Head of ALM Strategy
As a key member of the Strategic Actuarial Initiatives team, MassMutual is seeking for an enthusiastic, well-rounded and motivated individual to lead the ALM Strategy team within the broader Corporate Actuarial and Business Analytics (CABA) team. In this function, this individual will be accountable for ALM Strategies of all of MassMutual’s insurance products and is expected to successfully partner with the investment, pricing and valuation teams of the various businesses.
As Head of ALM Strategy, this individual is expected to:
- Evaluate the on-going fit and adequacy of existing ALM strategies (including hedging) as market environment changes and make strategy, budget and other related recommendations, as applicable, while taking into account costs, risks and benefits of alternatives
- Evaluate existing ALM modeling and applicable metrics & measures to improve existing processes and/or make suggested changes
- Critically and logically build financial and/or non-financial analytical models that drive fact-based decision-making to support ALM decision made by the leadership team
- Chair the Capital Market Assumptions Group accountable for the review, update, management and monitoring processes and policies for recommending asset assumptions used in valuation, pricing and financial projections
- Provide thought leadership, technical expertise, oversight and value-added support & guidance related to all aspects of ALM
- Support enforcement of corporate guidelines and governance processes with respect to asset assumptions including sufficiency of documentation to meet AOM/VM-30, VM-31, VM-G, GAAP, applicable SOPs and any other regulatory requirements
- Closely collaborate with the Product Pricing Oversight and Reinsurance Oversight teams to ensure adequacy and appropriateness of asset assumptions and ALM strategies recommended as part of the pricing exercise/financial reinsurance transactions
- Stay abreast of emerging regulations as they impact applicable aspects of ALM, hedging, economic assumptions and related actuarial work;
- Participation on select US, International and Corporate projects and initiatives as applicable
- Team leadership, clear communication and solid partnership with the business and other departments
Reports to: Head of Strategic Actuarial Initiatives
Peers: Head of Product Pricing Overview, Head of Assumption Oversight and Head of Reinsurance Oversight
Subordinates: Manage a team of initially 0-1 employee
This is an opportunity to join a thriving insurance organization. Growth, innovation and a consistent focus on policyholders and customers sets MassMutual apart and gives them a competitive edge in the market. We consistently challenge the organization to deliver stronger and better methods to achieve results and as a result are generating double digit sales growth year after year.
CANDIDATE QUALIFICATIONS
- Fellow of Society of Actuaries (FSA), or equivalent professional credential from recognized professional actuarial association
- 10+ years of insurance and annuity experience, preferably in the U.S. market, in areas such as ALM, hedging, pricing, valuation, reinsurance and/or capital management
- Strong knowledge of actuarial and risk management concepts and practices; experience with quantifying, analyzing and managing a range of product risks
- Self-motivated and independent with strong analytical, critical thinking, and problem-solving skills; comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to problems and challenges
- Effective time management, planning and organization skills
- Strong interpersonal, communication and influencing skills: ability to convey complex issues, explain methodologies and influence resolutions in writing and orally
- Ability to rapidly respond to changes in direction, tight deadlines and high-pressure situations