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Director, Annuity Product Management Job

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Director, Annuity Product Management
Job# 2809
Location:  West Des Moines, IA
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 at least 7 to 10 years of experience in the field of Actuarial Science.
  • Strongly prefer an individual with significant FIA and VA pricing experience.
  • Want an individual that is detailed and process oriented, preferably with experience developing and managing regular processes; thoroughly documented and properly controlled consistent with SOX 404 requirements.
  • Demonstrate a superior level of mathematical ability, 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 the ability to present highly technical information to non-technical audiences.
  • Ability to apply insurance industry knowledge, preferably in the fields of individual life and annuities.
  • Ability to identify and direct the analysis of problems or questions and provide recommendations to appropriate audiences.
  • Experience leading projects and/or supervising work of others is preferred.
  • Ability to work both individually and as part of a team.
  • Highly organized with the demonstrated ability to prioritize multiple projects and to switch priorities as necessary.
  • Ability to work effectively in an office environment.
  • Due to the financial nature and level of accountability of this position, a credit and criminal background check is required.

Salary Range:  $130k to $175k
Description:  This is one of the many actuary jobs Mid America Search has. The Director, Annuity Product Management oversees an actuarial function that will support a specific business unit and may support multiple business units.  May lead a team of actuaries and/or analysts to develop processes and tools in line with best practices.  Oversee analysis and documentation, develop recommendations and present to management to drive decisions.  Prioritize the team’s work, providing technical guidance and reviewing the results.  Manage multiple projects and work collaboratively with other departments.  Understand our Client and their business unit financial goals and objectives then deliver results that support those objectives.  Lead special projects as directed.  Duties and responsibilities include:

  • Apply advanced knowledge of our Client’s products, new business and in-force.  Understand new and key products, how their features impact risks, and make recommendations regarding how to incorporate into existing models and/or actuarial processes.
  • Apply expertise regarding insurance contracts and actuarial related regulations to perform existing functions.  Recommend enhancements to existing processes or develop new processes to accommodate regulatory changes and new products.  Oversee preparation and review of materials needed to comply with applicable regulations.
  • Lead the identification, development and implementation of assumptions needed for actuarial calculations or financial projections.  Leverage company data, industry data and/or any other information indicating a potential change in future experience to justify recommendations for individual assumptions.  Distinguish between best estimate and prudent assumptions.  Oversee the use of actuarial models to understand and explain the impact of a change in assumptions.
  • Lead staff to create, understand, validate and interpret complex financial models in line with best practices which may include models for reporting of assets, liabilities, solvency and profitability measures, product pricing and financial projections.  Apply judgment over the choice of tools and models through an understanding of limitations and the use of the financial information produced.  Maximize efficiencies.  Oversee and review analysis and explain the results of both deterministic and stochastic projections.  Ensure proper model governance, peer review and documentation are completed.
  • Leverage knowledge of accounting standards and other reporting requirements covering insurance and assets backing liabilities to understand, analyze and explain financial reporting or the projected impact of product and assumption changes on financial results.  This includes balance sheets and income statements produced by actuarial models.  Understand how model results compare to actual financials results, document and explain any differences that may impact conclusions drawn from the models.  Assist in interpreting and implementing changes in accounting and/or actuarial standards.
  • Lead staff to design and develop efficient data systems and oversee analysis of data.  Recommend appropriate data analysis techniques given the nature of the analysis needed.  Use expertise to advise and challenge multiple data analysis exercises.  Use key insights to make recommendations to management.  Ensure proper governance and documentation are completed.
  • Understand relevant actuarial and investment risks, their underlying drivers, and our Client’s limits for these risks.  Lead development of appropriate methods to monitor, measure and project risk exposure.  Understand the implications of failing to manage risk.  Provide leadership and direction to team to assist in developing risk mitigation techniques.  Prepare and present risk analysis to management.
  • 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.  Collaborate and communicate effectively with other actuarial teams to ensure consistency in modeling approaches and assumptions across actuarial functions.
  • Enhance and develop personal and professional skills through the Society of Actuaries’ continuing education requirements.  Attending actuarial-related conferences is strongly encouraged.

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