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Life & Annuity Pricing Actuary Job

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Life & Annuity Pricing Actuary
Job# 2760
Location:  IL or AZ or Remote
Education Requirements:  Bachelor’s degree (BS/BA) or equivalent in mathematics or finance from four-year college or university; and/or 10 years related experience in insurance product pricing and profitability; or equivalent combination of education and experience. Master’s degree preferred.
Other Requirements:  Include:

  • FSA. MAAA.
  • 10 years of experience, SOA annual compliant status requirement.
  • 3 years of life pricing experience with UL, Whole Life, and Term insurance products.
  • Proven leadership leading projects.
  • Experience mentoring junior actuaries and peer review (this role does not have direct reports).
  • Knowledge of insurance industry and product developments.
  • Aware of and familiarizes self with trends in the industry, including regulatory and in the actuarial field.
  • General knowledge of actuarial and pricing developments.
  • Life insurance compliance and regulations.
  • Entry, Basic, Mid, and Advanced-Level LOMA course levels will be required upon acceptance of position.
  • Experience in insurance product pricing and profitability, interstate insurance product regulation commission and state regulations, insurance policy forms.
  • Mathematical Skills:
    • Extensive knowledge of high-level mathematics including the ability to calculate figures and amounts such as discounts, interest and commissions.
    • Calculation of cash values, manipulation of rates, data analysis, statement of actuarial formulas, demonstration of examples in the actuarial memorandum for state filings. This includes items like the calculation of cash values for a whole life product, the correct manipulation of various rates, the analysis of data, and the statement of actuarial formulas and demonstration of examples in the actuarial memorandum for state filings.
    • Universal life’s variety of premium rates (target, minimum, TAMRA, Guideline Single and Guideline Level), guaranteed and current cost-of-insurance rates, expense loads, and numerous complex calculations dependent on these rates.
  • Computer Skills:
    • Knowledge of Microsoft Office (Excel, Power Point, Word).
    • Experience with modeling software, illustration systems and administration systems required.
    • Experience with Actuarial Software (such as TAS), LifePro and Excel Visual Basic for Applications (VBA) for large and iterative calculations.
  • Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations.
  • Ability to write reports, business correspondence, and procedure manuals.
  • Experience with documentation.
  • Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
  • Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists.
  • Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.

Salary Range:  $140k to $160k + 15% target bonus + $10k sign on bonus
Description:  Highly rated life insurance company founded over 120 years ago is seeking a Life & Annuity Pricing Actuary.  This is a business leader role responsible for new product pricing and re-pricing of existing products.  This includes managing and delivering pricing and pricing analysis, representing the actuarial point of view in the Product Development core team and coordinating with the Product Executive and the Chief Actuary on assumptions.  The Life & Annuity Pricing Actuary plays a key role in supporting on-going product management.  Partnering with Finance will be critical to being successful in this role.  This job has no supervisory responsibilities.  This position will report to the Sr. Director, Product.  Job duties and responsibilities include:

  • Responsible for recommending pricing assumptions and completing pricing; balancing profitability, competitive pressures and timeline while following regulatory requirements, Actuarial Standards of Practice and other compliance restrictions.
  • Leads collaboration with Research and Analytics staff to understand competition pricing levels and designs.
  • Actively participates in product development from the point of view of pricing, design, and profitability.
  • Supports product managers to help drive business direction.
  • Development of and response to objections to the Actuarial Memorandum and demonstrations for product filing.
  • Provides the actuarial point of view when assessing reinsurance treaties.
  • Responsible for actuarial models for pricing, profitability analysis and financial projections.
  • Understands experience studies (mortality, lapse, expenses, premium persistency, etc.) as well as underlying trends and limitations of the studies.  Knows and understands variation between pricing assumptions and emerging actual experience.
  • Understands the profitability of products being sold and with inforce business.  This includes understanding areas where each product is more or less profitable.
  • Board-appointed Illustration Actuary.  Accountable for annual testing and certification of compliance with illustration regulations and the related Actuarial Standard of Practice.
  • Provides analysis used to determine changes to non-guaranteed elements of products (premiums, COIs, interest rates, dividends, etc.).
  • Communicates effectively with key business partners.  This includes communicating product performance reviews and strategic product reviews.  Accountable for clear actuarial communications and documentation, including pricing and illustration testing.
  • Continuously monitors the industry and actuarial community for changes to regulations, actuarial guidelines and standards of practice and future opportunities for pricing and product design.  On-going research and analysis to prepare for potential future product development.
  • Provides peer review and support for other actuarial staff across the organization including directing the work of and mentoring others on the pricing team.  Collaborates regularly with the Valuation Actuary.
  • Leads the selection and management of actuarial vendors for pricing and other actuarial functions.
  • Completes continuing education needed to fulfill accountabilities and to maintain compliance with the Society of Actuaries and the American Academy of Actuaries.
  • Other duties as assigned.

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