Head of ALM Strategy at MassMutual

| Greater Boston Area
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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

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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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