Director, Association Actuarial Pricing

Prudential•Newark, NJ

77d•Hybrid

About The Position

The Director, Association Actuarial Pricing will primarily be responsible for working with product, pricing and financial underwriting teams promoting new product and pricing initiatives to continue the growth and maintain the profitability within Prudential Group Insurance's Association team with products, including Basic Life, Optional Life, Group Variable Universal Life, Accidental Death & Dismemberment, Short Term Disability, Long Term Disability, Critical Illness, Hospital Indemnity, Accident Insurance and Medical Stop Loss. Specific activities will include development of pricing methods, support for product development, case level pricing and underwriting consultation, and thought leadership for pricing and product strategies for associations, unions, credit unions and other non-employer-based groups. The individual in this role will have to be a strong collaborator and relationship builder as this role interacts with Group Insurance Account Management, Association Sales, Finance and Actuarial, Group Insurance and Individual Life Product, Financial Underwriting, IT, Group Insurance Law, GUL/GVUL Customer Service, Medical Underwriting and Claims. This position will report to the Vice President & Actuary responsible for Association Actuarial Pricing. The current employee work arrangement for this position is hybrid or virtual and may require your on-site presence on a reoccurring basis as determined by your business, dependent on the candidate's location. Your manager will provide additional details relative to the specific number of days you are expected to be on-site.

Requirements

Professional actuarial designation FSA, FIA or equivalent required.
7+ years of experience, including Group Insurance experience with product development, pricing, actuarial and financial projections.
Excellent written and verbal communication skills to communicate financial decisions and case level experience to clients, profitability metrics, risks to senior leaders and key stakeholders.
Collaborative and inclusive team player.
Strong external focus with the ability to navigate internal teams and processes to deliver on objectives and goals.
Strong quantitative and analytics skills.
Data driven mindset with the ability to make decisions informed by reliable data and insights.

Responsibilities

This role is a key stakeholder in Prudential Group Insurance's strategy to grow premium from non-employer groups, working closely with Account Management, Association Sales, Financial Underwriting, Product, and Law partners.
Submit actuarial memoranda for state filing to qualify non-employer groups and to extend previous rate filings to new contract forms
Determining when to update and completing experience studies for our largest client as well as developing experience study methodology for other clients as experience is built over time.
Advise management of the expected impacted to association groups of any Group Insurance assumption updates
Drive process improvements and transformation of technology to gain efficiency and accuracy while working with other teams we partner with in Group Insurance
Interpret up to 88 Group Long Term Care rerate state filings and provide technical guidance for the annual rate increase implementation
Owner of GGY AXIS model for Group Life Insurance
Annual review of Group Variable Universal Life prospectus for accuracy, completeness and not misleading
Provide technical guidance in the development and/or enhancement of new products, including assumption development, understanding reserve and capital requirements, modeling, and pricing, etc.

Benefits

Market competitive base salaries, with a yearly bonus potential at every level.
Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave.
401(k) plan with company match (up to 4%).
Company-funded pension plan.
Wellness Programs including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs.
Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
Education Benefit to help finance traditional college enrollment toward obtaining an approved degree and many accredited certificate programs.
Employee Stock Purchase Plan: Shares can be purchased at 85% of the lower of two prices (Beginning or End of the purchase period), after one year of service.

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