Head of Insurance and Product Risk at MassMutual

| Greater Boston Area
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At MassMutual, we’re passionate about helping millions of people find financial freedom and this passion has driven our approach to serving our customers and our communities.

Growth, innovation and a consistent focus on policyholders and customers set MassMutual apart and give us a competitive edge in the market. We consistently challenge ourselves to deliver. Help us change the future and join a team committed to excellence.


MassMutual is seeking a highly motivated and experienced professional to lead the Insurance and Product Risk Management function. Responsibilities include ensuring a transparent, collaborative and strategic practice in the assessment and articulation of risk. The ideal candidate will champion analytics and the enhanced use of data to drive sound decision making. This position requires the ability to “think outside the box”, collaborate with peers across the enterprise and work closely with the executive leadership team and other senior leaders, as well as the Product Approval Committee.

KEY RELATIONSHIPS

Reports to: Chief Risk Officer

Other key relationships: Risk professionals within ERM and across the enterprise, Chief Actuary, Chief Investment Officer, Chief Financial Officer, Lines of Business Heads, Head of Product

OVERALL RESPONSIBILITY:

Insurance risk

  • Oversees the enterprise management and reporting of insurance risks; mortality, longevity, morbidity, as well as policyholder behavior,
  • Establishes relevant stress testing and scenario analysis of these insurance risks (including stochastic modeling, and considering economic, GAAP, and statutory impacts), in support of enterprise risk appetite limit setting and new product approval,
  • Maintains continuing awareness of the external landscape, including e.g. medical advances, healthcare policy changes, in order to assess evolving risk landscape,
  • In collaboration with Capital Risk Management, develop product level risk reporting.

Product Risk Management

  • Non-voting member of Product Approval Committee (PAC)
  • Coordinates with Investment and Capital Risk Management to oversee the process for providing assurance to CRO/PAC that new products can be adequately hedged, with agreed upon risk/return profiles, and acceptable stress outcomes,
  • Contributes to the regular review of existing products, specifically in the assessment of realized vs expected risk outcomes, and the identification and evaluation of opportunities for risk mitigation, and strategic fit (i.e. in relation to product positioning and concentration)
  • Maintains continuing awareness of external landscape, including actual and potential regulatory and tax changes, and their impact on product design (e.g. the ‘4% floor’ issue) in order to assess current and prospective product viability,
  • Develop product specific risk/return analyses as needed. NB – does not include responsibility for pricing metrics, hurdles rates, etc

Reinsurance Risk

  • Collaborate with Investment Risk Management in recommending appropriate levels for reinsurance risk limits, in alignment with risk appetite and expected exposure evolution. Ensure appropriate controls are in place,
  • Evaluate new and existing reinsurance arrangements to ensure effective risk transfer, and strategic alignment.
  • Collaborate with Actuarial Strategy to develop strategies for reinsurance risk mitigation, the evaluation of the effectiveness of existing arrangements, and opportunities for recapture.

CANDIDATE QUALIFICATIONS:

  • Bachelor’s degree or equivalent is required; advanced degree/certificates highly preferred
  • FSA required
  • 15+ years of experience in life insurance in risk, product development or profitability related roles
  • Experience with morbidity products a plus
  • Extensive life and annuities product knowledge
  • Experience maximizing analytics and implementing data-driven methodology
  • Demonstrated success in leading and driving solutions involving multiple senior leadership constituencies
  • Comfortable dealing with ambiguity and complexity; willingness to explore multiple solutions to a problem
  • Highly effective critical thinker that can synthesize information from disparate sources and identify the key risks and issues for management action
  • Strong communicator, both written and verbal,
  • Marked executive presence and well honed-in influencing skills
  • Strong leadership skills; ability to engage and inspire; fosters a sense of energy, ownership, and personal commitment to the work; create an environment in which performance excellence is rewarded
  • Experience influencing and advising on a wide range of complex issues
  • Ability to listen, but also to persuasively convey opinions and recommendations

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Technology we use

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Location

We have two Boston office locations at 470 Atlantic Ave and One Marina Park. We are building our new Boston Campus at 10 Fan Pier target opening 2021

An Insider's view of MassMutual

What’s the vibe like in the office?

We work in an open floor plan, so there is a lot of opportunity for networking across roles, teams and levels. Everyone is very friendly and welcomes the opportunity to get to know other people on the floor.

Kristina

Digital Adoption Team Lead

What's the biggest problem your team is solving?

You don’t think of insurance as a hotbed for innovation but the very nature of our organization, Digital Experience, is to reimagine how a 168-year old company does business with its customers. Our Design team takes pride in an inclusive design process with everyone invited to provide feedback, from Product to Engineering to QA.

Maria

Digital Lead - Design

What makes someone successful on your team?

Successful people on my team are: passionate, curious, receptive, and engaged. Each team member is expected to be passionate about the work that they do, and the domains in which they practice. They are always solving unique problems and must be curious about finding new solutions.

David

Digital Lead

How do you empower your team to be more creative?

I encourage my team to embark on ‘deep work’ at least once a week on a ‘meeting-free’ designated day. We have design reviews to brainstorm alternative ways to solve business problems from a software engineering point of view. We consider self-reflection and brainstorming to be fundamental components of creativity.

Mike

Head of Data Science Software Engineering

How do your team's ideas influence the company's direction?

One of our projects is an application we built for our Investment Mgmt team called ViPER (Visualizing Investment Portfolio Enhanced Reporting). The application makes it easy to manage reports and get insights from Data Science models. Now with ~150 active users, it reflects how we’re using DS to facilitate data driven decision processes across MM.

Jasmine

Head of Data Science - Investments Domain

What are MassMutual Perks + Benefits

MassMutual Benefits Overview

At MassMutual, employees have the opportunity to earn a competitive salary and bonus, enroll in an
array of benefits, and participate in programs and services that support healthy lifestyles, assist them
in building financial security for themselves and their families and help them live well-balanced lives.

Culture
Volunteer in local community
Every action supporting a common cause is meaningful, and our employees make a difference in their own communities through our Matching Gift, Matching Time and Volunteer Time Off Programs.
Partners with Nonprofits
Every year, MassMutual and the MassMutual Foundation invest more than $20 million focused on advancing economic opportunity.
Intracompany committees
Daily stand up
Team owned deliverables
Open office floor plan
Diversity
Documented equal pay policy
Dedicated Diversity/Inclusion Staff
Highly diverse management team
More than half of our Board of Directors are comprised of women and people of color, making it one of the most diverse groups in the industry.
Unconscious bias training
Diversity manifesto
Someone's primary function is managing the company’s diversity and inclusion initiatives
Diversity Employee Resource Groups
Hiring Practices that Promote Diversity
Health Insurance & Wellness Benefits
Flexible Spending Account (FSA)
A health care flexible spending account (FSA) allows employees to save money on a before-tax basis for eligible medical, dental and vision expenses, subject to IRS limits.
Disability Insurance
For details on short term and long term disability insurance please visit https://www.massmutual.com/-/media/files/employee_benefits.pdf
Dental Benefits
Basic Dental covers preventive and basic restorative care; Major Dental covers all that Basic covers, plus restorations and orthodontia (limits apply).
Vision Benefits
Health Insurance Benefits
To learn more about our Health and Welfare Benefits please visit: https://www.massmutual.com/-/media/files/employee_benefits.pdf
Life Insurance
For more information about our Life Insurance Benefits please visit: https://www.massmutual.com/-/media/files/employee_benefits.pdf
Wellness Programs
Onsite Gym
Retirement & Stock Options Benefits
401(K)
In addition to our 401(k), MassMutual a cash balance plan that provides an account-based pension benefit based on accruals of pay credits and interest credits.
401(K) Matching
Performance Bonus
Match charitable contributions
Every action supporting a common cause is meaningful, and our employees make a difference in their own communities through our Matching Gift and Matching Time Programs.
Child Care & Parental Leave Benefits
Child Care Benefits
Dependent care flexible spending account to allow you to set aside before tax dollars to pay for certain eligible child care expenses.
Generous Parental Leave
Leave for birth mothers of 18 weeks of fully paid leave. Non-birth mothers, fathers and adoptive parents eight weeks of fully paid parental leave.
Flexible Work Schedule
Flexible work arrangements, including telecommuting, are available in many departments across the company.
Family Medical Leave
Caregiver leave: Up to two weeks paid leave to care for a loved one. Bereavement Leave: 15 days of paid time off to grieve the loss of a loved one with the employee defining who the loved one is.
Adoption Assistance
Vacation & Time Off Benefits
Generous PTO
Paid holidays: 9 fixed and 1 floating. Vacation: starts at 19 vacation and personal days per calendar year, with increases at 5-year service intervals.
Paid Volunteer Time
Three days of paid time off is available to employees annually to give back to their communities, by sharing their time and talent with a cause close to their heart.
Paid Holidays
Paid Sick Days
Occasional illness: up to 5 days per calendar year.
Perks & Discounts
Casual Dress
Commuter Benefits
Professional Development Benefits
Job Training & Conferences
Tuition Reimbursement
Lunch and learns
Cross functional training encouraged
Promote from within
Online course subscriptions available
Customized development tracks
Paid industry certifications

Additional Perks + Benefits

To learn more about our comprehensive benefits please visit: https://www.massmutual.com/-/media/files/employee_benefits.pdf

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