Actuarial Product Oversight Consultant
MassMutual is seeking an enthusiastic, well-rounded and motivated professional to join the Product Pricing Oversight team within the broader Corporate Actuarial and Business Analytics (CABA) team. In this function, this individual will contribute to the pricing oversight of all of MassMutual’s insurance products and is expected to successfully partner with the pricing teams of the various businesses.
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 the company 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.
As a key member of the Strategic Actuarial Initiatives team you will:
- Leverage solid technical expertise to provide value-added support and guidance to all actuarial aspects of new product development and inforce product re-pricings (assumptions, pricing methodologies and profitability);
- Support the analysis and maintenance of major elements of Actuarial Pricing Review including metric setting, target/hurdle rates, mix of business and capital allocation;
- Monitor and analyze sales, emerging experience, profitability and risk exposures of the company’s new and inforce products and pro-actively identify, discuss and escalate issues and/or opportunities as applicable
- Enforce corporate guidelines and governance processes with respect to product pricing and re-pricings
- Closely collaborate with the Assumption Oversight, Reinsurance Oversight and Asset Liability Management (ALM) teams to ensure adequacy and appropriateness of assumptions and strategies recommended as part of the pricing exercise
- Stay abreast of emerging regulations as they impact applicable aspects of products being priced and related actuarial work;
- Participate on select US, International and Corporate projects and initiatives as applicable
- Have a solid demonstration of clear verbal and written communication, strong collaboration and partnership with business partners, and agility in balancing multiple work efforts
Minimum Qualifications:
- Fellow of Society of Actuaries (FSA), or equivalent professional credential from recognized professional actuarial association
- 8+ years of insurance and annuity experience, preferably in the U.S. market, in areas such as pricing, valuation, reinsurance and/or capital management
- Solid knowledge of actuarial and risk management concepts and practices; experience with quantifying, analyzing and managing a range of product risks
Additional skills you will bring:
- Self-motivated and independent with solid analytical, critical thinking, and problem-solving skills; comfortable dealing with both complexity and ambiguity with some guidance, 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