk tolerance, inherent risk, and residual risk, and how to apply them within business processes.
- Ability to express thoughts, ideas, concepts in a clear and articulate manner using strong verbal and written communication and presentation skills.
- Ability to sustain working relationships with diverse teams, and individual stakeholders at all levels of the organization to achieve department and enterprise goals.
- Understanding of insurance industry operational and compliance concepts.
- Understanding of the organization's industry; including markets, competitors, and industry risks.
- Advanced knowledge of MS Office Tools (Word, Excel, PowerPoint, Access) including application in a business environment.
- Demonstrated project management skills with the ability to influence others to accomplish projects.
- Ability to lead engagements within the organization's audit methodology to meet the audit engagement objectives.
- Experience in reviewing controls related to relevant fields of experience.
- Preferred Qualifications:
- 5+ years of insurance industry and/or company experience.
- Seasoned background in math, statistics, economics, or accounting/finance.
- Professional certifications from one of the following credentialing organizations: Global Association of Risk Professionals, Society of Actuaries, CFA Institute, Investment Training and Consulting Institute, or the Financial Modeling Institute.
- Experience in processes related to actuarial modeling, market risk management, insurance product pricing, valuation reserves, or investment portfolio management.
- Experience with modeling tools such as MG-ALFA, Case, ArcVal, AXIS, etc.
- Understanding of internal controls frameworks, such as the COSO Internal Control - Integrated Framework, including: proper control design and implementation and corresponding control objectives, components, and principles.
- Understanding of risk management frameworks, such as the COSO Enterprise Risk Management - Integrated Framework, including: risk appetite, risk tolerance, inherent risk, and residual risk, and how to apply them within business processes.
- Understanding of the organization's strategy and how strategic objectives impact and link to audit work.
Salary Range: $80k to $110k
Description: In the Actuarial Analyst, Internal Audit job, the individual will contribute to the completion of the internal audit plan through the effective review, verification, examination, and recalculation of product performance/financial information/market risk/actuarial data and models. May lead and/or direct the work of others. Duties and responsibilities include:
- Participate as a member of the audit team providing subject matter expertise to actuarial, financial, product, and risk framework audits.
- Plan, direct, assign, and monitor assigned phases of audit work, ensuring that results are timely, accurate, and consistent with project objectives. Coordinate work with other departments as project leader.
- Evaluate and recalculate rate development for new products, product modifications, product specifications, rate assumptions, and re-rating activity.
- Review mathematical reasonableness of valuation reserve calculations considering product design elements and data inputs.
- Evaluate conceptual design and general reasonableness of assumptions for financial projection, market and capital risk management models.
- Analyze product, valuation reserve, risk management, and/or other financial/non-financial data to identify trends or indicators. Verify the accuracy of numerous reports and underlying data/calculations. Provide interpretive insights based on analysis of the results.
- Review system/model inputs and outputs for audited processes. Evaluate completeness of data and accuracy of mapping and aggregations.
- Uses business understanding to evaluate problems and potential solutions. Effectively communicates audit issues.
- Create audit engagement plans based on the risk and its impact on the organization; ensuring that the scope of work is appropriate for the audit assignment.
- Select and apply the appropriate tools and techniques to data gathering, analysis and interpretation, and reporting.
- Maintain industry specific knowledge appropriate to the organization, assigned audit engagements, and advisory projects.
- Identify and escalate strategic implications to the organization from audit issues. Ensure management actions have been effectively implemented through timely and consistent communication.
Senior Director, Corporate Actuarial
Education Requirements: Bachelor’s degree in actuarial science or related field required.
Other Requirements: Include:
- Satisfaction of the continuing education requirements of the actuarial profession on an annual basis.
- 8 to 10 years of experience in actuarial valuation and financial reporting.
- Detailed knowledge of, and experience with, all aspects of an insurance company including policyholder service, product pricing, dividend philosophy, and statutory/tax financial work.
- Ability to make decisions and commitments with minimal instruction.
- Desire to continually keep updated on industry developments, regulations and products.
- Ability to interact well with people, both within the home office and with agents and consultants.
- Supervisory abilities.
- Excellent personal computer skills, including proficiency in Microsoft Office, CASE, ALFA, or similar valuation and projection software.
- Professional oral and written communication skills required.
- Ability to work well with pressures of frequent deadlines and conflicting priorities.
- Effective planning, organizational, analytical, and problem-solving skills required.
- Talent required in mission, focus, positivity, leader, business thinking, delegator, persuasion, profit orientation, competition, caring, relationship, exactness, recruiter.
Salary Range: $132k to $165k DOE + 15% target bonus
Description: This job has overall responsibility of Corporate Actuarial functions and reports to the Vice President and Chief Financial Officer. Oversees and participates in the preparation of financial statements, valuation reports, cash flow testing, ALM and experience studies. Provides direction and supervision for Corporate Actuarial associates. Maintains knowledge of current industry developments, regulations and products. Performs work using methods and procedures with discretion and limited by policies set by administrative or legislative authority. Serves as the Appointed Actuary. Essential functions include:
- 40% Leads the functions of the Corporate Actuarial department, which includes:
- Preparing financial statements, producing statutory and tax valuations, and performing cash flow testing and ALM modeling.
- Overseeing the development of experience studies by providing formulas, checking for accuracy and providing technical assistance.
- Making recommendations and informing management of the financial impact of company strategies and tactics.
- Providing oversight and support in the implementation of new and revised products to company valuation and projection systems.
- 30% Performs work using methods and procedures with discretion and limited by policies set by administrative or legislative authority, which includes:
- Performing work of Appointed Actuary to certify adequacy of reserves.
- Updating company experience studies to develop and analyze expense, mortality, morbidity, and persistency experience.
- Maintaining current interest rates on company systems.
- 20% Provides direction and supervision to the Corporate Actuarial team, which includes:
- Managing department operation and associates.
- Answering questions in general or on a specific policy basis concerning values, rates, assumptions and procedures.
- 5% Maintains knowledge of current industry developments, which includes:
- Keeping current with new technology and ideas by reading trade publications and attending seminars.
- 5% Performs other duties as assigned.
Executive Director & Actuary, Global Life Insurance Valuation
Education Requirements: Bachelor’s degree in Math, Finance, Actuarial Sciences, Statistics or related field.
Other Requirements: Include:
- 7+ years of actuarial experience in life insurance/reinsurance.
- Prior management experience.
- Advanced PC and technical skills, including database applications (Access, Oracle, SQL or equivalent technology), spreadsheets, statistical programs and actuarial software (TAS, AXIS, Prophet, or equivalent).
- Highly advanced ability to model various insurance products and reinsurance structures.
- Demonstrated knowledge of life insurance, longevity, institutional and/or annuity products.
- Expert knowledge of GAAP, Statutory, and Tax valuation and financial reporting.
- Highly advanced people management skills, demonstrating the ability to lead, mentor, and develop associates; including the ability to delegate key areas of responsibility.
- Highly advanced oral and written communication skills, demonstrating the ability to convey business terminology that is meaningful and well received by all stakeholders, including customers and associates.
- Highly advanced interpersonal skills, demonstrating the ability to work effectively with different disciplines, including pricing, investments, accounting, systems, and administration.
- Highly advanced project management skills. Demonstrates an ability to evaluate project objectives and scope for feasibility and understanding.
- 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.
- Ability to work independently and to work well within a team environment and participate in department projects.
- CFA, PRMIA PRM, GARP FRM, or other such financial risk management designation.
- Stochastic modeling and/or asset liability management experience.
- Familiarity with deferred and immediate annuities, including equity-indexed and/or variable annuities.
- Familiarity with fixed income investments, understanding of asset modeling techniques and capital markets.
- Understanding of pension and other longevity products.
- Expert knowledge of local regulatory environments.
- Reinsurance industry and/or merger and acquisition experience.
- Prophet expertise in ALS and at least one liability library with preferred expertise in at least one of the summary or GAAP cohort libraries.
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 Executive Director & Actuary, Global Life Insurance Valuation is a leader within a high performing group that conducts financial reporting and analysis for a wide range of US and International products underlying our Client’s Non-Traditional reinsurance treaties. Products include Variable and Fixed annuities, Fixed Index Annuities, Payout Annuities, Universal Life, various derivatives, and Longevity Swaps. While the focus is on US GAAP reporting and planning, the role also includes production and analysis of other important metrics, including US Statutory reserves, Tax, Solvency II, ORSA, Cash Flow Testing, Economic Capital, and Embedded Value. This role will also be heavily involved with some of the latest industry initiatives such as IFRS 17 and US GAAP targeted improvements. Communication with key executives at the company along with maintaining excellent relationships with Global Administration, Finance, Pricing and Risk Management teams are components of the role. Duties and responsibilities include:
- Contributes to the ongoing enhancement of the reporting process by developing and updating actuarial assumptions and models. Maintains, documents, and supports results, approaches, and controls used to produce and monitor results.
- Lead analysis of US GAAP, Local Statutory and US Tax valuation results for assigned business and ensures these items are appropriately documented and posted under required deadlines.
- Oversees the development of projections for financial planning as well as for other important initiatives such as ORSA, PBEC, Embedded Value, etc.; communicates the appropriate financial analytics, including a discussion of major drivers of variance.
- Produces asset projections and work with investment on understanding the variance.
- Play a critical role in high profile projects such as US GAAP Targeted Improvements and IFRS 17.
- Act as a subject matter expert on assigned business, including monitoring company experiences and producing high quality documentation.
- Performs supervisory duties including, but not limited to, hiring, training, evaluating, coaching, and disciplining direct reports; Fosters a positive and engaged work environment; Mentors associates and gives guidance on associate development.
- Serves as a liaison with other lines of business and company functions/departments to promote improvement in valuation and financial analysis for assigned business.
- Track and review SOX controls to ensure quality and integrity of financial reports.
- Respond to stakeholder requests in a timely manner.
Assistant Actuary, Corporate Actuarial Modeling
Location: Midwest. Consider remote candidates, but preference is onsite.
Education Requirements: Bachelor's degree, preferably in Mathematics, or a Business-related field.
Other Requirements: Include:
- Extensive experience with actuarial modeling software, preferably MG-ALFA.
- Prefer at least 6 to 8 years of experience in the field of Actuarial Science.
- FSA preferred. Will consider near-FSA actively pursuing completion of FSA or career ASA.
- Would like this person to demonstrate leadership on projects, but not wanting a formal leadership role.
- Prior experience in a controlled Model Governance environment a plus.
- Prior experience with SQL and Visual Basic for Applications (VBA) is desired.
- Demonstrate a superior level of mathematical ability, 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.
- Ability to work both individually and as part of a team.
- Highly organized with the demonstrated ability to prioritize multiple projects and to switch priorities as necessary.
- Ability to work effectively in an office environment.
- Due to the financial nature and level of accountability of this job, a credit and criminal background check is required.
Salary Range: $110k to $160k
Description: This individual will serve as a leader within the Model Development area of the Corporate Modeling department in implementing changes to actuarial models in accordance with Company’s Model Governance process. 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 implement product support to meet those objectives. Manage multiple projects and work collaboratively with other departments, providing technical guidance as needed. Lead special projects as directed. Two job openings are available, and one could be filled at a lower level. Duties and responsibilities include:
- Provide leadership in implementing changes to models in accordance with Company’s Model Governance process. Work with fixed, indexed and variable universal life insurance, term life insurance, whole life insurance, immediate and fixed annuities, indexed and variable deferred annuities.
- Apply strong knowledge of our Client’s products related to area of focus. Understand new and key products, how their features impact risks, and make recommendations regarding how to incorporate into existing models and/or actuarial processes.
- Apply expertise with 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 reasonable assumptions. Apply as needed for actuarial calculations and/or financial projections. Leverage Company data, industry data and/or any other information indicating a potential change in the future experience 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, validate and interpret complex financial models which may include models for reporting of assets, liabilities, solvency and profitability measures, product pricing and financial projections. Choose the appropriate assumptions and modeling approach while using the right tools and methods to maximize efficiency and accuracy. Analyze the results for reasonableness and explain the results of both deterministic and stochastic projections. Ensure proper model governance, peer review and documentation are completed. Provide leadership with developing and maintaining replication tools used for validation.
- Leverage knowledge of accounting standards and other reporting requirements covering insurance and assets backing liabilities to understand, analyze and explain the impact of product or assumptions changes on financial reporting. This includes balance sheets and income statements produced by actuarial models. Assist in interpreting and implementing changes in accounting and/or actuarial standards.
- Utilize spreadsheets, databases and other data analytic software as needed to perform data analysis and summarize, manipulate, transform and aggregate data efficiently and accurately. Perform checks to confirm the robustness of the data and analysis. Communicate clearly and effectively the key points of the analysis to management team.
- 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 experience. Assist in developing risk mitigation techniques to ensure risks are within acceptable Company limits.
- Lead special projects as required. Effectively plan and prioritize your work in accordance with department and/or Company objectives and priorities. Complete projects on time and with high standard and accuracy.
- 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 tasks to support other areas of the Company. Develop relationships with others outside the Company, including outside vendors that provide service.
Actuarial Assistant, Corporate Actuarial Modeling
Education Requirements: Bachelor's degree, preferably in the area of mathematics, or a business-related field.
Other Requirements: Include:
- Prefer a minimum of 3 SOA exams and must continue to pursue an actuarial designation in the Society of Actuaries' examination program.
- Prefer at least 2 to 4 years of experience in the field of Actuarial Science.
- Demonstrate a high level of mathematical ability and attention to detail and strong analytical skills.
- Demonstrate strong computer skills including experience using applicable technical tools.
- Demonstrate strong written and verbal communication skills.
- Possess basic knowledge of insurance industry.
- Ability to analyze problems or questions and provide insights to requestor.
- Ability to work both individually and as part of a team.
- Highly organized with the demonstrated ability to balance multiple projects.
- Ability to work effectively in an office environment.
- Criminal background check is required.
Salary Range: $60k to $80k
Description: This individual will be responsible for accurately and efficiently performing the technical actuarial tasks related to this role. This may include assisting with modeling, data analytics, product development and/or financial reporting for our Client’s products. The Actuarial Assistant, Corporate Actuarial Modeling will provide technical guidance as directed. This role could be filled at a lower level Actuarial Student. Duties and responsibilities include:
- Develop strong knowledge of our Client’s products related to area of focus. Understand customer value propositions.
- Understand the basic types of insurance contracts and actuarial related regulations, basic product features and policy transactions. Apply understanding of product designs and cash flows in actuarial processes and functions. Assist in preparing materials required to comply with applicable regulations.
- Develop good knowledge of assumptions required for actuarial calculations and modeling and assist in applying them. Interpret historic data to make and justify simple recommendations for individual assumptions. Use actuarial models to understand the impact of a change in assumptions. Document assumptions made to support the work and the sources of the assumptions.
- Develop good knowledge of actuarial modeling and/or valuation software, (i.e. what the key elements are, what they can be used for and their potential shortcomings). Create and alter simple financial models, including making and validating small changes to complex models. Build tools to ensure accuracy and efficiency of models. Document model inputs and results.
- Develop basic knowledge of accounting standards and other reporting requirements covering insurance liabilities and the assets backing liabilities. Assist in analyzing basic financial reporting as needed, including balance sheets and income statements produced by actuarial models. Understand and report on pre-defined profit measures.
- Modify and use existing spreadsheet, database and other data analytic software to perform data analysis and summarize, manipulate, transform and aggregate data. Present aggregated data verbally, numerically, graphically or in another written format to highlight key features. Perform checks to confirm the robustness of the data and analysis.
- Understand basic concepts of relevant actuarial risks and the implications of failing to manage risk. Assist in the quantification of risk exposure and use model projections to produce management information to measure and to monitor on-going exposure. Assist in developing risk mitigation techniques.
- Assist with special projects as required. Work individually and/or in teams to complete projects on time and with high quality. Effectively plan and prioritize your own work in accordance with broader team or department objectives and priorities.
- Develop relationships with other departments and business units. As needed, perform actuarial calculations to support administration or test IT functionality.
- Participate in the Society of Actuaries’ examination program with a satisfactory pass record per our Client’s actuarial study program guidelines.