Actuary

AAA Life Insurance Company • Livonia, MI

5d • Hybrid

About The Position

AAA Life is a respected and trusted American brand that has been focusing on Life Insurance and Annuity Products since 1969. At AAA Life we have over 1.8 million policies where we take pride in earning the trust of our policyholders who understand our promise to be there for them – and their families – when we’re needed most. By joining the AAA Life team, you are joining a company that genuinely cares about helping each other, with a devotion to protect the lives of those around us. We embrace a diverse, equitable, inclusive culture where all associates can feel a sense of belonging and use their unique talents and perspective to influence, innovate, motivate, and thrive.

Operating within the core values and operating principles of the organization, the Actuary may have wide range of responsibilities that may include but not be limited to valuation and reserving, asset liability modeling, economic capital modeling, cash flow testing, pricing & product develop, data analytics and data science, product management, underwriting and risk pricing.
This position will be expected to interact with all areas of the company and as a coach to less experienced actuaries in the company. They will be expected to assist in planning and organizing short- and long-term activities necessary to achieve established goals and is expected to stay current on the latest trends impacting life insurance and annuity business.

Financial Modeling:
Responsible for the development, enhancement, governance and maintenance of asset and liability models supporting all lines of life insurance and annuities.
Familiarity using modeling software such as MG-ALFA. Models are used for Valuation, Corporate Planning, Investment Analysis, Cash Flow Testing, Principle Based Reserving, Reinsurance, and other potential use cases.

Pricing & Product Development:
Responsible for the pricing, modeling, filing, implementation, profitability analysis and assumptions of Life and Annuity products. Must have experience using pricing software such as MG-ALFA.
Responsible for ensuring new products comply with various state and federal regulation and ensure that profitability objectives of new business are achieved.

Valuation:
Responsible for managing all aspects of Statutory, GAAP and Tax valuation. Creates or assists with the creation of appropriate actuarial financial reporting to support finance department.
Experience and/or knowledge of emerging changes to valuation including Principle Based Reserves and Long Duration Targeted Improvements is required.

Product Management & Underwriting Innovation:
Responsible for analyzing inforce and experience study results with the goal of recommending strategies and modifications that support product profitability and new business sales objectives. This will be done using a combination of traditional A/E studies, statistical analysis and machine learning.
Supports innovation of risk selection and risk pricing.

Requirements

• Bachelor’s Degree in Actuarial Science, Computer Science, Mathematics, or a related field.
• An Associate of the Society of Actuaries (ASA) Designation or equivalent work experience.
• Minimum of eight years’ experience in the actuarial field.
• Life Insurance and/or annuity experience preferred.
• Strong analytical and problem-solving skills.
• Advanced experience with an Actuarial modeling system.
• Highly proficient programming in Access and proficient in Excel.
• Knowledge of state and federal product regulations including nonforfeiture regulations, valuation regulations, actuarially related state filing regulations, illustration actuary requirements.
• Ability to identify improvements and enhance routine functions such as financial reporting.
• Ability to program and test in Access and SQL Server database environments.
• Ability to analyze results for reasonableness.
• Ability to learn company operations, systems and actuarial methodologies quickly.
• Frequently required to stand, walk, sit, use hands to finger, handle, or feel, talk, hear and concentrate.
• Specific vision abilities required by this job include close vision, distance vision, depth perception, and ability to adjust focus.

Nice To Haves

• A Chartered Enterprise Risk Analyst (CERA) Designation strongly preferred.
• Familiarity using modeling software such as MG-ALFA.
• Must have experience using pricing software such as MG-ALFA.
• Experience and/or knowledge of emerging changes to valuation including Principle Based Reserves and Long Duration Targeted Improvements is required.
• This will be done using a combination of traditional A/E studies, statistical analysis and machine learning.

Responsibilities

• Responsible for the development, enhancement, governance and maintenance of asset and liability models supporting all lines of life insurance and annuities.
• Responsible for the pricing, modeling, filing, implementation, profitability analysis and assumptions of Life and Annuity products.
• Responsible for ensuring new products comply with various state and federal regulation and ensure that profitability objectives of new business are achieved.
• Responsible for managing all aspects of Statutory, GAAP and Tax valuation.
• Creates or assists with the creation of appropriate actuarial financial reporting to support finance department.
• Responsible for analyzing inforce and experience study results with the goal of recommending strategies and modifications that support product profitability and new business sales objectives.
• Supports innovation of risk selection and risk pricing.
• Interact with all areas of the company.
• Act as a coach to less experienced actuaries in the company.
• Assist in planning and organizing short- and long-term activities necessary to achieve established goals.
• Stay current on the latest trends impacting life insurance and annuity business.

Benefits

• We are committed to ensuring equal employment opportunities for all job applicants and employees. Employment decisions are based upon job-related reasons regardless of an applicant's race, color, religion, sex, sexual orientation, gender identity, age, national origin, disability, marital status, genetic information, protected veteran status, or any other status protected by law.

What This Job Offers

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