Product Management and Pricing Actuary

MassMutual•Springfield, MA

About The Position

We are seeking a highly engaged Pricing Actuary to join a dynamic team environment for Life Pricing & Profitability. This individual will be organized, detail-oriented and excited to take accountability and ownership for their work. As a member of the Life Insurance Pricing and Profitability team, you will partner with the Underwriting and Medical teams to evaluate new and existing underwriting programs. You will also monitor key profitability and business metrics and pricing assumptions, taking a holistic approach to assessing emerging experience across the life insurance portfolio. This role offers the opportunity to influence a product line that is critical to the company’s success. The Life Pricing team is responsible for the pricing and profitability of MassMutual’s retail life insurance products. The team is comprised of a group of actuaries and quantitative analysts with extensive experience in life insurance pricing, product development, and modeling. The team is focused on meeting the needs of three key stakeholders – our policyholders, our distribution partners, and our company.

Requirements

Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or a related field
ASA designation
5+ years of actuarial experience in pricing, experience studies or related actuarial functions.
1+ years of experience working with life insurance products
2+ years of experience actuarial models

Nice To Haves

FSA Designation
Experience with accelerated underwriting programs a plus
Experience with using Power BI, experience studies and data management a plus
Life insurance pricing experience, along with exposure to coding/programming are a plus
Ability to interact with technical and non-technical audiences at all levels, within and across organizational boundaries
Strong interpersonal and communication skills: ability to document complex issues, methodologies, and resolutions such that others can readily understand them
Ability to use a disciplined work approach to initiatives, projects, and day-to-day activities
Ability to work cross-functionally to reconcile competing priorities while meeting organizational objectives
Sound business judgment in an environment of rapid change, and the ability to respond to changes in direction, tight deadlines, and high-pressure situations
Comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to a problem
Takes ownership and is results-orientated

Responsibilities

Represent Pricing and Product Management in the oversight and analysis of the accelerated underwriting program.
Partner with internal stakeholders to develop analytics, communicate results, and influence future program enhancements.
Monitor the MassExpress fluidless underwriting program, including mortality slippage, pass rates, and other key performance indicators, and partner with Underwriting on regular program oversight.
Partner with New Business, Underwriting and Medical teams to assist in developing and assessing the protective value of key underwriting programs.
Analyze underwriting performance and other portfolio-level risk indicators to identify emerging trends and support profitability objectives and risk management decisions.
Evaluate large and complex life insurance cases for alignment with profitability guidelines and the company’s risk appetite and provide analysis to support placement and capacity decisions.
Perform analyses using VNB, IRR, profit margin, and other profitability metrics to support underwriting and business decisions.
Perform sensitivity testing and scenario analysis to assess the impact of key assumptions, emerging risks, and business trends on profitability.
Develop Power BI dashboards, presentations, and recurring reports that communicate profitability, new business performance, rider utilization, and emerging experience to facilitate management reporting.
Analyze rider utilization and profitability to identify emerging trends, risks, and opportunities.
Support the development, aggregation, validation, and communication of quarterly VNB reporting.
Monitor, analyze and report on key business KPIs, providing insights to support strategic decision-making.
Support life insurance product pricing by helping to develop assumptions for new products and maintaining clear documentation of final pricing decisions and assumptions.
Provide ad hoc actuarial analysis and support for pricing, profitability, and product initiatives.