AVP Actuarial - New Business Repricing & Regulatory

Pacific Life • Newport Beach, CA

259d • $219,000 - $268,000 • Hybrid

About The Position

Providing for loved ones, planning rewarding retirements, saving enough for whatever lies ahead - our policyholders count on us to be there when it matters most. It's a big ask, but it's one that we have the power to deliver when we work together. We collaborate and innovate - pushing one another to transform not just Pacific Life, but the entire industry for the better. Why? Because it's the right thing to do. Pacific Life is more than a job, it's a career with purpose. It's a career where you have the support, balance, and resources to make a positive impact on the future - including your own. We're actively seeking a talented AVP Actuary to join our Product Development team in Newport Beach, CA or Omaha, NE. This role is hybrid. We believe in empowering our employees to get work done both in and out of the office. As an AVP in the Product Development team, you will play a key role in Pacific Life's growth and long-term success by leading the New Business Repricing & Regulatory team to support Consumer Markets Divisions (CMD) product strategies. This position will report to the VP of Life Product Development.

Requirements

• FSA and Member of the American Academy of Actuaries with at least 10 years of life insurance working experience.
• Proven experience with Illustration Actuary Testing.
• Ability to lead multiple large projects and meet tight deadlines with thoughtful planning and effective execution.
• Ability to effectively communicate and collaborate with stakeholders and business partners at all levels to resolve issues and drive product development initiatives forward.
• Data savvy individual with a solid understanding of the competitive environment, regulations, and actuarial guidelines applicable to life insurance products.
• Strong leadership in engaging, organizing and developing a team.
• Ability to effectively lead, influence, and negotiate in a matrix environment across different disciplines, internal and external, to achieve desired outcomes.
• Creative, self-starter who is comfortable with ambiguity, and who thrives in a fast-paced and collaborative environment.
• Demonstrates readiness to embrace change and challenge the status quo as appropriate.
• Effective communication skills and ability to present business solutions in a clear and concise manner and to collaborate effectively with actuarial and non-actuarial partners.
• Proven ability to inspire, coach, and influence direct reports, senior leaders, and other stakeholders.

Nice To Haves

• Excellent diplomacy and negotiation skills and management of cross-functional stakeholders.
• Ability to work across disciplines and functions with a customer-centric mindset.
• Strategic thinker able to understand multiple future outcomes and ability to help guide the organization through those different scenarios.

Responsibilities

• Stay current on all rules and regulations applicable to life insurance and provide needed technical expertise and guidance in their assessment and implementation across our product offerings.
• Understand the impact of regulatory changes on our products; ensure that products developed meet all applicable regulatory requirements.
• Assume the role of Illustration Actuary for CMD.
• Oversee all aspects of Life Insurance Illustration Actuary testing of Pacific Life in-force and new business products for compliance with applicable rules and regulations and prepare relevant annual report for certification by Pacific Life Board of Directors and for filing with state insurance departments.
• Lead the function accountable for providing first line guidance on 7702/7702A to the pricing and R D teams and education on related topics to stakeholders across the division.
• Oversee the evaluation of tax impacts and other potential regulatory changes of desired products of features.
• Oversee all repricing activities for CMD's term products, special custom pricing for Private Placement VUL cases (Multi-Life & Single Life).
• Own fund lineup strategy and champion fund changes through the applicable approval process.
• Collaborate regularly with Sales, Pacific Life Finance and Actuarial (PLFA), and stakeholders within Products for input and understanding of how the fund lineup impacts distribution and product strategies, as well as PLFA initiatives.
• Liaise with Product Management & ALM on cap & rate setting for Life inforce.
• Lead the financial assessment of exception requests and provide relevant guidance to key stakeholders (e.g. New Business, Inforce Management, etc…).
• Actively collaborate with Pacific Life Legal and government relations stakeholders to influence the regulatory environment applicable to our chosen markets and promotes thought leadership and expertise in this space.
• Manage a team of actuaries and a non-actuary.
• Establish short term and long-term development plans for the team and staff under management; Have succession plan for key roles; Monitor results and make adjustment as needed.

Benefits

• Your Benefits Start Day 1
• Prioritization of your health and well-being including Medical, Dental, Vision, and Wellbeing Reimbursement Account that can be used on yourself or your eligible dependents.
• Generous paid time off options including: Paid Time Off, Holiday Schedules, and Financial Planning Time Off.
• Paid Parental Leave as well as an Adoption Assistance Program.
• Competitive 401k savings plan with company match and an additional contribution regardless of participation.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Industry: Insurance Carriers and Related Activities
• Education Level: Master's degree