Workplace Protection Product Lead - Actuary
The Actuarial lead applies broad and deep expertise in pricing, valuation, research, risk management and/or other actuarial functions. Executes complex and strategic projects, utilizing business acumen to manage potential issues and conflict. Influences and engages actuaries and non-actuaries at all levels and effectively communicates technical and non-technical information to other employees at all levels. Manages complexity and ambiguity, resourcefully identifies multiple solutions to a problem, and anticipates and addresses long-term implications of company decisions. Possesses the relevant actuarial credential for the role, and may have additional credentials.
The position will be responsible for performing all actuarial functions for in-force and new business product in the Institutional and Workplace Protection product portfolio – especially BOLI/COLI and Executive Group Life. The role will report to the Head of Worksite & Institutional Insurance & Pricing. Candidates need to be able to navigate ambiguity and should have experience in the BOLI/COLI space or have experience in the following products lines: Life, Disability Income, Accident, LTC, Annuity, or Critical Illness. The position will partner with and direct Actuarial Consultants on the team to execute the work, and will collaborate with senior leaders in understanding the competitive climate and building products and services to meet the needs of the market. The position will also interact with the sales teams and operations teams for both the Institutional business as well as the Worksite business.
Actuarial functions that enable establishment, ongoing refinement and execution of the Worksite Business Strategy, including:
- Innovation: Key member of the Innovation & Pricing team with multiple sign-off responsibilities in the innovation, development, implementation and ongoing management of Worksite products.
- Underwriting: Partner with the Worksite Underwriting team to develop product and underwriting policy and strategy. Assist in the management and oversight of any underwriting, reinsurance or other critical administrative arrangements that support the product line. Provide recommendations regarding possible enhancements.
- Pricing: Partner with Pricing & Profitability teams in multiple aspects of product pricing, including product design, development of pricing model(s), competitive comparisons, obtaining approval of proposed rates from Corporate Actuarial, actuarial memoranda for state filing, coordination with third party administrator (if applicable), and sign-off of rate accuracy across all systems. Responsible for driving new business and inforce pricing recommendation based on current and anticipated experience, investment environment, competitive positioning strategy and profit/returns objectives.
- Experience/Profit Management: Responsible for developing or coordinating appropriate experience assumptions for Worksite products. Provide leadership in the design and implementation of management tools to monitor morbidity and other in-force profitability metrics. Perform and/or coordinate periodic profitability/experience studies. Monitor results and provide recommendations regarding the management, reserving and re-pricing of inforce business, and possible changes to new business pricing and practices.
- Asset/Liability Management: In partnership with valuation and investment areas, assist in development of investment policy and hedging strategy for Worksite products and ensure appropriate asset/liability management structures are in place.
- Risk Management: Actively manage the risk profile of new and inforce business. Partner with Corporate Actuarial, Enterprise Risk Management and other areas to establish appropriate risk tolerances, monitor results, and recommend risk mitigation actions.
- Serve as a Worksite “SME”, both in the HO and with our distribution partners – particularly with respect to product design and implementation, product training, case design, underwriting and claims guidelines and processes.
- FSA, MAAA designation.
- 5-10 years of applicable experience.
- Strong knowledge of worksite market and products. Knowledge of critical illness is preferred.
- Demonstrated interpersonal, communication, collaboration and leadership skills to interface with both internal and external constituents. Ability to build relationships and effectively use influencing and negotiating skills.
- Strong modeling skills – knowledge of AXIS platform preferred
- Strong quantitative orientation, analytical skills, a high level of intellectual curiosity, tolerance for ambiguity and seasoned judgment.
- Comfortable providing leadership in a matrix environment.
- Ability to navigate and effect change and resolve conflict.
- Must be comfortable dealing with both complexity and ambiguity and be able to explore multiple solutions to a problem.
- Must be able to present/defend solutions/positions based on an analysis of facts.