AVP Annuity Product Management

Salary depends on experience
Posted on 11/09/17
11 - 15 years experience
Managed Care & Health Insurance
Salary depends on experience
Posted on 11/09/17

Accountable for management of Annuity business units’ new business profitability and inforce spread management, as well as both new business and inforce rate management processes. This includes, but is not limited to, point-in-time profitability, Capital Utilization process, new business rate setting, renewal rate setting, and supporting other Annuity Product Management and Product Development initiatives as required. This position will also support the company’s risk awareness through stochastic and deterministic pricing, risk review, and thorough vetting of product rate recommendations. This position will lead a team of actuarial and financial associates.

 

Essential Functions:

  1. Drive Annuity business unit(s) sales and earnings through inforce management and new business product positioning.
  2. Provide thought leadership and critical thinking in analyzing annuity business by distribution channel, and driving decisions for competitive product positioning while maintaining profitability requirements.
  3. Development of actionable management information used in making product rate, profitability, and position decisions. Deliver presentations of analyses and recommendations to Sammons Financial Group (SFG) member companies and business unit senior management, as needed. Make timely risk aware product and rate recommendations
  4. Management of new business and inforce product rates, including development rate recommendations, balancing company profitability and risk with competitive positioning. Provide thought leadership regarding inforce spread management.
  5. Lead team in the production of Annuity Model pricing results, analyses, and other tools used in the development of rate and product recommendations. Be diligent in the accuracy and effectiveness of the Annuity Product team’s analyses, with a view to process improvement and efficiency. 
  6. Assist in cultivating a risk aware culture, including enhanced stochastic pricing capabilities, expansion of profit metrics, as well as GAAP views. 
  7. Ensure documentation and formal reports are prepared in accordance with Actuarial Standards of Practice and appropriately considers Legal and Compliance input. Develop strong documentation, peer review, and cross training practices within the team.
  8. Meet and document the continuing education requirements promulgated by the Society of Actuaries and the American Academy of Actuaries for making public statements of actuarial opinion. Support the ongoing professional development of team members.
  9. Work closely with Annuity Pricing, Annuity Product Development, Corporate Actuarial, ERM, and Finance teams to assure consistency and integrity in Annuity Product decisions and profitability views.
  10. Support the Annuity Product Development and Pricing processes as needed, by providing peer review of methodologies, models, assumptions and results, as well as assisting in new product rate recommendations. 
  11. Develop team members and recruit talent as needed. 

 

Qualifications:

  • Bachelor’s degree, preferably in the area of mathematics, or a business related field.
  • A Fellow in the Society of Actuaries preferred
  • 10+ years of experience required with focus on pricing, risk or financial management of life insurance or annuity products
  • Experience managing and developing a team is a plus
  • Experience with actuarial modeling software; ALFA experience is a plus
  • Must embrace and effectively shadow the corporate core values
  • Effective leadership, management, decision-making and motivational skills
  • Strong interpersonal skills for relationship building
  • Excellent communication skills, including listening, oral and written
  • Must be flexible in coping with rapidly changing business environments, managing multiple priorities in a fast paced environment
  • Strong analytical and critical thinking skills, with a proven ability of value-added results
  • Independent thinking skills to evaluate facts based on sound and mature judgment
  • Self-motivated individual who can effectively work independently and as part of a team
  • Strong project management skills
  • Due to the financial nature and level of accountability of this position, a credit and criminal background check is required

 

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