Head of Product Pricing Oversight
As a key member of the Strategic Actuarial Initiatives team, MassMutual is seeking for an enthusiastic, well-rounded and motivated actuary to lead the Product Pricing Oversight team within the broader Corporate Actuarial and Business Analytics (CABA) team. In this function, this individual will be accountable for all aspects of pricing oversight of all of MassMutual’s insurance products and is expected to successfully partner with the pricing teams of the various businesses.
As Head of Product Pricing Oversight, this individual is expected to:
- Provide thought leadership, technical expertise, oversight and value-added support & guidance to all actuarial aspects of new product development and inforce product re-pricings (assumptions, pricing methodologies and profitability);
- Significantly contribute to 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) leadership 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;
- Participation on select US, International and Corporate projects and initiatives as applicable
Lead others to inspire, engage and motivate team members, clear verbal and written communications and solid partnership and collaboration with the business and other departments
Reports to: Head of Strategic Actuarial Initiatives
Peers: Head of Assumption Oversight, Head of Reinsurance Oversight and Head of ALM Strategy
Subordinates: Manage a team of initially 1-2 employees
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 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