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Job:
# 4018 |
Life Actuary |
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Senior
Area |
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Assistant Actuary |
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Region:
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North East |
State: |
MA |
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Experience: |
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Credentials: |
Near FSA |
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Salary: |
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$85,000 |
Max: $ |
Bonus: |
Target Likely |
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Description:
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The primary responsibilities of the role include: reinsurance pricing work and insurance risk mitigation which ultimately determines a significant portion of the insurance operations profitability, managing and monitoring insurance risks by this position through reinsurance, self insurance and hedging activities. The associated risks and mitigation solutions are extremely complex. The incumbent will be involved with: overseeing monthly reinsurance administration activity, ensuring that current treaties cover mortality risk in term insurance, variable universal life insurance; deferred annuity guaranteed minimum death benefits, immediate annuity longevity risk and the risks inherent in a variable annuity with guaranteed lifetime withdrawal benefits, providing management and leadership to one person that is responsible for reinsurance administration, ensuring insurance risks are mitigated through reinsurance, hedging and prudent investment management, providing risk mitigation recommendations to senior management for new products as well as existing products, developing complex mathematical models to assess reinsurance proposals and related activity, preparing comparisons to alternatives to determine the most suitable mitigation solution, playing a key role in designing reinsurance administration system specifications, implementing and testing for new agreements as well as modifications to existing treaties, overseeing reinsurance administration with more than $10 million of annual premiums, (incorrect administration of these treaties can lead to lack of coverage and the potential for multi-million dollar uninsured claims against the company). This role will also involve monitoring product experience including lapses, withdrawal rates, mortality, expenses, and policyholder behavior to identify trends and benchmark against pricing assumptions, providing information pertaining to recent initiatives, current products and insurance risks to senior management on a monthly basis, using this analysis to recommend alternatives to mitigate risk and improve financials, maintaining close working relationships with reinsurers and fostering trust and respect in communications with reinsurance partners, participating in the negotiation of reinsurance treaties, maintaining balance with reinsurance partners by creating win/win scenarios for both the company and the partner and providing direction, expertise and development to a small staff as well as assisting others in the actuarial area to ensure the organization has the support it needs to be successful. Candidates should have a broad based insurance background including exposure to sales, marketing, systems, client services, and finance with a clear understanding of the interactions between these areas, experience with individual life and/or annuity products and good leadership and management skills.
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