Actuary - Institutional Insurance Product & Pricing (Hiring Immediately)

Actuary - Institutional Insurance Product & Pricing

Full-Time

Boston, MA or Springfield, MA

The Opportunity

The Institutional Insurance product and pricing team is focused on pricing and product management of market-leading bank-owned (BOLI) and corporate-owned (COLI) products. The team performs all actuarial functions for new BOLI / COLI product development and provides pricing quotes for private placement COLI products. The team is responsible for ensuring that our BOLI / COLI products are competitive, while achieving risk-controlled profitable growth.

The Team

The Institutional Insurance product and pricing team is focused on developing new and managing existing Universal Life and Variable Universal Life products in the BOLI / COLI markets. MassMutuals Institutional Insurance business line has been in existence for 30+ years, has grown to over $34 billion in Assets Under Management and is a key contributor to MassMutuals profitability. We are hiring an FSA to join the team and report to the Head of Institutional Insurance Product and Pricing.

The Impact

The candidate will become a subject matter expert for our Institutional Insurance products.

The Institutional businesses are growing and represent a key component of the companys business strategy. As an Actuary on the team, you will focus on pricing, product development, product management, modeling, underwriting, experience / profit management and risk analysis / management. This role will require combining technical actuarial skills with influence, collaboration, and effective communication with internal business and operational teams, corporate and other MassMutual functions.

Specific responsibilities include :

Supporting and leading projects related to product changes and new product offerings including pricing, filing, operational testing and risk assessment

Building and maintaining pricing and risk analysis models

Pricing and reviewing private placement COLI pricing quotes

Lead pricing reviews and approval process with Corporate Actuarial, Enterprise Risk Management, and other stakeholders

Determine new business and in-force crediting rates

Develop or coordinate appropriate experience assumptions for BOLI / COLI products.

Provide leadership in the design and implementation of management tools to monitor in-force experience.

Partner with Corporate Oversight, Enterprise Risk Management and other areas to establish appropriate risk tolerances, monitor results, and recommend risk mitigation actions.

Influence and contribute to ongoing business strategy and growth

Comply with Actuarial Standards of Practice, Code of Professional Conduct and company standards.

The Minimum Qualifications

Bachelors degree in Mathematics, Finance, or Computer / Data Science, Actuarial Science or related field

Fellow of the Society of Actuaries (FSA)

5+ years of actuarial experience

The Ideal Qualifications

5+ years of actuarial experience with a focus on Life Insurance

Experience with product pricing & product development

Proficiency with Microsoft Excel and Moodys Axis

Detail oriented, innovative, self-motivated, and independent with strong analytical, critical thinking, and actuarial skills

Effective time management, planning and organization skills

Excellent interpersonal and communication skills (written, verbal, presentation)

Ability to : Independently drive and lead cross-functional products

Convey complex issues, explain methodologies, and influence resolutions in writing and orally to a variety of audiences

Effectively manage and deliver on multiple concurrent deliverables

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MassMutual is an equal employment opportunity employer. We welcome all persons to apply.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.