Newly created role for a VP, Actuarial Inforce Management to join our Client, a leading provider of life and annuity products. The job requires an FSA. Also, requires 6+ years actuarial experience and 5+ years managing or leading technical resources. Furthermore, candidate needs 5+ years executing complex and data driven processes. Also, requires expert understanding of profit drivers for in force policies. Finally, requires strong data management, communication, & presentation skills. This VP, Actuarial Inforce Management job reports to the EVP, Chief Actuary and will manage a team of actuarial and non-actuarial staff. Salary is $175 to $200k + 30% STI + 30% LTI. Apply now for this exciting Job 2839.
The Essential Functions
This VP, Actuarial Inforce Management job has responsibility for and oversight of management and profitability of all in force policies. Also, understanding the actual emergence of customer behavior through experience analysis. Furthermore, provides recommendation and support for all customer behavior assumptions used in pricing, modeling and reserving.
Duties and Responsibilities
- Profitability of in force policies through the management of non-guaranteed elements of policies.
- Provide oversight and guidance for enhancing the credited rate setting and monitoring process.
- Non-voting chair of the Rate Setting Committee.
- All recommendations for credited rate adjustments to the Rate Setting Committee needed to achieve target profitability.
- Develop and lead process for inforce profitability review. Make recommendations for non-credited rate adjustments needed to achieve target profitability.
- Employ sound analysis and judgement in balancing the trade-offs between profitability and brand reputation.
- Engage with organizational change management teams to ensure accurate and timely implementation of approved credited and non-credited rate changes.
Additional Duties and Responsibilities
- Coordinates with the Corporate Secretary all necessary documents and support needed for the Board in support of rate and assumption changes.
- Oversee all experience study work for all product lines, development and analysis of experience studies, deployment of new analysis techniques where appropriate, preparation of assumption recommendations.
- Maintain expert knowledge of emerging industry experience for product features and benefits pertinent to inforce blocks. Also, integrate industry experience into assumption review process where experience is less credible.
- Participate in and utilize third party services and surveys to augment understanding of emerging experience and expectations of future experience, especially where Client’s experience is not credible and future experience has high impact on emergence of profits.
- Partner with other teams throughout the organization to develop strategies and campaigns to optimize inforce experience through efforts to engage both customers and agents.
- Assists in evaluation of M&A opportunities, specifically with respect to assumptions used in evaluating liabilities.
Experience and Education Requirements
- Bachelor degree and 6+ years of related actuarial experience.
- FSA or Near FSA
- Minimum of 5 years managing or leading teams’ technical resources (e.g. actuaries, PAs, BAs)
- Minimum 5 years of experience in role that requires execution of complex and data intensive processes, including ongoing efforts to improve efficiency and automation
- Expert knowledge and understanding of profit drivers for inforce policies
- Also, sound knowledge of business and technical operations preferred.
- Furthermore, knowledge of industry best practices/methodologies for managing large inforce blocks
- Experience with general account insurance products, including but not limited to indexed and fixed UL, fixed and fixed indexed annuity products, multi-year guarantee annuities is preferred.
- Finally, experience with IMO and Bank/Broker Dealer distribution networks is preferred.
Skills and Abilities
- Strong data management skills
- Also, strong programming and mathematical skills
- Most noteworthy, strong communication and presentation skills
- Strong attention to detail
- Self starter who can develop policies, procedures and protocol
- Furthermore, problem analysis and resolution at both the strategic and tactical/functional level
- Ability to organize and manage multiple priorities required
- Finally, Intermediate knowledge of Microsoft Office applications (Word, Excel, PowerPoint, Access)