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Chief Actuary

Company: MassMutual
Location: Springfield
Posted on: September 13, 2019

Job Description:

POSITION DESCRIPTION ----- The successful applicant will provide actuarial oversight for the pricing, profitability, illustration, valuation, and policyholder dividends of all MassMutual products. The Chief Actuary is expected to: * Lead the inforce financial management and product profitability through actuarial oversight and responsibility for the valuation, policy illustration, and policyholder dividend functions. * Oversee product pricing and new product approvals and those reviews performed by Product Risk Oversight in Enterprise Risk Management. * Advise the Chief Financial Officer (CFO) on levels of policyholder dividends, reserve adequacy and product pricing appropriateness. * Counsel the Executive Leadership Team on actuarial implications of business strategies, offering solutions that enhance financial flexibility and MassMutual customers. * Ensure materially accurate valuation and profitability reporting in compliance with regulatory requirements as well as actuarial and accounting standards. * Support reinsurance strategy, enterprise risk management, financial planning and analysis, and efficient capital utilization. * Lead the Actuarial Talent Management Group, which exists to oversee actuarial bench strength to address enterprise level needs, and Actuarial Leadership Development Program by attracting, engaging, inspiring and retaining top talent. REPORTING RELATIONSHIP: The Chief Actuary will report to MassMutual--------s Chief Financial Officer. KEY RELATIONSHIPS Chief Financial Officer, Head of MMUS, Chief Risk Officer, Heads of Distribution Channels, Head of Product Development, Head of Product Risk Oversight, and peers on CFO Senior Leadership Team OVERALL RESPONSIBILITY The Chief Actuary will be responsible for these specific deliverables and responsibilities: * Ensure accuracy and timeliness of actuarial financial reporting, including reserves. * Support best-in-class actuarial techniques and governance for pricing, reserving, modeling, and associated assumption setting. * Manage policyholder dividend setting and implementation process, providing analyses and recommendations to the CFO and Board of Directors. * Champion profitability of new and inforce blocks of business. * Proactively identify opportunities and threats from regulatory changes to actuarial items; actively manage and mitigate actuarial-related regulatory and compliance issues faced by the organization. * Partner with executive management by bringing strategic actuarial thought leadership as well as insights from industry. * Research, analyze and summarize key findings on special projects and emerging accounting and actuarial standards and regulations. * Maintain effective working relationships including with external auditors, regulators, and rating agencies. * Represent MassMutual at industry meetings, conferences and projects on actuarial perspectives. * Inspire, lead and execute on CFO 2020 finance transformation initiatives, including data-driven financial analysis, automated reporting, and advanced analytics; develop staff and potential management successors; and improve processes with automation and programming * Create an environment that fosters high levels of employee engagement. * Attract, retain, and develop top tier and diverse talent across the actuarial community, maintain low turnover and encourage continuing education opportunities for all actuaries, maintain succession plans. CANDIDATE QUALIFICATIONS * Experience leading high caliber actuarial teams at a large life insurance company * Required: FSA or comparable professional actuarial designation * Deep knowledge of U.S. statutory, GAAP, and U.S. tax actuarial requirements within life insurance * High degree of financial acumen * Excellent verbal and written communication skills with ability to convey complex materials to senior executives and board of directors * Excellent influencing skills * Demonstrable experience with creative problem-solving * Exceptional relationship building skills * Ability to work well under pressure and manage multiple deliverables * Ability to travel between Boston and Springfield at least one to two days/week * Must be authorized to work in the US without sponsorship now or in the future

Keywords: MassMutual, Springfield , Chief Actuary, Accounting, Auditing , Springfield, Massachusetts

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