We are looking for a driven, collaborative and creative person that will be responsible for developing and executing the quarterly GAAP and STAT financial forecast (balance sheet, income statement and cash flows) related to MassMutual?s insurance activities on SFAS 60 and SFAS 120 products; including premiums, benefits, claims, DAC and DAC amortization, insurance flows, reserves etc. ?This position will review financial models and related inputs / assumptions for whole life, term life, DI and LTC in advance of each forecast run to ensure that (1) assumptions used in the financial forecast use the most relevant assumptions, (2) all assumptions / models are well documented with sufficient audit trail / support, (3) users of the financial forecast understand and accept assumptions / results, and (4) models represent product design and are consistent with other modeling performed (e.g. cash flow testing, pricing, VNB, etc). This position is also responsible for generating the annual strategic plan and budget for insurance activities.?

We are in the process of transforming our financial forecast and management reporting capabilities.? We expect to implement the first iteration of the new forecast engine in 1Q21.? This will require constant refinement during non-forecast periods as we continue to enhance the tool using AGILE methodology.? We expect this role to help drive implementation (including user training) and user interfaces.

The Strategic Planning and Forecasting Business Lead, SFAS 60 / SFAS 120 Insurance Activities is a highly critical and influential role within the Strategic Planning and Forecasting team at MassMutual, and reports to the Head of Strategic Planning and Forecasting. This candidate will perform detailed analysis around the results of our financial forecast and tell the ?story? of where the numbers are heading and actions that management should take. This individual needs to be proactive and highly responsive to client needs, anticipating upcoming deliverables and taking accountability for proper execution. The timing, accuracy and hands-on execution of deliverables must be managed carefully to ensure the proper attribution of results, so the organization understands all storylines.

The ideal candidate will have subject matter expertise on SFAS 60, and SFAS 120 insurance products and the related GAAP and STAT accounting. Continuously research and monitor new developments across the industry. This individual should excel at working collaboratively and cross-functionally with subject matter experts to ensure that MassMutual?s forecast incorporates material assumptions. The ideal candidate will need to excel in communications with team, peers and leaders within and outside the communications function. A strong understanding of financial statements and the pricing and construct of our whole life, term life, DI and LTC insurance products is a must, along with the ability to translate and distill complex financial issues into usable facts and suggestions. The ideal candidate will also have experience with business intelligence technology.

Understanding MassMutual?s competitive and financial position, as well as strategic imperatives, will be critical. Things move fast at MassMutual and the successful candidate must be able to ?roll with it,? and be hands-on when required.?

The team is currently located in Springfield MA and Boston MA.?

Overall Responsibilities:

• Drive MassMutual?s Forecast and Plan processes with continuous focus on refining models, identifying and driving improvements to better tell the story and model different scenarios
  • Link finance to enterprise strategy and senior executives based on an understanding of both the business and financial conditions
  • Effectively identify, utilize and present data in a way that facilitates evidence-based decision-making
• Broad and deep knowledge of life and annuity insurance forecasting concepts, tools, and reporting, covering:
  • life and annuity insurance sources of earnings and accounting methods
  • predictive, driver-based forecasting techniques
  • scenario modeling
  • reinsurance

• Influence in the design of future forecast scenarios and strategic initiatives
• Provide support, modeling and financial analysis of potential future M&A targets, investment opportunities, department of insurance or rating agency requests
• Serve as an internal expert, consultant and resource accountable for GAAP and STAT FAS 60, 97, and 120 accounting; business modeling for life and annuity products (data, tools / technology, accounting, financial impacts, etc.); drive FP&A?s involvement in product pricing and VNB calculations
• Drive strategic initiatives such as Forecast Dashboards; promote and develop self-serve analysis, detailed reporting, and utilization metrics while ensuring excellent quality controls
• Analyze and drive all significant forecast metrics: AUM, flows, policy counts etc.
• Drive data requirements, ensure hierarchies maintained, design and build new Anaplan reports

The ideal candidate would have the following skills, experience and competencies:

Required:

• 10+ years of work experience with a track record of increasing responsibility
  • High degree of financial acumen including but not limited to:
    • Strong understanding of various insurance products including; whole life, variable annuity, fixed annuity, BOLI, COLI, disability etc.
    • Deep knowledge of insurance pricing models, ALM, VNB calculations, valuation and metrics such as AUM, cash flows and policy counts (related to the products above)
    • GAAP and STAT Technical accounting expert on life and annuity insurance products
• Bachelor?s degree in accounting, actuarial science, economics, finance or related discipline
• Master?s degree in business administration, finance or related discipline and professional certifications such as CPA, MBA, FSA, CFA and-or FCIA preferred
  • Familiarity with predictive forecasting techniques and scenario modeling
  • Strong analytical skills; ability to analyze financial data sets and tell the story of the data
  • Previous accounting policy experience highly desired
  • Proven ability to complete high quality work efficiently and increase autonomy over time
  • Experience with different types of legal entities, transfer pricing, allocations and consolidation
  • Able to build and maintain strong working relationships across cross-functional groups
  • Excellent verbal and written communication skills with the ability to express ideas in an articulate, organized and persuasive manner to leadership, staff, rating agencies, etc.
  • Able to work well under pressure and manage multiple deliverables
  • Able to travel between Boston, MA and Springfield, MA as needed

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