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Senior Actuary - Product Devel

Date: Apr 29, 2021

Location: Charlotte, US

Company: SCOR

     Americas     

Charlotte United States (US) 

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Senior Actuary - Product Devel 

Permanent 

Actuarial 

 

Job Summary:

This actuarial position supports the product development and pricing process of Strategic Partnerships deals, and their new business portfolio management. He or she will develop, or peer review, actuarial models for new Strategic Partnerships opportunities. This role will also be responsible for ongoing financial monitoring of the Strategic Partnerships portfolio by developing and maintaining a combined set of actuarial models to periodically monitor expected performance of placed new business for changes in actual sales distribution, economic assumptions, and/or biometric assumptions.

 

The Senior Actuary is also external facing and represents the Strategic Partnerships team on actuarial aspects of deals when working with carrier and distribution partners.

 

Key Duties and Responsibilities:

 

New Business Product Development and Pricing

  • Perform research to support assumption setting process for new deals, markets, or lines of business
  • Develop or review actuarial new business pricing models to meet internal and external partner needs
    • Generate model runs and sensitivities; verify results are accurate; complete analysis to quantify changes in assumptions, methods, required reserves, product features and premiums, etc
    • Determine expected reinsurance profitability of new or existing deals and make recommendations for adjustments to reach target profits based on deal objectives
  • Prepare documentation of deal profitability and sensitivities for internal reporting and risk management
  • Complete other deal documentation and reporting as required (i.e. SQP, CART, SalesForce)
  • Perform or review retail premium benchmarking and other analysis to support Business Development in determining optimal positioning of new or existing product
  • Identify and quantify risks in a proposed deal via scenario/sensitivity modeling and recommend mitigating structures or strategies
  • Work with Underwriting team to identify and understand leading indicators of mortality in deals, and make recommendations for risk monitoring metrics on deals.

 

New Business Portfolio Management

  • Develop and maintain actuarial models to periodically monitor expected performance of the emerging Strategic Partnerships new business portfolio, reflecting updates to sales distribution, economic assumptions and/or biometric assumptions.
  • Work with Director, Insurance Operations to streamline or automate data feed needed for modeling of emerging new business.
  • Provide periodic reports on emerging new business expected profitability and/or electronic output to facilitate dashboard monitoring of such.
  • Perform cash flow projections by deal, and at the portfolio level, to facilitate strategic decisions on liquidity and cash needs
  • Assist other departments on various corporate projection work related to Strategic Partnership deals (e.g., budget projections, VNB, etc.)
  • Work with appropriate internal resources in the automation of dashboard reporting/estimation of projected profitability of deals using “live” new business data feed and actuarial model output

 

Other

  • Actively participate in meetings, make recommendations and present results internally and to business partners.
  • Research technical topics, share knowledge, provide informed opinion of best course of action, and implement decision in the pricing process and models.
  • Serve as a mentor to junior staff and interns on the team: provide knowledge and training, expertise, and assistance.
  • Ability to translate complex business challenges into well defined, actionable problems and in collaboration with the model development team and other key stakeholders develop pragmatic solutions.
  • Bring a mindset of challenging the status quo, driven by a curious mind and an eagerness to dig in and truly understand a problem and recommend solutions.
  • Ability to balance the need for continuous improvement.
  • May perform other duties as required.

 

Experience:

  • At least 5 years of life actuarial experience, including three years or more in a pricing and product development role with a direct carrier; having both direct insurance and reinsurance industry experience is a plus
  • A thorough technical grounding in insurance pricing
  • Proficiency in one or more life actuarial pricing systems; GGY AXIS modeling experience is preferred; exposure to other actuarial modeling software is a plus
  • Solid mathematical analysis skills with strong problem-solving ability.
  • Demonstrated ability to build and maintain relationships
  • Effective interpersonal skills and professional presentation
  • Excellent verbal & written communication skills.
  • Highly motivated/self-starter.
  • Must be able to work effectively independently & as part of a team.
  • Regular attendance and ability to work extended hours as necessary to meet deadlines.
  • Proficiency in windows-based software (Excel, Access, etc.)
  • Strong computer skills including learning new software and Microsoft Office Products.


Nearest Major Market: Lansing