Senior Assistant Actuary, Valuation

Banner Life family of companies•Frederick, MD

3d•$127,500 - $159,400

About The Position

At Banner Life Insurance Company, we lead with heart and ambition. Every day, we transform purpose into progress, guided by our unwavering commitment to be better for our customers, clients, and communities, not just today but long-term as well. Our people are the driving force behind everything we achieve. Their passion, purpose, and pursuit of innovation empower us to deliver cutting-edge solutions that support those we serve, ensuring we are here for you, here for good and striving for better. We’re a forward-thinking company energized by our work and how we show up for one another. Our culture is built on meaningful impact and genuine enjoyment, because we believe great work and great experiences should go hand in hand. By offering career development opportunities, comprehensive benefits, and programs that support your wellbeing, we help you thrive personally and professionally. We are here for you, here for good and here for better. The Senior Assistant Actuary will be a member of the Valuation team, responsible for production, analysis, and review of IFRS reserves and related financial information (including Best Estimate Liabilities (BEL), Risk Adjustment (RA) and Contractual Service Margin (CSM)) for Banner Life and affiliated entities with a focus on its pension risk transfer (PRT) business. In this role, you will be viewed as a subject matter expert in valuation processes and will coordinate with both internal and external stakeholders to maintain, enhance, and modify as necessary, those processes. Additionally, you will support the design, recommendation and implementation of significant and sophisticated changes to relevant processes to reflect specific requirements with respect to the Company’s upcoming transition to US GAAP.

Requirements

BS/BA in Actuarial Science, Mathematics, Statistics, Economics, or related field
FSA, Advancing ASA or Career ASA with 12+ years experience
6+ years of pension risk transfer/life insurance/actuarial experience, including valuation
Understanding of life insurance products and related risks; preferred experience with PRT business
Detailed knowledge of IFRS17 and/or US GAAP reporting frameworks
Experience maintaining controlled production processes
Strong actuarial analytical skills and problem solving capabilities
Actuarial software skills (Moody’s AXIS experience preferred)
Spreadsheet and database capabilities (Excel, VBA, SAS, SQL), including programming
Proficient written and oral communication skills
Ability to convey technical concepts to non-technical audiences
Comfortable with changing demands / priorities
Strong self-motivation and attention to detail
Ability to multi-task in a deadline-oriented environment
Ability to work independently and collaboratively

Nice To Haves

preferred experience with PRT business

Responsibilities

Comprehensive understanding of the underlying reporting framework and relevant concepts (e.g., Best Estimate Liabilities (BEL), Risk Adjustment (RA) and Contractual Service Margin (CSM), etc.)
Comprehensive understanding of individual and team responsibilities regarding all monthly, quarterly, and annual valuation requirements, and managing and performing assigned processes independently within specified deadlines. Responsibilities may include directing the work of others.
Valuation oversight for the development and calculation of the IFRS Valuation Interest Rate (VIR). This will include the review and analysis of assets used in the VIR, preparation of materials documenting the VIR for external and internal consumption, and coordination with the key stakeholders over these processes. Additionally, acting as the team’s subject matter expert for Investment Variance (IV) and Operating Profit analyses for Banner Life’s pension risk transfer (PRT) business working directly with other departments and company leadership for these reviews.
Support of the modification and implementation of reporting processes to reflect the specific requirements with respect to the Company’s upcoming transition to US GAAP.
Understanding of Moody’s AXIS models and associated SQL processes to produce reserves and related financial metrics (e.g., BEL, RA, CSM, Stress & Scenario Testing (SST), etc.) according to IFRS requirements and actuarial principles. Performing model evaluations as required. Reviewing results and carrying out relevant analyses. Compiling information for regulatory disclosures (e.g., schedules and exhibits) as required.
Maintaining and enhancing documentation of valuation processes, procedures, and controls
Producing management information regarding reserves and related financial metrics, and presenting analysis and review results to relevant stakeholders (including nontechnical audiences)
Preparing materials for internal and external audit requests
Ensuring continuing model appropriateness and accuracy of IFRS systems, and compliance with applicable control frameworks
Proactively identifying areas for process improvement (e.g., process flows, actuarial analysis & review methodologies, etc.) and implementing strategic solutions with outreaching impacts on the business
Engaging directly with key stakeholders across Finance, IT, and external parties for making changes to processes and controls impacting the IFRS valuation
Complying with relevant professional development requirements and guidelines
Leading and directing the work of others on the team as necessary
Promoting company culture by demonstrating Banner Life’s core behavioral competencies: Collaborative, Purposeful, and Straightforward
Proactively supporting additional / cross-functional projects as required