Strategic Exploration Associate Actuarial Development Program Actuary

Genworth • Richmond, VA

23d • Remote

About The Position

At Genworth, we empower families to navigate the aging journey with confidence. We are compassionate, experienced allies for those navigating care with guidance, products, and services that meet families where they are. Further, we are the spouses, children, siblings, friends, and neighbors of those that need care—and we bring those experiences with us to work in serving our millions of policyholders each day. We apply that same compassion and empathy as we work with each other and our local communities. Genworth values all perspectives, characteristics, and experiences so that employees can bring their full, authentic selves to work to help each other and our company succeed. We celebrate our diversity and understand that being intentional about inclusion is the only way to create a sense of belonging for all associates. We also invest in the vitality of our local communities through grants from the Genworth Foundation, event sponsorships, and employee volunteerism. Our four values guide our strategy, our decisions, and our interactions: Make it human. We care about the people that make up our customers, colleagues, and communities. Make it about others. We do what's best for our customers and collaborate to drive progress. Make it happen. We work with intention toward a common purpose and forge ways forward together. Make it better. We create fulfilling purpose-driven careers by learning from the world and each other. YOUR ROLE As a key member on Genworth’s Long Term Care (LTC) Strategic Solutions team, you will be tasked with identifying, researching, and scoping innovative Benefit Solutions initiatives that maximize the value of our in-force LTC blocks of business. This is a high-exposure, project-based team tasked with researching multiple risk mitigation initiatives on the company’s inforce blocks of business, developing actuarial models and performing in depth analysis, and ultimate crafting recommendations to senior management. This is a highly collaborative role that will partner with various stakeholders to ensure all perspectives are considered in the development of recommendations. Examples of potential risk mitigation initiatives include research into new reduced benefit options (RBOs) and the development of new alternative product solutions for policyholders facing rate actions, as well as research into other business strategic initiatives to reduce key risk exposure and improve the overall profitability of inforce blocks of businesses. This role participates in Genworth’s innovative Actuarial Development Program, which aids in the navigation from aspiring to accomplished actuary through obtaining the esteemed FSA designation. The program consists of 18–30 month rotational assignments that allow you to build foundational skills and competencies, business acumen, and leadership. Rotations will be within our various product lines and functions, providing you with diverse experiences and exposure throughout the organization. Genworth fully supports our Actuarial Development Program members as they progress in their actuarial education. You will have study time available during work hours – up to 200 hours in any six-month period. Genworth will cover fees associated with exams, including registrations, study materials, and seminars. You will also receive salary increases for each exam passed with an extra bonus for passing on your first attempt.

Requirements

• BA/BS Degree in Mathematics/Statistics/Science, Actuarial Science, Business/Finance, Engineering or related major involving significant technical/analytical coursework
• Associate designation from Society of Actuaries. Career aspirations to attain Fellowship designation from Society of Actuaries
• Strong communication skills, both oral and written
• Ability to interact professionally and effectively in a team environment
• Self-driven, highly-motivated, and shows ownership in tasks
• Ability to operate independently, manage multiple priorities, and meet deadlines
• Strong analytical and problem-solving skills
• Ability to think broadly and lead/influence without direct authority
• Demonstrated ability to perform thorough research, understanding inputs, sources of data, downstream impacts both within and outside of areas of direct control
• Experience in actuarial modeling
• Basic programming skills and experience in Microsoft applications of Excel, VBA, Word and PowerPoint
• Proven at developing thorough documentation that is self-explanatory and of the highest standards

Nice To Haves

• Prior LTC insurance experience
• Significant modeling experience, preferably AXIS
• Strong proficiency in a programming language such as Python, SAS, R
• Experience with data visualization software such as Spotfire or PowerBI

Responsibilities

• Support in-force management initiatives related to LTC insurance blocks that provide meaningful policyholder alternatives or RBOs that can help policyholders mitigate the impact of rate actions and meet regulatory requirements while improving the performance of the inforce blocks of business
• Develop tools and processes to aid in further understanding the impacts of policyholder behavior and develop strategies to drive policyholder behavior
• Draw insights from analysis and make recommendations to senior management regarding implications of findings and proposed actions
• Collaborate with other functional areas on a variety of in-force management initiatives and research
• Develop, maintain, and enhance actuarial models used for scoping new inforce pricing initiatives and inforce analytics
• Develop, maintain, and enhance tools to research ad hoc requests for analysis / actuarial assistance on LTC issues

Benefits

• Competitive Compensation & Total Rewards Incentives
• Comprehensive Healthcare Coverage
• Multiple 401(k) Savings Plan Options
• Auto Enrollment in Employer-Directed Retirement Account Feature (100% employer-funded!)
• Generous Paid Time Off – Including 12 Paid Holidays, Volunteer Time Off and Paid Family Leave
• Disability, Life, and Long Term Care Insurance
• Tuition Reimbursement, Student Loan Repayment and Training & Certification Support
• Wellness support including gym membership reimbursement and Employee Assistance Program resources (work/life support, financial & legal management)
• Caregiver and Mental Health Support Services

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Number of Employees: 251-500 employees