Product Management and Pricing Actuary

Massachusetts Mutual Life Insurance Company (MassMutual) • $144K — $190K *
Springfield, MA 01109In-Person
Finance & Insurance
5 - 7 years of experience
Today
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Job Overview by Ladders

Qualifications

  • Bachelor's degree in Actuarial Science, Mathematics, Statistics, or related field
  • ASA designation
  • 5+ years of actuarial experience in pricing, experience studies or related actuarial functions
  • 1+ years of experience working with life insurance products
  • 2+ years of experience with actuarial models

Responsibilities

  • Represent Pricing and Product Management in oversight and analysis of accelerated underwriting programs
  • Monitor the MassExpress fluidless underwriting program, focusing on performance metrics
  • Partner with various teams to assess the protective value of underwriting programs
  • Analyze performance and risk indicators to identify emerging trends
  • Evaluate complex life insurance cases for alignment with profitability and risk decisions
  • Perform profitability metric analyses to support business decisions
  • Develop dashboards and reports that communicate key performance insights

Benefits

  • Comprehensive health and wellness programs
  • Career development and professional growth opportunities
  • Flexible work arrangements
  • Bonus and incentive opportunities
  • Inclusive work environment promoting equity and diversity
Full Job Description
The Opportunity

We are seeking a highly engaged Pricing Actuary to join a dynamic team environment for Life Pricing & Profitability. This individual will be organized, detail-oriented and excited to take accountability and ownership for their work.

As a member of the Life Insurance Pricing and Profitability team, you will partner with the Underwriting and Medical teams to evaluate new and existing underwriting programs. You will also monitor key profitability and business metrics and pricing assumptions, taking a holistic approach to assessing emerging experience across the life insurance portfolio. This role offers the opportunity to influence a product line that is critical to the company's success.

The Impact:

Underwriting Functions
  • Represent Pricing and Product Management in the oversight and analysis of the accelerated underwriting program. Partner with internal stakeholders to develop analytics, communicate results, and influence future program enhancements.
  • Monitor the MassExpress fluidless underwriting program, including mortality slippage, pass rates, and other key performance indicators, and partner with Underwriting on regular program oversight.
  • Partner with New Business, Underwriting and Medical teams to assist in developing and assessing the protective value of key underwriting programs.
  • Analyze underwriting performance and other portfolio-level risk indicators to identify emerging trends and support profitability objectives and risk management decisions.


Profitability and Emerging Experience Analytics
  • Evaluate large and complex life insurance cases for alignment with profitability guidelines and the company's risk appetite and provide analysis to support placement and capacity decisions.
  • Perform analyses using VNB, IRR, profit margin, and other profitability metrics to support underwriting and business decisions.
  • Perform sensitivity testing and scenario analysis to assess the impact of key assumptions, emerging risks, and business trends on profitability.
  • Develop Power BI dashboards, presentations, and recurring reports that communicate profitability, new business performance, rider utilization, and emerging experience to facilitate management reporting.
  • Analyze rider utilization and profitability to identify emerging trends, risks, and opportunities.
  • Support the development, aggregation, validation, and communication of quarterly VNB reporting.
  • Monitor, analyze and report on key business KPIs, providing insights to support strategic decision-making.


Product Design and Pricing
  • Support life insurance product pricing by helping to develop assumptions for new products and maintaining clear documentation of final pricing decisions and assumptions.
  • Provide ad hoc actuarial analysis and support for pricing, profitability, and product initiatives.


The Minimum Qualifications
  • Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related field
  • ASA designation
  • 5+ years of actuarial experience in pricing, experience studies or related actuarial functions.
  • 1+ years of experience working with life insurance products
  • 2+ years of experience actuarial models


The Ideal Qualifications
  • FSA Designation
  • Experience with accelerated underwriting programs a plus
  • Experience with using Power BI, experience studies and data management a plus
  • Life insurance pricing experience, along with exposure to coding/programming are a plus
  • Ability to interact with technical and non-technical audiences at all levels, within and across organizational boundaries
  • Strong interpersonal and communication skills: ability to document complex issues, methodologies, and resolutions such that others can readily understand them
  • Ability to use a disciplined work approach to initiatives, projects, and day-to-day activities
  • Ability to work cross-functionally to reconcile competing priorities while meeting organizational objectives
  • Sound business judgment in an environment of rapid change, and the ability to respond to changes in direction, tight deadlines, and high-pressure situations
  • Comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to a problem
  • Takes ownership and is results-orientated


Salary Range:
$144,800-$190,000

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.

About Massachusetts Mutual Life Insurance Company (MassMutual)

Massachusetts Mutual Life Insurance Company (MassMutual) Careers

Joining the team at Massachusetts Mutual Life Insurance Company (MassMutual) offers more than just a job; it opens the door to a world of job opportunities where professional growth and personal development are encouraged and nurtured. Massachusetts Mutual Life Insurance Company (MassMutual) stands as a beacon of innovation, leadership, and diversity in the insurance industry.

Explore Career Opportunities

Massachusetts Mutual Life Insurance Company (MassMutual) is actively hiring and offers a variety of positions that cater to different skills and career aspirations. From entry-level roles to leadership positions, the company seeks passionate, creative, and solution-driven team players. Explore the numerous job opportunities at Massachusetts Mutual Life Insurance Company (MassMutual) to find a position that matches your skills and interests.

Internship Programs

Kickstart your career with Massachusetts Mutual Life Insurance Company (MassMutual)'s internship programs. These opportunities provide invaluable industry experience, networking prospects, and a chance to work on real projects that impact the company and its clients. Internships at Massachusetts Mutual Life Insurance Company (MassMutual) are a stepping stone to full-time employment and offer a deep dive into the culture and operations of a leading insurance provider.

Employee Benefits and Culture

Massachusetts Mutual Life Insurance Company (MassMutual) is committed to supporting its team members not only in their professional lives but also in their personal growth. The company offers comprehensive benefits designed to nurture the well-being of its employees and their families. The culture at Massachusetts Mutual Life Insurance Company (MassMutual) is built on a foundation of respect, integrity, and diversity, fostering an environment where everyone can thrive.

Professional Development and Growth

Career growth at Massachusetts Mutual Life Insurance Company (MassMutual) is propelled by continuous learning and development opportunities. The company invests in diversity training, leadership programs, and innovation workshops to ensure that every team member has the resources to advance their career. Employees are encouraged to expand their knowledge base and acquire new skills through various training and development programs.

Networking and Innovation

At Massachusetts Mutual Life Insurance Company (MassMutual), networking and innovation go hand in hand. Employees are encouraged to connect with colleagues and industry professionals, enhancing their career prospects and contributing to the company's leadership in the market. The collaborative environment ensures that innovative ideas are shared and celebrated.

Join the Massachusetts Mutual Life Insurance Company (MassMutual) Team

Search open positions that align with your career goals at Massachusetts Mutual Life Insurance Company (MassMutual). Prepare your resume, hone your interview skills, and get ready to join a team that values leadership and professional growth. Discover how Massachusetts Mutual Life Insurance Company (MassMutual) can transform your career aspirations into reality.

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Explore Jobs and Careers at Massachusetts Mutual Life Insurance Company (MassMutual)

Whether you are seeking a new challenge, a leadership role, or a collaborative team environment, Massachusetts Mutual Life Insurance Company (MassMutual) offers a dynamic and supportive workspace for everyone. Check out the latest job openings and embark on a rewarding career journey with Massachusetts Mutual Life Insurance Company (MassMutual).
Learn more about Massachusetts Mutual Life Insurance Company (MassMutual)
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Finance & Insurance
* Ladders Estimates

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