Actuary, Assumptions

GENERAL PURPOSE OF THE JOB:   

The Actuary, Assumptions leads the assumption setting and governance through annual experience studies and assumption development on key policyholder behaviors for fixed indexed annuities (FIA) and other small annuity blocks of business; drives the further development and enhancements of predictive analytics; and ensures proper risk management and audit controls of the assumption setting and governance process. The incumbent collaborates with financial reporting, modeling, product & pricing, risk management, and audit teams to achieve the shared business objectives. 

ESSENTIAL DUTIES AND RESPONSIBILITIES:   

• Completes the establishment of a streamlined and repeatable assumption setting process and assumption governance framework to be consistent with the best practice of risk management and audit controls.
• Leads the annual assumption unlocking on key policyholder behaviors, including experience studies and assumption development, according to the streamlined and repeatable assumption setting process and assumption governance framework.
• Enhances internal predictive analytics (for experience studies) through the use of experience data, statistical algorithms and applicable machine learning techniques.
• Creates the repeatable baseline reports of experience studies/analyses to facilitate the assumption development conversations at multiple levels of viewership, e.g. Corporate Actuarial leadership team and Assumption Review Committee.
• Delivers the monthly and quarterly assumption monitoring reports to fulfill the financial reporting attribution analysis on actual to expected experience for each key policyholder behavior assumption, and uncover any potential business need for off-cycle assumption unlocking.
• Serves as the secretary of the Assumption Review Committee, and participates as a regular contributor in the Model Steering Committee.
• Fulfills internal and external audit deliverables with timely and accurate preparation and validation, and applicable maintenance of valuation assumptions and inputs.
• Leads the experience data collection and submission for industry studies and surveys on FIA policyholder behaviors.
• Leads the experience analysis and management reporting regarding policy and product-related data and reinsurance transactions.
• Monitors developments in the actuarial industry, and remains current on applicable best practices on assumption setting and governance.
• Provides subject matter expertise to team members and internal/external stakeholders on experience studies including predictive analytics.
• Leads employees with responsibility for managing the employee life cycle and experience, including but not limited to, selection and retention of talent, continuous feedback and performance management, reward and recognition, corrective action and employee development.
• Performs other related work as assigned. 

SUPERVISORY RESPONSIBILITIES: 

Direct Reports:

Small team of associate actuaries, actuarial associates, and predictive modeler.

Indirect Reports:

None.

EDUCATION AND/OR EXPERIENCE:  

• Bachelor’s degree (B.A. or B.S.) in actuarial science, or related field of study; and six (6) years of progressively responsible related actuarial experience, or equivalent combination of education and/or experience.
• Experience using SQL relational database and R statistical software is preferred.
• At least 3 years of experience utilizing MG-ALFA actuarial software is beneficial. Will consider more years of experience in an alternative actuarial software.
• Prior supervisory experience preferred.

CERTIFICATES, LICENSES, PROFESSIONAL DESIGNATIONS: 

• ASA, MAAA required.
• FSA, MAAA preferred. 

KNOWLEDGE, SKILLS AND ABILITIES: 

• Strong knowledge of the life and annuity industry and products.
• Deep knowledge of Actuarial Standards of Practice (ASOPs) related to experience studies, assumption setting and assumption governance.
• Knowledge of U.S. GAAP, Statutory reporting, including but not limited to the following metrics: FAS 97, FAS 133, MRB, DAC, AG 33 and AG 35.
• Knowledge of actuarial valuation laws, rules and regulations in the annuity industry.
• Ability to read, analyze, and interpret technical journals, financial reports, and legal documents from regulatory agencies, and other members of the business community.
• Excellent analytical and problem-solving skills, including ability to research and analyze data with little instruction.
• Proficiency in Microsoft Office Suite, including VBA in Excel.
• Strong knowledge and systems aptitude with SQL, R, and actuarial software (MG-ALFA or similar).
• Strong preference of being self-motivated and results-oriented.
• Exceptional attention to numeric and other detail.
• Strong project management skills, including planning and organization.
• Strong verbal and written communication skills, including presentation to top management.
• Ability to work collaboratively and successfully with employees, customers, reinsurers, vendors, and other outside third parties.
• Ability to successfully handle pressure and meet deadlines in a fast-paced work environment.
• Ability to successfully prioritize in an unpredictable workflow to meet defined financial reporting deadlines.