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Assistant Actuary & Manager, Corporate Model Production
Location: Des Moines, IA or Chicago, IL or Sioux Falls, SD
Education Requirements: Bachelor's degree, preferably in the area of mathematics, or a business-related field.
Other Requirements: Include:
- FSA preferred. Will consider near-FSA actively pursuing completion of FSA or career ASA.
- Prefer minimum 6 to 8 years of experience in the field of Actuarial Science.
- Extensive experience with actuarial modeling software, preferably MG-ALFA.
- Prior experience with SQL and Visual Basic is desired.
- Prior experience in a controlled Model Governance environment a plus.
- Demonstrate a superior level of mathematical ability and attention to detail and strong analytical skills.
- Demonstrate strong computer skills including proficiency in the use of applicable technical tools.
- Strong written and verbal communication skills including the ability to present highly technical information to non- technical audience.
- Experience leading projects and/or supervising work of others is preferred.
- Due to the financial nature and level of accountability of this job, a credit and criminal background check is required.
Salary Range: $130k to $160k DOE
Description: Lead a small team within the Actuarial Model Production area of our Client’s Corporate Modeling department that does corporate projects such as cash flow testing, Corporate Plan and asset/liability management reporting. Provide leadership and direction to analyze, summarize and present management information to drive decisions. Prioritize the team’s work, providing technical guidance and review results. Manage multiple projects and work collaboratively with other departments. Understand our Client’s companies, and its business units, financial goals and objectives and deliver results that support those objectives. Lead special projects as directed. This job has 1 to 2 direct reports. Job duties and responsibilities include:
- Lead staff in completing projections for regulatory and internal projects. Work with fixed, indexed and variable universal life insurance, term life insurance, whole life insurance, immediate annuities, and fixed, indexed and variable deferred annuities.
- Lead staff in developing and maintaining validation tools to prove results are accurate.
- Develop relationships with others outside the Company, including outside vendors.
- Utilize project management techniques to lead and manage projects.
- Apply strong knowledge of our Client’s products related to area of focus. Understand new products and make recommendations regarding how to incorporate into existing models and/or actuarial processes.
- Apply strong knowledge of insurance contracts and actuarial related regulations to perform existing functions. Recommend enhancements to existing processes or lead development of new processes to accommodate regulatory changes. Oversee preparation and review of materials required to comply with applicable regulations.
- Develop and recommend assumptions for management approval. Oversee application of assumptions needed for actuarial calculations or financial projections. Leverage company data, industry data and/or any other information indicating a potential change in the future to justify recommendations for individual assumptions. Oversee use of actuarial models to understand and explain the impact of a change in assumptions. Ensure assumptions and sources of underlying data are well documented.
- Leverage knowledge of accounting standards and other reporting requirements covering insurance liabilities and the assets backing liabilities to understand, analyze and explain financial reporting as needed. This includes balance sheets and income statements produced by actuarial models. Assist in interpreting and implementing changes in accounting and/or actuarial standards.
- Lead staff to create spreadsheets, databases and other data analytic software as needed to perform data analysis and summarize, manipulate, transform and aggregate data efficiently and accurately. Present aggregated data verbally, numerically, graphically or in another written format to highlight key features to inform management decisions. Oversee checks to confirm the robustness of the data and analysis.
- Understand concepts of relevant actuarial risks and the implications of failing to manage risk. Direct team to quantify risk exposure and use model projections to produce management information to measure and to monitor on-going exposure. Assist in developing risk mitigation techniques which may include product changes or new product designs.
- Develop and manage a team of actuaries and/or analysts. Manage and lead multiple projects. Effectively plan and prioritize your team’s work in accordance with broader department objectives and priorities. Provide technical guidance to the team and review their work for accuracy. Execute performance management responsibilities on a timely basis.
- 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, oversee preparation of actuarial calculations to support administration or test IT functionality.
- Enhance and develop personal and professional skills through the Society of Actuaries’ exam or continuing education requirements. Attending actuarial-related conferences is strongly encouraged.