Assistant Actuary

Pan-American Life Insurance Group • New Orleans, LA

7d • Hybrid

About The Position

Pan-American Life Insurance Group (PALIG) is seeking an Assistant Actuary to support the Global Life Product Development Team. This position will be responsible for growing the term life insurance line of business in various markets and companies within the individual life division. This includes leading product development and pricing efforts, managing the business line, and providing product support to various areas in the company to provide substantial and profitable growth of this business line within multiple markets and companies. This a a potential remote work opportunity, but if candidates are located near an office location, it would be ideal for a hybrid work arrangement. Our office locations are New Orleans, LA., Oak Brook, IL, Richardson, TX., or Coral Gables, FL.

Requirements

• Bachelor’s degree
• 3 years of product development and pricing experience of term insurance products, actuarial modeling software and model interpretation
• Associate of the Society of Actuaries (ASA) designation or a Fellow of the Society of Actuaries (FSA); near-FSA with additional experience may also be considered.
• Excellent oral and written communication skills
• Proficiency in actuarial pricing software, GGY AXIS strongly preferred
• Proficiency in MS Office (Excel, Word, PowerPoint)
• Strong multitasking abilities, attention to detail, and problem-solving skills

Nice To Haves

• Bilingual – Spanish/English preferred

Responsibilities

• Term Product Development & Pricing: Complete term market analysis in each market/company
• Design product features, riders and additional benefits that match market needs
• Collaborate with sales, management, and other applicable areas to define product, rider and additional benefit features and create product specifications
• Prepare high-quality documentation and presentations for management review of new or existing products
• Develop pricing models for term products and applicable riders in GGY AXIS, incorporating design variations as needed by market and actuarial assumptions
• Develop and/or review pricing/actuarial assumptions based on experience analysis or external sources, using actuarial judgment to adjust assumptions to suit the specific situation
• Develop insight into the most sensitive assumptions and product risks and their impact on design and pricing
• Calculate required profitability metrics and conduct sensitivity testing
• Recommend product designs and pricing based on profitability levels
• Complete pricing memos and review results with management to obtain approvals
• Calculate and document all required product rates
• Experience Analysis: Monitor policy activity, experience, and profitability of the term line of business in each market/company
• Review or generate regularly scheduled reports and ad-hoc reports as needed and distribute with a summary of findings
• Research irregularities or points of interest in emerging experience, provide feedback, and present findings as needed
• Improve efficiency of reporting
• Identify trends or results that warrant product or pricing reviews or changes
• Product Management: Analyze competitor products and trends, evaluate market opportunities from distributor feedback and industry sources
• Compare existing products offered to competitor products in the market and recommend updates
• Stay up to date with regulations that impact pricing, such as reserves, applicable taxes, and required capital, and analyze the pricing impact
• Stay up to date with regulations that impact product features, illustrations, or customer communications
• Update and/or improve pricing models with changing experience or pricing assumptions, providing results and recommending product changes to management
• Lead product implementation of product changes
• Update product documentation with product changes
• Product Implementation: Lead product implementation on administration and illustration systems
• Lead or provide support for product implementation within surround systems, materials, or processes
• Create technical specifications, calculation tools, references, and documentation for system testing
• Create test plans, conduct tests, resolve issues, and approve system configurations and coding
• Gain familiarity with system capabilities to determine which design features are feasible to administer in applicable systems
• Conduct product training and provide product documentation for relevant teams
• Support all tasks necessary for product launches or production changes
• Product Filings & Policy Forms: Prepare policy form language in required language(s) that are compliant with insurance regulations in various markets/companies, consulting with relevant areas such as legal, compliance, and operations
• Prepare actuarial memoranda/certifications for submission to applicable regulatory bodies
• Provide required supporting documents for regulatory filings and support the filing process to obtain approvals
• Provide responses to regulatory inquiries and requests
• Product Support: Participate in the special case review process for term policies
• Provide special illustrations or quotes as requested and approved
• Provide in force product and policy support to the operations team as requested
• Support sales, operations, legal, and other company teams by answering questions and solving problems related to products or policies
• Conduct product training sessions

Benefits

• Competitive compensation package (base salary & bonus)
• Comprehensive benefits, including medical, dental, 401(k), paid time off, and tuition reimbursement
• Medical and dental coverage effective the first of the month following 30 days of service
• Hybrid work opportunities

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level