Head of Insurance and Product Risk at MassMutual
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.
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
- 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
- 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.
- 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