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Actuarial Associate, Life Insurance Product Development Job

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Actuarial Associate, Life Insurance Product Development
Job# 2774
Location:  Midwest
Education Requirements:  Bachelor’s degree required, preferably in mathematics, or a business-related field.
Other Requirements:  Include:

  • ASA preferred and/or 4 to 6 years of experience in the field of Actuarial Science.
  • Experience with pricing and implementation of life insurance products ideal.
  • Experience with MG-ALFA preferred.
  • Demonstrate a high 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.
  • Demonstrate strong written and verbal communication skills including ability to present technical information to actuarial audiences.
  • Possess solid understanding of insurance industry.
  • Ability to identify and analyze 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 manage multiple projects and to switch priorities as necessary.
  • Ability to work effectively in an office environment.

Salary Range:  $90k to $120k
Description:  Serve as a leader to effectively and efficiently perform actuarial processes related to the pricing and implementation of life insurance products for our Client.  Understand our Client, and its business unit’s financial goals and objectives.  Analyze, summarize and present management information.  Provide technical guidance to others and lead projects as directed.  Job duties and responsibilities include:

  • Develop strong knowledge of our Client’s products related to area of focus.  Understand customer value propositions.  Price new life products that meet established profitability and competitive standards.
  • Apply good knowledge of insurance contracts and actuarial related regulations to perform existing actuarial processes.  Prepare materials required to comply with applicable regulations.
  • Develop and apply assumptions required for actuarial calculations and modeling.  Interpret internal and external data available to make and justify recommendations for individual assumptions for review by management.  Use actuarial models to understand and explain the impact of a change in assumptions.  Document assumptions and sources of data used.
  • Create, understand and interpret complex pricing models.  Assist in choosing the appropriate modeling approach, following best practices, and using the right tools and methods to maximize efficiency.  Perform analysis and assist in explaining the results of both deterministic and stochastic projections.  Ensure that proper governance, peer review and documentation are completed.
  • Create and apply complex spreadsheets to assist in the development of new product features.  Demonstrate a competitive spirit, try new things, be curious, and use keen problem-solving skills to come up with the best possible product designs.
  • 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 exposure.  Summarize and present analysis to appropriate actuarial leaders.  Assist in developing risk mitigation techniques.
  • Assist and/or lead 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.  Work with a goal toward accuracy and efficiency.
  • 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.
  • Participate in the Society of Actuaries’ examination program with a satisfactory pass record per our Client’s actuarial study program guidelines.

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