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AVP Annuity Product Actuary
Location: Des Moines, IA
Education Requirements: Bachelor's degree is required in mathematics, actuarial science or related degree.
Other Requirements: Include:
- FSA and MAAA are required.
- Minimum 8 years actuarial experience, with at least six years of experience in progressively responsible product positions in the insurance industry.
- Supervisory experience.
- Strong technical, analytical, organizational, computer, and team skills.
- Strong Pricing and annuity knowledge.
- Knowledge of Axis or closely related actuarial/pricing software is preferred.
- Proactive individual who can provide strategic thinking to Product Development team with solid analytical, visionary and conceptual skills.
- Self-starter who demonstrates strong initiative and displays a high energy level.
- Strong problem-solving skills that include advanced analytical and reasoning abilities.
- Ability to establish and maintain strong internal relationships within the company.
- Strong presentation skills.
- Team player who can function as a key member of a small group in which members of the team work with great autonomy and take a high degree of ownership for their areas of responsibility.
- Business acumen to gain credibility within the organization.
- Knowledge of Microsoft Office applications (Word, Excel, PowerPoint, Access).
- Excellent team-building and supervisory skills, with the ability to recruit, retain, coach, delegate and mentor actuarial students.
- Ability to participate in establishing goals, structures, and processes necessary to implement a mission and strategic vision.
- Support effective partnerships with key groups and individuals while possessing superior consultation and change management skills.
Salary Range: Negotiable DOE
Description: This job’s primary responsibility is to direct and provide leadership in the design, pricing and management of Fixed Indexed Annuity products for our Client. This job reports to the VP Annuity Product and will interact directly with all levels of senior management. The actuary’s primary responsibility is to lead actuarial work on the development, design, pricing, risk analysis, and on-going management of the Fixed Indexed Annuity products. The job supports the product lines to comply with various state and federal regulations and ensure the company objectives are achieved. The job also participates in discussions on new product designs; initiating and analyzing applicable actuarial research; developing actuarial assumptions and policy values; developing and maintaining profitability models, analyzing results, and making recommendations of any changes to the product lines of business that need to be implemented for the best interest of the company. This job has visibility into state filings and inforce management of the annuity product line. Responsibilities include leading a small team of internal actuarial staff members and working with external actuaries. Job duties and responsibilities also include:
- Determination of Product Features and Rates:
- Perform pricing exercises in accordance with established pricing guidelines and profitability targets for all Annuity products, with a focus on equity index products.
- Work closely with the investment actuary to ensure proper pricing and implementation of appropriate investment strategies for new business.
- Monthly re-pricing and new business analysis of all current retail annuity products.
- Evaluate New Business in a risk adjusted framework.
- Product Development:
- Provide analysis for the Product Development team on feasibility of product ideas.
- Provide Valuation and Non-Forfeiture Law expertise for Fixed Indexed Annuity products.
- Recommend design and contract language changes along with investment and compensation practices.
- Lead the preparation of all annuity pricing-related Product Specifications and Pricing Report documents.
- Sales Illustrations:
- Assist in ensuring new and existing products are properly supported in calculators and the Illustration systems.
- Inforce Management:
- Collaborate with others in supporting product implementation and inforce management of the Annuity Products.