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Actuary & Supervisor, Model Development Job

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Actuary & Supervisor, Model Development
Job# 2736
Location:  IL
Education Requirements:  Bachelor’s degree in Mathematics or related field. Graduate degree preferred.
Other Requirements:  Include:

  • FSA.
  • MAAA.
  • Experience with MG-ALFA Actuarial Modeling software.
  • 5 years related work experience.
  • Strong project management skills.
  • Strong organizational, technical and communication skills.
  • Ability to train and supervise staff and establish priorities.
  • Leader: Inspires teammates to follow them.
  • Functional Expert: Considered a thought leader on a subject.
  • Detail Oriented: Capable of carrying out a given task with all details necessary to get the task done well.

Salary Range:  Negotiable
Description:  Newly created role with growing Life and Annuity Insurance Company.  Supervise the actuarial model development processes. Work with Senior Actuary to develop and manage our Client's actuarial policies and procedures and define department priorities and resource allocations as they relate to model development.  Job duties and responsibilities include:

  • Provide guidance and advice regarding actuarial matters of a corporate or modeling nature.
  • Supervise the development and maintenance of all corporate models.
  • Develop, implement and manage model governance and validation for use with all models.
  • Plan, organize and supervise departmental methods and procedures relating to model development in conjunction with the Senior Actuary.
  • Coordinate functions, responsible for development of new models, updates to models for new products, revisions of product factors and updates to asset and liability assumptions.
  • Manage updates to modeling software to evaluate impact on models and any changes needed as well as coordinate system updates for all model users.
  • Provide guidance and interpretation to department staff and other Home Office staff on actuarial theories, methods, and practices as they relate to modeling (i.e. pricing model, Enterprise Risk Management Model, Interest Rate Risk Model).
  • Coordinate model development work with model users assuring timeliness and development of the model for proper and intended usage.
  • Supervise the design and maintenance of models to analyze and project our Client’s financial results under a variety of assumptions and conditions.
  • Supervise the development of modeling assumptions using experience studies and manage modifications to the model projections.
  • Update and analyze Corporate Plan Model, Enterprise Risk Management Model (for Own Risk and Solvency Assessment Report), and Interest Rate Risk Model.
  • Respond to various regulations and the impact they can have on our Client’s models.
  • Develop methodologies to analyze sources of profit for inforce business.
  • Develop programs and procedures required to implement and maintain model integrity.
  • Train, motivate, and develop staff to meet the current and future needs of the department and our Client.
  • Assist in maintaining discipline, resolving problems, determining performance, and recommending promotions, transfers or dismissals of department staff.

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