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MassMutual LTC Pricing Actuary - Remote - US in Springfield, Massachusetts

This position can be a Remote in the U.S. with travel once a quarter to MA

The Opportunity

The LTC Pricing Actuary is a key actuarial position within the Health and Worksite Product organization with primary responsibility for the long term care product line. Responsibilities include product development and inforce product management, with activities encompassing and collaborating across a wide variety of functions, including sales, operations, underwriting, corporate actuarial, marketing and IT.

The Team

The Health and Worksite team is responsible for new individual health and group worksite insurance products, product enhancements, and pricing initiatives within MMUS. This is a dynamic team with expert actuaries representing the existing product lines of Disability Income, Long Term Care, Critical Illness, Accident, and Worksite Life products, plus all new initiatives in the Health and Worksite space. We are responsible for new products, pricing, inforce management, experience reporting and ultimately the profitability of these product lines. Team members are expected to form an opinion, advocate for our policyowners and the company, and drive action.

The Impact

Responsibilities that will lead to competitive and profitable product offerings are:

Product Design and Pricing

  • Participate in product development ideation and lead the design for new long term care combination products, enhancements, and other initiatives

  • Lead the development of pricing assumptions, leveraging senior pricing actuaries and peers as needed for consistency, when possible, over multiple product lines

  • Apply actuarial pricing and management models, building or enhancing them as necessary, to support product pricing analysis and design

  • Identify risks inherent in new and current product design and develop strategies and processes to manage and mitigate such risks

  • Perform sensitivity testing on key assumptions to help quantify risks and mitigations

  • Extract relevant insights from data and/or models and present complex analysis in simple and straightforward manner to key stakeholders

  • Secure required pricing approvals from key stakeholders by balancing competitive benchmarks and acceptable levels of expected profit and risk

  • Form opinions, make recommendations, and drive decisions and execution

  • Create and maintain pricing assumption version controls and final pricing documentation

Product Implementation and Inforce Product Management

  • Research state/federal regulations that govern health insurance

  • Develop the Actuarial Memorandums and Rate Manuals for product filings and respond to all actuarial objections

  • Complete and file all required annual rate certifications or other experience reports and respond to associated regulatory inquiries

  • Work with implementation teams on all product initiatives, specifications, and testing

  • Analyze experience studies, monitor trends, and support annual dividend work and inforce rate increases

  • Analyze experience studies and develop assumptions for new product development, annual dividend and overall product portfolio risk assessment

Comply with Actuarial Standards of Practice, Code of Professional Conduct and company standards

Support continuous improvement through:

  • Keeping innovation in the forefront

  • Improving processes and practices

  • Providing fresh perspectives, breakthrough ideas, and new paradigms to create value

  • Advocating for change, improvement, and optimal value added across the organization

  • Asking questions and challenging the status quo

  • Taking ownership and personal responsibility

Support other Health and Worksite initiatives as needed

Minimum Qualifications

  • ASA designation

  • 5 years relevant actuarial experience

  • Qualified to sign statements of actuarial opinion for disability income, long term care, chronic illness or accident products

  • Experience with actuarial software and modeling, demonstrating the ability to build, validate, enhance, and maintain pricing models

  • Strong interpersonal and communication skills, both written and verbal

  • Demonstrated ability to interact with technical and non-technical audiences at all levels, within and across organizational boundaries

  • Ability to use a disciplined work approach to initiatives, projects, and day-to-day activities

  • Bachelor’s degree in actuarial science, math, statistics, or related discipline

Ideal Qualifications

  • FSA and MAAA designations

  • 8+ years relevant actuarial experience

  • Experience with long term care insurance

  • Experience with state product filing, rate filings, and objection responses

  • Experience with GGY AXIS

What to Expect as Part of MassMutual and the Team

  • Regular meetings with the Health and Worksite Product team

  • Focused one-on-one meetings with your manager

  • Access to mentorship opportunities

  • Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, Veteran and disability-focused Business Resource Groups

  • Access to learning content on Degreed and other informational platforms

  • Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits

About MassMutual

We’ve been around since 1851. During our history, we’ve helped millions of people find financial freedom, offer financial protection, and plan for the future.

Today, we continue to develop meaningful relationships with our customers by building their trust, being knowledge problem solvers and always prioritizing their needs. MassMutual is guided by a single purpose: We help people secure their future and protect the ones they love. As a company owned by our policyowners, we are defined by mutuality and our vision to put customers first. It’s more than our company structure – it’s our way of life.

MassMutual was recognized as an Ethisphere 2020 World’s Most Ethical Company, a Top Place to Work in 2020 according to The Boston Globe and named among America’s Best Employers for Diversity according to Forbes 2020.

MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.

Salary: $125,000 - $165,000 base, plus bonus

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MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.

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