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MassMutual Head of Assumption Oversight in Boston, Massachusetts

As a key member of the Strategic Actuarial Initiatives team, MassMutual is seeking for an enthusiastic, well-rounded and motivated actuary to lead the Assumption Oversight team within the broader Corporate Actuarial and Business Analytics (CABA) team. In this function, this individual will be accountable for the liability assumption oversight across all of MassMutual’s insurance products and is expected to successfully partner with the pricing teams of the various businesses, CABA and ERM.

As Head of Assumption Oversight, this individual is expected to:

  • Review, update, manage and monitor processes and policies for setting liability assumptions used in valuation, pricing and financial projections via Experience Studies and Assumptions Group (ESAG) and others applicable groups

  • As ESAG secretary and in collaboration with business partners, responsible for coordination of annual liability assumption recommendations and associated implementation efforts, monitoring and analysis of emerging experience and trends and driving prioritization of assumption updates and strategic conversations around sales, pricing, valuation, reinsurance and/or inforce management actions

  • Center of Expertise as independent reviewer of high-risk assumptions to ensure soundness and reasonableness of assumptions

  • Stay abreast of underwriting and predictive model changes and liaise with other assumption owners to provide thought leadership, technical expertise and collaborate, as needed, on evaluation of impact and materiality change and if assumption update is needed

  • Support enforcement of corporate guidelines and governance processes with respect to liability assumptions including sufficiency of documentation to meet AOM/VM-30, VM-31, VM-G, GAAP, applicable SOPs and any other regulatory requirements

  • Stay abreast of emerging regulations as they impact applicable aspects of liability assumptions and related actuarial work;

  • Participation on select US, International and Corporate projects and initiatives as applicable

  • Team leadership, clear communication and solid partnership with the business and other departments

Reports to : Head of Strategic Actuarial Initiatives

Peers: Head of Product Pricing Oversight, Head of Reinsurance Oversight and Head of ALM Strategy

Subordinates: Manage team of initially 1 employee

This is an opportunity to join a thriving insurance organization. Growth, innovation and a consistent focus on policyholders and customers sets MassMutual apart and gives them a competitive edge in the market. We consistently challenge the organization to deliver stronger and better methods to achieve results and as a result are generating double digit sales growth year after year.

CANDIDATE QUALIFICATIONS

  • Fellow of Society of Actuaries (FSA), or equivalent professional credential from recognized professional actuarial association

  • 7 - 10 years of insurance and annuity experience, preferably in the U.S. market, in areas such as pricing, valuation, reinsurance and/or experience studies

  • Strong knowledge of actuarial concepts and practices; experience with quantifying, analyzing and managing a range of product risks and/or assumptions

  • Innovative, self-motivated and independent with strong analytical, critical thinking, and problem-solving skills; comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to problems and challenges

  • Effective time management, planning and organization skills

  • Strong interpersonal, communication and influencing skills: ability to convey complex issues, explain methodologies and influence resolutions in writing and orally

  • Ability to rapidly respond to changes in direction, tight deadlines and high-pressure situations

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