AVP & Actuary, Mortality & Experience Studies

Symetra Financial   •  

Bellevue, WA

Industry: Finance & Insurance

  •  

5 - 7 years

Posted 76 days ago

This job is no longer available.

Job Description

The Actuarial Financial Reporting and Valuation team of the Individual Life Division (ILD) is composed of 16 Individuals working from two office locations (Waltham, MA and Bellevue, WA) and others who are telecommuters. This collective team has oversight for all valuation and financial reporting of the ILD business, experience studies and assumption development and Corporate oversight of all Reinsurance including reinsurance administration of the ILD business.

Symetra is looking for an AVP, Mortality & Experience Studies to join the experience studies and assumption development team. In this role, the incumbent will be lead the team and closely collaborate with other members of that broader team in addition to Pricing, Underwriting (U/W), Corporate's Actuarial team and Symetra's Senior Leadership Team.

Key Responsibilities:

The successful incumbent for the AVP, Mortality & Experience Studies role will have strong mortality experience development experience, prior management experience and will be responsible for:

  • Managing team of 2 including an FSA and an actuarial analyst both located in Bellevue, WA
  • Oversight for running the mortality and lapse studies on an annual basis
  • Developing and recommending best estimate assumptions for mortality which are used by pricing and for all financial projections (Plan, GAAP, Cash Flow Testing, Embedded Value)
  • Developing and recommending best estimate assumptions for lapse and premium persistency assumptions used in financial projections (Plan, GAAP, Cash Flow Testing, Embedded Value)
  • Developing and recommending VM-20 liability assumptions and documentation of such assumptions to satisfy VM-31 requirements
  • Gain support and approval from Senior Leadership team on proposed recommendations including head of ILD's Financial Reporting and Valuation team, Symetra's CFO and Appointed Actuary and head of ILD, through influence, strong communication and demonstrated knowledge and understanding of the business
  • Collaborating with U/W, Data Analytics team and reinsurers on Research & Development (R&D) and innovation initiatives affecting mortality (e.g. changes to Preferred Criteria, changes to Age & Amount Requirements, moving to automated U/W with predictive analytics) including:
    • Making appropriate recommendation for associated mortality assumptions
    • Development of tools for on-going monitoring of mortality and lapse experience on affected business
    • On-going recommendation for tweaking parameters of programs and/or mortality and lapse assumptions
  • Oversight of providing all regulatory and industry bodies with requiredexperience related information
  • Staying abreast of regulatory changes and best practices in particular around VM-20, VM-31 and mortality assumption development, including mortality improvement

Job Requirements

Education Required

Bachelor's degree or equivalent with strong quantitative, statistics or mathematics background.

Minimum Years or Related Work Experience Required

5+ years of Individual Life mortality experience which includes assumption development.

Specific Industry and/or Specialty Experience Required

FSA with 10+ years of experience with a minimum of 7 years of Individual Life experience.

Skills and Abilities Required

  • Very strong verbal and written communication skills including being able to adjust communication style to target audience (up and down) and previous experience interacting with Senior Management
  • Strong team player / collaborator skills
  • Strong Leadership skills which includes being able to influence (up and down), and growth & develop supporting staff
  • Very strong knowledge of current and historical Individual Life market including evolution of products and U/W over time and how they impact mortality
  • Very strong knowledge of how to develop mortality assumptions
  • Ability to work and solve complex problems independently and guide team in a similar fashion
  • Ability to think outside-the-box and come up with creative solutions
  • Ability to raise issues, proactively make solid recommendations to address the problems and be able to justify such recommendations
  • Experience developing VM-20 liability assumptions is a plus

Symetra is a dynamic and growing financial services company with 60 years of experience and customers nationwide. In our daily work delivering retirement, employee benefits, and life insurance products, we're guided by the principles of VALUE, TRANSPARENCY AND SUSTAINABILITY. That means we provide products and services people need at a competitive price, we communicate clearly and honestly so people understand what they're getting, and we build products that stand the test of time. We work hard and do what's right for our customers, communities and employees.

4716