Workplace Protection Product Lead - Actuary

| Greater Boston Area

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.

OVERALL RESPONSIBILITIES:

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.

CANDIDATE QUALIFICATIONS:

  • 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.
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Location

470 Atlantic Avenue, Boston, MA 02110

An Insider's view of MassMutual

How do you collaborate with other teams in the company?

As a Product Owner, I spend most of my time collaborating with others across different business units. On any given day, I could be spending time brainstorming design concepts of upcoming features with our design team or assisting them with presenting these concepts to outside users as part of our user testing process.

Ryan

Digital Product Owner

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

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 Product Manager

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.

Health Insurance & Wellness Benefits
Flexible Spending Account (FSA)
Disability Insurance
Dental Benefits
Vision Benefits
Health Insurance Benefits
Life Insurance
Wellness Programs
Retirement & Stock Options Benefits
401(K)
401(K) Matching
Child Care & Parental Leave Benefits
Child Care Benefits
Generous Parental Leave
Adoption Assistance
Vacation & Time Off Benefits
Generous PTO
Paid Volunteer Time
Paid Holidays
Paid Sick Days
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