AVP Actuary - Product R&D

Pacific Life • Charlotte, NC

2d • Hybrid

About The Position

Pacific Life is seeking a talented AVP Actuary to join their Product R&D team. This role is crucial for developing innovative, risk-efficient product solutions and involves owning the R&D strategy, feasibility work, risk analysis, and market research. The AVP Actuary will lead a team of six professionals within the Consumer Markets Division (CMD), which services retail life insurance and annuity clients. The position requires collaboration with product development, finance, risk actuaries, and teams from distribution, customer experience, and strategy. Pacific Life emphasizes a career with purpose, offering support, balance, and resources to make a positive impact.

Requirements

• FSA with at 10+ years in life insurance and annuity, primarily in product development and associated roles
• Extensive experience with life insurance and annuity design, pricing, hedging, risk management, and reinsurance strategies strongly preferred
• Demonstratable experience of leading a team, including leading, delegating, mentoring, and developing team members
• Strong interpersonal skills, working effectively across various disciplines and functions within the organization.
• Quickly establishes and nurtures trust and confidence among internal stakeholders.
• Proven capability to lead, facilitate, and drive effective decisions cross-functionally
• Excellent written and verbal communication skills, ability to manage relationships with stakeholders of varying seniority in Actuarial and non-Actuarial teams.
• Strong analytical skills and a demonstrable ability to plan and prioritize workloads and deliver to deadlines.
• Ability to be forward-looking and anticipate future needs, with proven track record of effectively delivering in a dynamic and fast-changing environment.
• Applies creative thinking to complex challenges, proactively offering ideas and solutions while anticipating potential obstacles

Responsibilities

• Own and lead product R&D initiatives, which are critical to CMD achieving its growth and profitability targets, through innovative product offerings.
• Develop R&D strategy, manage feasibility and prioritization with product and CMD strategy teams, align R&D initiatives with product roadmap execution
• Take full responsibility for the impact and risks associated with new product features, ensuring they meet or exceed risk and profitability targets.
• Oversee the development of risk management strategies, including investment, ALM, capital optimization, and hedging, for new product offerings.
• Manage annuity ideation pipeline, gathering and curating annuity product ideas from internal teams and industry sources, evaluating their feasibility and market potential, prioritizing them based on strategic importance, and securing prioritization buy-in from senior stakeholders.
• Accountable for researching Pacific Life target markets to understand distribution and product needs, identify gaps in current offerings, R&D solutions to fill those gaps, and collaborate with product strategy and distribution teams to develop features to meet unmet needs.
• Analyze key competitors’ product and distribution strategies, determine their go-to-market approach and differentiators, and evaluate designs that can capture market share from these competitors.
• Act as the primary liaison between CMD and the Enterprise Capital Solutions team, ensuring alignment on capital strategies for new business.
• Represent CMD new business in capital strategy decisions.
• Propose reinsurance structures and participate in the decision-making process to develop solutions that optimize capital efficiency for CMD’s new business offerings.
• Accountable for decision-making and resource allocation in Product R&D, balancing successful project delivery and talent development for a team of six professionals.
• Thought leader in innovation for CMD, actively promote design thinking principles, and build cross-functional relationships to deliver competitive, market-leading solutions.

Benefits

• 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
• Education Level: No Education Listed
• Number of Employees: 501-1,000 employees