Actuary - Institutional Insurance Product & Pricing

Actuary - Institutional Insurance Product & Pricing

Full-Time

Boston, MA or Springfield, MA

The Opportunity

The Institutional Insurance product and pricing team is focused on pricing and product management of market-leading bank-owned (BOLI) and corporate-owned (COLI) products.  The team performs all actuarial functions for new BOLI/COLI product development and provides pricing quotes for private placement COLI products.  The team is responsible for ensuring that our BOLI/COLI products are competitive, while achieving risk-controlled profitable growth.

The Team

The Institutional Insurance product and pricing team is focused on developing new and managing existing Universal Life and Variable Universal Life products in the BOLI/COLI markets. MassMutual’s Institutional Insurance business line has been in existence for 30+ years, has grown to over $34 billion in Assets Under Management and is a key contributor to MassMutual’s profitability. We are hiring an FSA to join the team and report to the Head of Institutional Insurance Product and Pricing. 

The Impact

The candidate will become a subject matter expert for our Institutional Insurance products.

The Institutional businesses are growing and represent a key component of the company’s business strategy.  As an Actuary on the team, you will focus on pricing, product development, product management, modeling, underwriting, experience/profit management and risk analysis/management.  This role will require combining technical actuarial skills with influence, collaboration, and effective communication with internal business and operational teams, corporate and other MassMutual functions.

Specific responsibilities include:

• Supporting and leading projects related to product changes and new product offerings including pricing, filing, operational testing and risk assessment
• Building and maintaining pricing and risk analysis models
• Pricing and reviewing private placement COLI pricing quotes
• Lead pricing reviews and approval process with Corporate Actuarial, Enterprise Risk Management, and other stakeholders
• Determine new business and in-force crediting rates
• Develop or coordinate appropriate experience assumptions for BOLI/COLI products.
• Provide leadership in the design and implementation of management tools to monitor in-force experience.
• Partner with Corporate Oversight, Enterprise Risk Management and other areas to establish appropriate risk tolerances, monitor results, and recommend risk mitigation actions. 
• Influence and contribute to ongoing business strategy and growth
• Comply with Actuarial Standards of Practice, Code of Professional Conduct and company standards.

The Minimum Qualifications

• Bachelor’s degree in Mathematics, Finance, or Computer/Data Science, Actuarial Science or related field
• Fellow of the Society of Actuaries (FSA)
• 5+ years of actuarial experience

The Ideal Qualifications

• 5+ years of actuarial experience with a focus on Life Insurance
• Experience with product pricing & product development
• Proficiency with Microsoft Excel and Moody’s Axis
• Detail oriented, innovative, self-motivated, and independent with strong analytical, critical thinking, and actuarial skills
• Effective time management, planning and organization skills
• Excellent interpersonal and communication skills (written, verbal, presentation)
• Ability to:
  • Independently drive and lead cross-functional products
  • Convey complex issues, explain methodologies, and influence resolutions in writing and orally to a variety of audiences
  • Effectively manage and deliver on multiple concurrent deliverables

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MassMutual is an equal employment opportunity employer. We welcome all persons to apply.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.