As the VP, Retirement Plan Services Pricing & Risk, you will provide executive strategic leadership to develop and oversee the pricing process in which you will create and risk manage profitable, competitive and sustainable solutions for the Retirement Plan Services business unit. You will provide overall thought leadership and expertise for product pricing, pricing models and assumptions and associated risk management activities. You will also champion and provide executable strategic idea generation on RPS pricing to optimize LFG’s profitability.
- Develops and articulates effectively the strategic vision for the pricing of Retirement Plan Services (RPS) solutions
- Establishes RPS organizational goals, objectives, and operating procedures with regards to pricing models, pricing strategy and risk management
- Ensures the effective implementation, integration, and execution of Retirement Plan Services initiatives with regards to pricing and risk management
- Ensures RPS pricing is aligned with the business unit and Lincoln Financial Group’s (LFG) overall business plans and specific strategic and tactical initiatives
- Contributes an integrated RPS pricing strategy that includes an assessment of internal/external market environments and an understanding of internal and industry risk tolerances to identify new engines of growth to optimize LFG’s profitability
- Drives profitable, competitive and sustainable RPS solutions including demonstrating measurable enhancement of profitability and/or consumer value within defined risk tolerance and capital thresholds while meeting annual target goals
- Monitors economic, market, and peer pricing/risk management trends/activities for RPS products to assess competitive opportunities in the marketplace
- Provides strategic thought leadership, market views and savvy pricing expertise to executive management and key business stakeholders on strategies and associated risks based on thorough trend, sector, and market analysis
- Responsible for the development of pricing models and the underlying assumptions of all RPS products consisting of our Full-Service retirement business (both a GVA and NAV platform), DCIO, IRA and other products
- Leads the effective collaboration and influencing of key stakeholders and leadership on strategic plan for product profitability, product positioning, risk management, and competitive advantage in the market to holistically optimize profitability objectives for the company
- Oversees the development and communication of all key pricing assumptions, financial models, and risk management elements of product design to all key stakeholders to ensure understanding of new products features and risk profiles
- Ensure RPS is in compliance with all corporate pricing standards
- Leads the risk and actuarial evaluation of new strategic products and solutions
- Leads the Interest crediting rate setting process for all our fixed annuity / stable value products
- Leads the communication of complex strategies in actionable language for key business partners
- Leads the collaboration of key risk management areas to strategically drive discussion and adoption on new assumptions and new risk management techniques
- Provide thought leadership by identifying, recommending and evaluating innovative and effective risk management/hedging strategies which have substantial financial impact
- Represent RPS’ needs and viewpoints on inter-departmental committees focused on risk, pricing and assumption governance
- Evaluates and provides strategic guidance to senior management on the impact of changes in Statutory Accounting, GAAP Accounting, International Accounting Standards, and Risk Based Capital on product design and profitability
- Leads the development of formal presentations to wholesalers and financial advisers on Lincoln's risk management and hedging strategies
- Ensures that top talent is hired and retained
- Provides training and development opportunities, including stretch assignments, for subordinates and give honest and open feedback to aid in the development of talent
- Builds organizational capability within assigned area(s) of responsibility
- Leads the identification, development, and implementation of strategic process improvements that significantly reduce workloads or improve quality across the team, business unit, and/or the organization
- 4 Year/Bachelor's degree or equivalent work experience (4 years of experience in lieu of Bachelor's) - Minimum Required
- FSA designation or ASA designation with additional years actuarial experience -Upon Hire
- 12+ Years of experience years in actuarial science that directly aligns with the specific responsibilities for this position, including 5+ years of management, strategy, and influencing senior management/critical stakeholders experience
Skills & Abilities
- Ability to read, analyze and interpret both internal and external documents such as general media/publications, professional journals, technical procedures, governmental regulations, policies, proposals, and standard operating procedures.
- Strong presentation skills with demonstrated ability to influence at all levels of management through clear, informed and logical discussions/presentations.
- Excellent written and verbal communication skills
- Advocates effectively, readily command attention and respect in groups as demonstrated by people listening to and getting on board with initiatives for his/her assigned area(s) of responsibility
- Ability to solve problems and deal with a variety of concrete variables in situations where only limited standardization exists
- Ability to think critically, analyze information and to evaluate the implications of a course of action or solution
- Define problems, collect data, establish facts and draw valid conclusions
- Evaluate trends in data or information
- Apply concepts such as probability, statistics, modeling, percentages, ratios, and proportions to practical solutions.
- Works with mathematical concepts such as averages and/or variances
- Ability to work with others in a team environment
- Demonstrated ability to identify, develop and implement processes improvements
- Demonstrated ability to successfully hire, retain, develop and coach staff via a culture of real-time performance feedback, with ability to build both technical and leadership skills.
- Demonstrated strong relationship management skills with internal clients (e.g. senior/executive management, peers and colleagues); proven ability to develop creative and collaborative approaches.
- Demonstrates strong interpersonal skills with a collaborative style
- Demonstrates strong project management leadership skills including, critical ability to coordinate and balance multiple projects in a time-sensitive environment, under pressure, and meeting deadlines.