Senior Actuary, Product Development

About the position

This actuary provides pricing support and analysis for new and existing products. The actuary will design and build new pricing frameworks and analysis as well as prepare and present the results of the analysis to the Chief Product Officer and other senior leadership. They will work independently to identify the requirements of projects and develop and execute on the required tasks. The actuary will also aid in researching non-financial aspects of new product concepts including regulatory filings, operational requirements, and admin development.

Responsibilities

• Performs technical analysis for new and existing products
• Develop framework to assess the risk and profitability of new and existing annuity product concepts
• Perform initial economic feasibility analysis
• Build pricing models using MG ALFA that will require significant creativity and custom coding to assess a variety of unique products and product features
• Develop assumptions for products
• Explore and understand reserve and capital impacts
• Price/value embedded derivatives and assess hedging implications and costs
• Utilize strong actuarial & risk management knowledge including stochastic modeling and understanding of hedging and embedded derivatives to capture all potential risks and costs in pricing analysis
• Create presentations & documentation of analysis to present results to senior management & other key stakeholders
• Aid in new product initiatives outside of traditional annuity distribution channels, such as offerings for target date funds, structured settlements among others
• Participate in & contribute to product ideation process
• Participate & contribute to discussions regarding potential future product concepts
• Apply deep technical understanding of pricing, hedging, solvency standards and financial reporting to provide educated and thorough feedback on product concepts and generate original product concepts factoring in enterprise objectives and constraints
• Develop & employ creative and innovative solutions to challenges that arise in the development, design, pricing, and implementation of new product concepts
• Accountable to work with ALM, valuation, finance, tax, hedging, legal, and various other partners as part of the new product development and implementation process to ensure pricing analysis accounts for all key elements involved in product concept
• Partner with hedging team to ensure hedging costs are incorporated into pricing and risk analysis
• Responsible for governance required within pricing and modeling work, ensuring pricing and modeling meets internal Product Development Process governance and other governance and documentation requirements
• Responsible for development and management of actuarial staff
• Perform other related work as assigned

Requirements

• B.S. in Actuarial, Mathematics or other quantitative fields
• FSA/ASA with 7+ years of experience in annuity pricing and product development
• Proficient in the use of Excel
• Experience with Stochastic Modeling, or Deterministic Approximations thereof (MG-ALFA or AXIS a plus)
• Experience with hedging and arbitrage free, risk-neutral pricing/valuation concepts
• Excellent verbal communication, facilitation, and relationship management experience
• Proficient in the use of Microsoft Office Suite including Word, Excel, Visio, Microsoft Project and Outlook

Nice-to-haves

• FSA (Preferred) or ASA
• MAAA
• CFA a plus
• An understanding of Bermuda regulatory framework and reinsurance is a plus, but not required