MassMutual Financial Group Actuary - Life Product Management and Pricing in Springfield, Massachusetts
Founded in 1851, MassMutual is committed to its purpose: We help people secure their future and protect the ones they love.
Ranked No. 76 in the annual FORTUNE® 500 ranking (FORTUNE® Magazine, 6/15/16), MassMutual continues its long history of financial strength. We invite you to bring your bright, innovative ideas to MassMutual as we continue to help millions of Americans achieve their financial goals. We continue to be recognized for our efforts to create a diverse and inclusive workplace! MassMutual is one of DiversityInc’s 2016 Top 50 Companies for Diversity and ranked a 2016 Top 10 Company for Executive Women by the National Association for Female Executives. In 2015, after more than 15 years of earning a place on the Working Mother Top 100 Best Companies list, MassMutual was inducted into the Working Mother Hall of Fame.
MassMutual also scored 100 percent on The Human Rights Campaign's Corporate Equality Index (CEI) to earn a spot on the CEI Best Places to Work List (2016). In addition, MassMutual has been recognized as a World’s Most Ethical Company by the Ethisphere Institute and 2016 Military Friendly Employer by Military Friendly. For more information, visit www.massmutual.com or find us on Facebook, Twitter, LinkedIn, YouTube, Google+ and Pinterest. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. CRN201806
This is a senior actuarial position within the Life Product Management and Pricing team. This team is responsible for new product / product enhancement pricing initiatives and ensuring viable and sustainable life product offerings for MMUS. For pricing initiatives to be successful they must meet the needs of three key stakeholders – our end customers, our distribution partners and our company. Individuals interested in meaningful work in a product line critical to our company’s success and being involved at the intersection of sales and financial stewardship will find this position in Life Product Management and Pricing a rewarding opportunity.
Partner with the Innovation teamin product developmentideation
Lead the development ofpricing assumptions
Using actuarial principles andpricingmodels(APL, GGY, Excel),lead thedesignandpricing ofnew life insurance products and/orenhancements to existing life products
Develop and/or enhance pricing models to support product pricing analysis and design
Securerequiredpricing approvals from key stakeholdersby balancing competitive benchmarks and acceptable levels of expected profit and risk
Oversee creationand maintenance ofpricing assumption andfinalpricing documentation
Research state/federal regulations that govern life insurance anddevelopactuarial demonstrations to support state and federal filings of life products
Assist with NAIC Illustration testing as needed toobtainnecessary approvals
Provide internal (home office) and external (agent) actuarial support as needed
Work withjunior staff andimplementationteamstodefine rate file specifications
Oversee development ofrate filesthat contains all rates necessary to issue and service a new productor product enhancement, and ensure that rate file structure is consistent with agreed upon format and has been thoroughly tested to assure accuracy
Provide thought leadership and lead analysis on a range of topics such as reinsurance strategy, algorithmic underwriting and capital use
Educate senior leadership/other areas of the organizationon keylife product issuesand championrelated solutions
Mentor and train junior teammembers
Manage work efforts of team members assigned to projects
Fellow, Society of Actuaries(near FSAs will be considered)
Member of the American Academy of Actuaries
5+years of experiencewith 2+ years of product development / product management experience
Strong knowledge of actuarial concepts as they relate to product pricingand product management
Actuarialmodeling proficiency, e.g.working knowledge of APLand/or GGY
Knowledge of life insurance andstate/federal regulations that govern life insurance (e.g.reserve, nonforfeiture,andillustration regulations)
Ability to drive initiatives and influence the organization, inquisitiveness, ownership, and ability to makesounddecisions
Authorized to work in the US without sponsorship
- Advancedknowledge of Excelrequired (VBA a plus)
Focus on the Customer : Know your customers well; add value with a sense of urgency.
Act with Integrity : Be trustworthy, adhere to high ethical standards and adhere to the letter and spirit of applicable laws, rules, regulations and company policies.
Value People : Lead people to success; appreciate diverse backgrounds, ideas and experiences.
Work Collaboratively: Partner with others to achieve results that leverage the right resources.
Achieve Results : Focus on winning; consistently exceed expectations, beat the competition.
MassMutual Financial Group is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation