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Actuary - Nontraditional Inforce Management

Company: MassMutual Wisconsin
Location: Springfield
Posted on: November 11, 2019

Job Description:

Do you want to be part of a team that encourages your growth, supports your ambitions and makes it a priority for you to reach your goals? Is helping people part of who you are? At MassMutual, we help millions of people find financial freedom, offer financial protection and plan for the future. We do this by building trust with our customers by being knowledgeable problem solvers and prioritize their needs above all else. We Live Mutual. Description SUMMARY The Non-Traditional Inforce Management (NTIM) team strives to be inforce non-traditional life product experts. They deliver inforce product profit analysis and determine whether inforce participating products generated excess surplus and, if so, whether dividends should be paid. Changes to non-guaranteed elements (Ex: cost of insurance charges, current expense charges and current premiums) will also be analyzed and, if needed, updated for current experience to reduce future accumulation of excess surplus. RESPONSIBILITIES This Actuary will leverage their technical expertise and thought leadership to provide insightful, compelling profit, excess surplus and non-guaranteed element development and analysis for MassMutuals Chief Actuary & CFO, Executive Leadership Team and MassMutuals Board of Directors. The role requires working closely with key actuaries and other leaders across CFO and MM, including those in experience studies, life product development and operations teams, legal, internal communications, and customer service. Other responsibilities include annual illustration regulation testing and other key product-related analyses. The Actuary will report to the Head of the Non-Traditional Inforce Management team and be responsible for primarily, strategic life and executive group life products: Inforce Product Profitability Analysis - Review, modify and monitor inforce product metrics used to prioritize the modeling and analysis based on product features, length of time inforce, and major drivers of excess surplus - Develop, maintain and enhance asset share models, where needed, to analyze inforce profitability for regular product reviews - Perform the regular product reviews analyzing experience changes and determining recommendations. Analyze results, communicate conclusions and recommendations, and formulate proposals to resolve problems Non-guaranteed Element Development - Repricing non-guaranteed elements, when needed, (cost of insurance charges, expense charges or current premiums) based on updated current experience. Analyze results, communicate conclusions and recommendations, and formulate proposals to resolve problems - Meet all statutory and ASOP requirements for assumptions and documentation - Lead implementation of non-guaranteed elements working with operations teams, legal, compliance, marketing, internal communications and customer service Illustrations Regulation Testing - This position develops the testing and documentation of Illustrations Regulation Testing for affected inforce strategic life and executive group life products. - Work closely with the Illustration Actuary and Illustration Actuary Oversight and ensure that all products pass testing Other Business Support - Model Governance and Controls - Assist in development of model governance for NTIM inforce models in accordance with the Dividend Management model governance requirements - Assist with similar analysis for other inforce universal life and term products QUALIFICATIONS - Fellow or Associate of the Society of Actuaries - 4+ years actuarial experience with life insurance products - Bachelor's Degree required - Prior universal life and term product pricing experience required - Strong analytical and problem solving skills to effectively identify, communicate and develop solutions - Strong quantitative and technical skills - Strong oral and written communication skills, including ability to present complex issues such that others can readily understand them - Distill complex topics and use appropriate judgment to effectively communicate issues, information, and recommendations to peers and management - Ability to respond to changes in direction, tight deadlines and high pressure situations. - Ability to work individually and collaboratively with others at all levels and areas of MassMutual - Demonstrated ability to think both conceptually and analytically - Takes ownership and is results-oriented - Proficiency with MS Office products (Excel, VBA, Word, Access) required - Commitment to MassMutuals Winning Ways: Act With Integrity, Focus on the Customer, Value People, Work Collaboratively, and Achieve Results - Must be authorized to work in the United States without requiring sponsorship now or in the future PREFERRED QUALIFICATIONS - Experience with programming languages (e.g. R, Python, SQL, C++, APL) a plus Why Join Us. Weve been around since 1851. During our history, weve learned a few things about making sure our customers our top priority. In order to meet and exceed their expectations, we must have the best people providing the best thinking, products and services. To accomplish this, we celebrate an inclusive, vibrant and diverse culture that encourages growth, openness and opportunities for everyone. A career with MassMutual means you will be part of a strong, stable and ethical business with industry leading pay and benefits. And your voice will always be heard. Recognized as a 2019 Worlds Most Ethical Company by Ethisphere, MassMutual is guided by a single purpose: We help people secure their future and protect the ones they love. As a company owned by our policyowners, we are defined by mutuality and our vision to put customers first. Its more than our company structure its our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources, and rely on each other when it counts. At MassMutual, we Live Mutual. MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.

Keywords: MassMutual Wisconsin, Springfield , Actuary - Nontraditional Inforce Management, Accounting, Auditing , Springfield, Massachusetts

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