Life Pricing Actuary
Life Pricing Actuary
Life Insurance Pricing and Profitability Team
Full-Time
Springfield, MA or Boston, MA (Hybrid)
The Opportunity
The Life Pricing Team is seeking a highly engaged individual to join a dynamic team environment. This individual will be organized, detail-oriented and excited to take accountability and ownership for their work.
In this role on the Life Insurance Pricing and Profitability team you will be responsible for partnering with our Underwriting and Medical teams to support analysis of new and existing underwriting programs. This role will also be responsible for supporting pricing initiatives for new life insurance products and product enhancements within MassMutual US. This is an opportunity to have a significant impact on a product line critical to our company's success.
The Team
The Life Pricing team is responsible for the pricing and profitability of MassMutual's retail life insurance products. The team is comprised of a group of actuaries and quantitative analysts with extensive experience in life insurance pricing, product development, and modeling. The team is focused on meeting the needs of three key stakeholders – our policyholders, our distribution partners, and our company.
The Impact:
- Profitability and Analytics
- Represent pricing and product in the management and analysis of our accelerated underwriting program. This includes working with our internal partners to develop analytics, communicate progress, and influence the design of future iterations of our program.
- Responsible for the analysis and monitoring of rider utilization and profitability
- Partner with New Business, Underwriting and Medical teams to assist in developing and assessing the protective value of key underwriting programs.
- Assist in the development, aggregation, and communication of quarterly VNB reporting
- Product Design and Pricing
- Participate in product development ideation
- Using actuarial principles and pricing models, lead the design and pricing of new life insurance products and/or enhancements to existing life products
- Develop and enhance pricing models to support product pricing and design
- Secure required pricing approvals from key stakeholders by balancing competitive benchmarks and acceptable levels of expected profit and risk
- Partner with the Experience Studies team to develop assumptions for new products. Create and maintain documentation for final pricing assumptions.
- Product Filing Support
- Research state/federal regulations that govern life insurance and develop actuarial memorandums and demonstrations to support state and federal filings of life products
- Product Implementation
- Develop actuarial calculation specifications and review requirements for implementation
- Assist with calculation testing and validation
The Minimum Qualifications
- 5+ years relevant actuarial experience
- Associate or Fellow of the Society of Actuaries
- Bachelor's degree or higher
- Knowledge of life insurance and/or annuity products
- Experience with actuarial models
- Ability to interact with technical and non-technical audiences at all levels, within and across organizational boundaries
- Strong interpersonal and communication skills: ability to document complex issues, methodologies, and resolutions such that others can readily understand them
- Ability to use a disciplined work approach to initiatives, projects, and day-to-day activities
- Ability to work cross-functionally to reconcile competing priorities while meeting organizational objectives
- Sound business judgment in an environment of rapid change, and the ability to respond to changes in direction, tight deadlines, and high-pressure situations
- Comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to a problem
- Takes ownership and is results-orientated
The Ideal Qualifications
- Life insurance pricing experience, along with exposure to coding/programming are a plus
- Experience with accelerated underwriting programs a plus
What to Expect as Part of MassMutual and the Team
- Regular meetings with the Life Pricing team.
- Focused one-on-one meetings with your manager
- Access to mentorship opportunities
- Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, veteran and disability-focused Business Resource Groups
- Access to learning content on Degreed and other informational platforms
- Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits
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MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
At MassMutual, we focus on ensuring fair, equitable pay by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component. For more information about our extensive benefits offerings please check out our Total Rewards at a Glance.