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Actuary & Supervisor, Life Product Development Job

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Actuary & Supervisor, Life Product Development
Job# 2748
Location:  IL
Education Requirements:  Bachelor’s degree or better in Actuarial Science or related field.
Other Requirements:  Include:

  • Required:
    • 7 years related work experience.
    • FSA.
    • MAAA.
  • Preferred:
    • Inspires teammates to follow them.
    • Considered a thought leader on a subject.
    • Capable of carrying out a given task with all details necessary to get the task done well.

Salary Range:  Negotiable
Description:  Our Client seeks an Actuary to supervise the actuarial product development processes.  Successful candidate will have strong project management, organizational, technical and communication skills as well as the ability to train and supervise staff and establish priorities.  This role will assist the Chief Actuary in developing our Client's actuarial policies and procedures relating to product development and in defining department priorities and resource allocations.  Coordinate functions responsible for product development.  Provide guidance and advice regarding actuarial matters of a corporate or product nature.  Job duties and responsibilities include:

  • Supervise the use of product development models to analyze and project our Client's financial results based on product design.
  • Assist with planning, organizing, controlling, coordinating and supervising of departmental methods and procedures.  Work with Corporate Actuarial area to ensure new product implementation is coordinated with valuation and model development.
  • Train, motivate, maintain discipline, resolve problems and assist the Chief Actuary in determining performance, promotion, transfer, or dismissal.
  • Provide guidance and interpretation to department staff and other Home Office staff on actuarial theories, methods, and practices relating to product development.
  • Analyze competitive information necessary to maintain an awareness of new product designs available in the industry and our Client's standing in the marketplace.
  • Supervise the development of pricing assumptions using experience studies and recommend modifications for products being priced.
  • Develop and distribute certificate rates and values to appropriate systems and administrative procedures.
  • Assist in design and submission of various illustration and annual statement formats related to new product development.
  • Respond to various legislation and the impact on our Client's products, values, and projections.
  • Assist in the review and recommendation of various administrative rules necessary to maintain profitability of the products developed.
  • Support product filings with preparation of actuarial memorandums.
  • Supervise the design and writing of actuarial programs and subroutines for use in actuarial research projects or other areas requiring actuarial input as it related to product design.
  • Supervise the preparation of expense and investment income allocations to the lines of business.
  • Supervise the reinsurance process as related to product design, pricing, and underwriting and reinsurance retention limits.
  • Supervise the determination of various levels of surplus allocation and distribution required for our Client.

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