How to hire a product development actuary

How to hire a product development actuary, step by step

Here's a step-by-step product development actuary hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write a product development actuary job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new product development actuary
• Step 8: Go through the hiring process checklist

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1. Identify your hiring needs

   Before you start hiring a product development actuary, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   Hiring the perfect product development actuary also involves considering the ideal background you'd like them to have. Depending on what industry or field they have experience in, they'll bring different skills to the job. It's also important to consider what levels of seniority and education the job requires and what kind of salary such a candidate would likely demand.

   The following list breaks down different types of product development actuaries and their corresponding salaries.

   Type of Product Development Actuary	Description	Hourly rate
   Product Development Actuary	Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur, and they help businesses and clients develop policies that minimize the cost of that risk... Show more	$36-85
   Actuarial Internship	The job of actuarial interns involves the roles of graduate actuaries featuring the challenges of a full-time actuary. Interns are given opportunities to work on projects from the offices of the firm or client... Show more	$27-66
   Actuarial Consultant	An actuarial consultant is a financial professional who is responsible for advising clients on investments, insurance, and pension-related decisions using a variety of measurements. Actuarial consultants must apply an extensive use of statistics and large amounts of data to formulate a plan that is best suited to clients... Show more	$29-64

   Show more

2. Create an ideal candidate profile

   Common skills:

   • FSA
   • Administration System
   • SQL
   • Annuities
   • Life Insurance Products
   • Projection
   • Calculation

   Responsibilities:

   • Manage design control including FMEA risk analysis, surgeon clinical input documentation, design verification and validation activities.
   • Generate nutrition information and ingredient statements for each product, according to FDA and international labeling regulations.
   • Design and develop aircraft seal devices through engineering analysis, prototyping, risk assessment and appropriate qualification testing with customer expectation.
   • Manage the design, implementation and oversight of all insurance and reinsurancepricing functions and processes for corporation.

3. Make a budget

   Including a salary range in your product development actuary job description is one of the best ways to attract top talent. A product development actuary can vary based on:

   • Location. For example, product development actuaries' average salary in hawaii is 57% less than in new york.
   • Seniority. Entry-level product development actuaries 58% less than senior-level product development actuaries.
   • Certifications. A product development actuary with certifications usually earns a higher salary.
   • Company. Working for an established firm or a new start-up company can make a big difference in a product development actuary's salary.

   Average product development actuary salary

   $116,008yearly

   $55.77 hourly rate

   ---

   Entry-level product development actuary salary

   $75,000 yearly salary

   Updated January 14, 2026

4. Writing a product development actuary job description

   A product development actuary job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. Below, you can find an example of a product development actuary job description:

   Product development actuary job description example

   At MetLife, we're leading the global transformation of an industry we've long defined. United in purpose, diverse in perspective, we're dedicated to making a difference in the lives of our customers.
   Role Value Proposition:
   
   Reporting to the VP of RIS R&D and Reinsurance, this Actuary position plays a key role to accelerate profitable business growth and optimize shareholder value across Retirement Income Solutions (RIS).The RIS business, one of the largest U.S. segments in MetLife, has a wide variety of products, including pension risk transfer products, longevity reinsurance, GIC/Funding agreements, stable value products, structured settlements, Institutional Income Annuities and PRB & SBR Products.
   
   The successful candidate will independently execute RIS product innovation and reinsurance strategy initiatives. The role will work closely with RIS business pricing teams and corporate functional partners, including reinsurance, treasury, risk, actuarial, finance, investments, legal, and operations, and will be highly visible within the organization.
   
   Key Responsibilities:
   
   Development and execution of internal reinsurance initiatives and other strategic reinsurance and capital initiatives Independently conduct financial modeling and pricing analysis for the reinsurance initiatives Contribute to the efforts to improve capital efficiency and enhance the business value for RIS Collaborate with Reinsurance, Treasury, Risk, Actuarial, Finance, Investment, and other business functions Communicate results to business partners and senior management
   
   Essential Business Experience and Technical Skills:
   
   Required:
   Bachelor's degree in actuarial science, math, statistics, economics, or related discipline ASA required 5+ years of insurance industry experience with comprehensive business knowledge Strong financial modeling, analytical, and problem-solving skills Good presentation and written communication skill Good knowledge in reinsurance and capital framework Ability to operate effectively in a highly matrixed environment
   
   Preferred:
   FSA or CFA preferred Prior experience in ALM or Reinsurance is a plus Strong knowledge in Retirement products Strong knowledge in reinsurance and capital framework Strong knowledge or ability to quickly learn, MetLife's processes and systems Good understanding of income statement and balance sheet
   MetLife:
   
   MetLife, through its subsidiaries and affiliates, is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.
   
   We are one of the largest institutional investors in the U.S. with $642.4 billion of total assets under management as of March 31, 2021. We are ranked #46 on the Fortune 500 list for 2021. In 2020, we were named to the Dow Jones Sustainability Index (DJSI) for the fifth year in a row. DJSI is a global index to track the leading sustainability-driven companies. We are proud to have been named to Fortune magazine's 2021 list of the “World's Most Admired Companies.”
   
   MetLife is committed to building a purpose-driven and inclusive culture that energizes our people. Our employees work every day to help build a more confident future for people around the world.
   
   We want to make it simple for all interested and qualified candidates to apply for employment opportunities with MetLife. For further information about how to request a reasonable accommodation, please click on the Disability Accommodations link below.
   
   MetLife is a proud Equal Employment Opportunity and Affirmative Action employer dedicated to attracting, retaining, and developing a diverse and inclusive workforce. All qualified applicants will receive consideration for employment at MetLife without regards to race, color, religion, sex (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity or expression, age, disability, national origin, marital or domestic/civil partnership status, genetic information, citizenship status, uniformed service member or veteran status, or any other characteristic protected by law.
   
   MetLife maintains a drug-free workplace.

   Copy this example

   

5. Post your job

   To find the right product development actuary for your business, consider trying out a few different recruiting strategies:

   • Consider internal talent. One of the most important sources of talent for any company is its existing workforce.
   • Ask for referrals. Reach out to friends, family members, and current employees and ask if they know or have worked with product development actuaries they would recommend.
   • Recruit at local colleges. Attend job fairs at local colleges to recruit product development actuaries who meet your education requirements.
   • Social media platforms. LinkedIn, Facebook and Twitter now have more than 3.5 billion users, and you can use social media to reach potential job candidates.

   Post your job online:

   • Post your product development actuary job on Zippia to find and recruit product development actuary candidates who meet your exact specifications.
   • Use field-specific websites.
   • Post a job on free websites.

6. Interview candidates

   Recruiting product development actuaries requires you to bring your A-game to the interview process. The first interview should introduce the company and the role to the candidate as much as they present their background experience and reasons for applying for the job. During later interviews, you can go into more detail about the technical details of the job and ask behavioral questions to gauge how they'd fit into your current company culture.

   It's also good to ask about candidates' unique skills and talents. You can move on to the technical interview if a candidate is good enough for the next step.

   While interviews are great, you will only sometimes learn enough from a conversation with a product development actuary applicant. In those cases, having candidates complete a test project can go a long way in figuring out who's the most likely to succeed in the role. If you aren't a technical person and don't know how to design an appropriate test, you can ask someone else on the team to create it or take a look at these websites to get a few ideas:

   • TestDome
   • CodeSignal
   • Testlify
   • BarRaiser
   • Coderbyte

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new product development actuary

   Once you've decided on a perfect product development actuary candidate, it's time to write an offer letter. In addition to salary, it should include benefits and perks available to the employee. Qualified candidates may be considered for other positions, so make sure your offer is competitive. Candidates may wish to negotiate. Once you've settled on the details, formalize your agreement with a contract.

   It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.

   Once that's done, you can draft an onboarding schedule for the new product development actuary. Human Resources should complete Employee Action Forms and ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc. They should also ensure that new employee files are created for internal recordkeeping.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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