Head of Institutional Insurance Product & ActuarialFull-TimeBoston, MA or Springfield, MAThe OpportunityMassMutual is seeking an accomplished Leader and Actuary to join the Institutional Product and Actuarial team. This role will lead pricing assumption development, model ownership, product development and in-force analytics for our Institutional Insurance business, including Bank, Corporate and Insurance Company Owned Life Insurance (BOLI, COLI, ICOLI). The role is within Institutional Solutions, a growing segment of MassMutual representing a key component of the company's overall strategy.
The TeamThe role will manage a team of actuarial and/or quantitative consultant roles. The team works collaboratively with the Institutional Insurance market leader and team to achieve profitable growth and provide in-force and new business insights, while ensuring we adhere to all regulatory, compliance and corporate governance policies. Team strengths include collaboration, execution mindset, influence, business acumen, and technical skills.
The ImpactIn this management role, you will utilize your leadership, business acumen, actuarial expertise, and relationship management skills to drive profitable growth while aligning to MassMutual's risk management framework, monitor and glean insights from existing business to monitor risk, refine assumptions, and manage the in-force Institutional Insurance business. Specific responsibilities include:
- Coach and develop a team of actuarial and/or quantitative consultant roles.
- Oversee custom pricing to support achievement of sales goals and profitability metrics, while continuously monitoring and improving key performance indicators
- Partner with the MassMutual Sales Team in pursuit of new business and with Operations for complex case onboarding or post issue service conversations.
- Oversee rate setting of certain products in accordance with our policy and MassMutual's Nonguaranteed Elements framework
- Ownership of pricing model development, maintenance, and pricing methodology for Institutional Insurance pricing.
- Socialize changes with and, where necessary, obtain approvals from key partners including product oversight, investment management, legal, reinsurance, accounting, and treasury.
- Ensure compliance with Model Governance and Product Pricing and Assumption Oversight processes.
- Ownership and, for select assumptions (e.g., lapses), shared ownership of Institutional Insurance assumption development, maintenance, and socialization of key business assumptions.
- Ensure compliance with Experience Studies and Assumptions Governance (ESAG).
- Solicit & analyze competitive data and industry assumptions.
- Develop and monitor in-force analytics, providing insights to market leader and for consideration in maintenance of key pricing assumptions.
- Partner with the Institutional Insurance market leader for new product development, including project ownership as well as product pricing and approvals.
- Influence and contribute to ongoing business strategy and growth.
- Develop and maintain strong relationships with key business partners, including product oversight, enterprise risk management, model governance, and assumption governance.
- Apply a continuous improvement mindset to existing processes, to progress decision making timelines, increase speed of quoting, automate manual processes and evolve our data analytics for the business.
The Minimum Qualifications- An accomplished ASA or FSA with 10+ years of actuarial experience in pricing, experience studies, or product development.
- 3+ years of experience with life insurance products.
The Ideal Qualifications- 3+ years' experience in an actuarial leadership role.
- Experience in pricing, design, and development of cash value life insurance products, ideally BOLI, COLI or ICOLI products.
- Demonstrated ability to lead in a fast-paced, evolving environment while managing multiple priorities with strong ownership and urgency.
- Proven track record of delivering results with high accountability and sound, outcome-focused decision-making.
- Demonstrates continuous improvement success through decision making timeline or efficiency improvements
- Commitment to fostering an inclusive, transparent, and collaborative work environment.
- Strong people leadership experience, with ability to develop, coach, and delegate to build team capability.
- Effective stakeholder management skills, with demonstrated ability to influence and partner to achieve shared goals.
- Ability to synthesize complex information and communicate insights clearly to non-technical audiences.
- Comfort operating in ambiguity and complexity, with experience evaluating trade-offs and driving solutions.
- Strong analytical, critical thinking, and problem-solving skills with high attention to detail and quality.
- Strong grasp of actuarial concepts, including the ability to quickly and independently evaluate and model new products.
Salary Range:$185,300-$243,100
At MassMutual, we focus on ensuring fair equitable pay, by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component.
