Product development actuary job description
Updated March 14, 2024
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Example product development actuary requirements on a job description
Product development actuary requirements can be divided into technical requirements and required soft skills. The lists below show the most common requirements included in product development actuary job postings.
Sample product development actuary requirements
- Bachelor's degree in Actuarial Science.
- 3+ years of relevant experience.
- Proficiency in actuarial software.
- Knowledge of product development processes.
- Proficiency in Excel and other analytical tools.
Sample required product development actuary soft skills
- Excellent problem-solving skills.
- Strong analytical and organizational skills.
- Excellent verbal and written communication skills.
- Ability to work independently and as part of a team.
Product development actuary job description example 1
MetLife product development actuary job description
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.
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.
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Product development actuary job description example 2
American Equity product development actuary job description
At American Equity Investment Life Holding Company, we think of ourselves as The Financial Dignity Company. Our policyholders work with independent agents, banks and broker-dealers through our wholly-owned operating subsidiaries, to choose one of our leading annuity products best suited for their personal needs to create financial dignity in retirement. We remain steadfast in our commitment to quality products, excellent customer service, integrity, safety and delivering on our promises to our policyholders. Our success comes from hiring people who embody the beliefs that drive our unique, energetic, fast-paced and caring culture of collaboration, ownership and innovation.
We currently fund over half a million retirements nationwide, and have been headquartered in West Des Moines, Iowa, for over twenty-five years, with satellite offices slated to open in 2022 in Charlotte, NC, and New York, NY. We are a NYSE-listed company and maintain an "excellent" rating from AM Best. Our company has over $57 billion in assets, 26,000 active agents and over 650 employees.
GENERAL PURPOSE OF THE JOB:
This actuary provides pricing support and analysis for new and existing products. The actuary will design and build new pricing frameworks and analysis as well as prepare and present the results of the analysis to the Manager, Product Development and senior leadership. They will work independently to identify the requirements of projects and develop and execute on the required tasks. The actuary will also aid in researching non-financial aspects of new product concepts including regulatory filings, operational requirements, and admin development.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
+ Performs technical analysis for new and existing products
+ Develop framework to assess the risk and profitability of new and existing annuity product concepts
+ Perform initial economic feasibility analysis
+ Build pricing models using MG ALFA that will require significant creativity and custom coding to assess a variety of unique products and product features
+ Develop assumptions for products
+ Explore and understand reserve and capital impacts
+ Price/value embedded derivatives and assess hedging implications and costs
+ Utilize strong actuarial & risk management knowledge including stochastic modeling and understanding of hedging and embedded derivatives to capture all potential risks and costs in pricing analysis
+ Create presentations & documentation of analysis to present results to senior management & other key stakeholders
+ Participate in & contribute to product ideation process
+ Participate & contribute to discussions regarding potential future product concepts
+ Apply deep technical understanding of pricing, hedging, solvency standards and financial reporting to:
+ provide educated and thorough feedback on product concepts, and
+ generate original product concepts factor in enterprise objectives and constraints
+ Develop & employ creative and innovative solutions to challenges that arise in the development, design, pricing, and implementation of new product concepts
+ Utilize strong actuarial & risk management knowledge and understanding of hedging and embedded derivatives to apply in development and assessment of new concepts
+ Accountable to work with ALM, valuation, finance, tax, hedging, legal, and various other partners as part of the new product development and implementation process to ensure pricing analysis accounts for all key elements involved in product concept
+ Partner with hedging team to ensure hedging costs are incorporated into pricing and risk analysis
+ Responsible for governance required within pricing and modeling work, ensuring pricing and modeling meets internal Product Development Process governance and other governance and documentation requirements
+ Responsible for development and management of actuarial staff
+ Perform other related work as assigned.
SUPERVISORY RESPONSIBILITIES:
Direct Reports: 2
CERTIFICATES, LICENSES, PROFESSIONAL DESIGNATIONS:
+ FSA
+ MAAA
+ CFA a plus
KNOWLEDGE, SKILLS AND ABILITIES:
+ Candidate must have strong understanding of, and be able to participate in highly technical discussions surrounding annuity pricing concepts, including profitability mechanics, sources of risk, and solvency & accounting requirements
+ Candidate must have strong understanding of risk-neutral pricing & hedging concepts
+ Candidate must be able to independently identify potential challenges surrounding new product concepts and explore potential solutions
+ Candidate must have strong verbal and written communication skills to present and discuss results of analysis
+ Candidate must have experience building annuity pricing frameworks using industry standard annuity pricing software, or have strong software coding background to be applied to learning standard annuity pricing software. Applications will include:
+ Coding new products & features
+ Summarizing modeling results
+ Developing new metrics and methods for summarizing results to capture and communicate relevant risks of various designs
+ Proficient in the use of Microsoft Office Suite including Word, Excel, Visio, Microsoft Project and Outlook.
+ Minimal to no travel is required in this position.
EDUCATION AND/OR EXPERIENCE:
+ B.S. in Actuarial, Mathematics or other quantitative fields
+ FSA with 7+ years of experience in annuity pricing and product development.
+ Proficient in the use of excel
+ Experience with Stochastic Modeling, or Deterministic Approximations there of (MG-ALFA a plus)
+ Experience with hedging and arbitrage free, risk-neutral pricing/valuation concepts
+ Excellent verbal Communication, facilitation, and relationship management experience
+ MS Office Suite experience
We currently fund over half a million retirements nationwide, and have been headquartered in West Des Moines, Iowa, for over twenty-five years, with satellite offices slated to open in 2022 in Charlotte, NC, and New York, NY. We are a NYSE-listed company and maintain an "excellent" rating from AM Best. Our company has over $57 billion in assets, 26,000 active agents and over 650 employees.
GENERAL PURPOSE OF THE JOB:
This actuary provides pricing support and analysis for new and existing products. The actuary will design and build new pricing frameworks and analysis as well as prepare and present the results of the analysis to the Manager, Product Development and senior leadership. They will work independently to identify the requirements of projects and develop and execute on the required tasks. The actuary will also aid in researching non-financial aspects of new product concepts including regulatory filings, operational requirements, and admin development.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
+ Performs technical analysis for new and existing products
+ Develop framework to assess the risk and profitability of new and existing annuity product concepts
+ Perform initial economic feasibility analysis
+ Build pricing models using MG ALFA that will require significant creativity and custom coding to assess a variety of unique products and product features
+ Develop assumptions for products
+ Explore and understand reserve and capital impacts
+ Price/value embedded derivatives and assess hedging implications and costs
+ Utilize strong actuarial & risk management knowledge including stochastic modeling and understanding of hedging and embedded derivatives to capture all potential risks and costs in pricing analysis
+ Create presentations & documentation of analysis to present results to senior management & other key stakeholders
+ Participate in & contribute to product ideation process
+ Participate & contribute to discussions regarding potential future product concepts
+ Apply deep technical understanding of pricing, hedging, solvency standards and financial reporting to:
+ provide educated and thorough feedback on product concepts, and
+ generate original product concepts factor in enterprise objectives and constraints
+ Develop & employ creative and innovative solutions to challenges that arise in the development, design, pricing, and implementation of new product concepts
+ Utilize strong actuarial & risk management knowledge and understanding of hedging and embedded derivatives to apply in development and assessment of new concepts
+ Accountable to work with ALM, valuation, finance, tax, hedging, legal, and various other partners as part of the new product development and implementation process to ensure pricing analysis accounts for all key elements involved in product concept
+ Partner with hedging team to ensure hedging costs are incorporated into pricing and risk analysis
+ Responsible for governance required within pricing and modeling work, ensuring pricing and modeling meets internal Product Development Process governance and other governance and documentation requirements
+ Responsible for development and management of actuarial staff
+ Perform other related work as assigned.
SUPERVISORY RESPONSIBILITIES:
Direct Reports: 2
CERTIFICATES, LICENSES, PROFESSIONAL DESIGNATIONS:
+ FSA
+ MAAA
+ CFA a plus
KNOWLEDGE, SKILLS AND ABILITIES:
+ Candidate must have strong understanding of, and be able to participate in highly technical discussions surrounding annuity pricing concepts, including profitability mechanics, sources of risk, and solvency & accounting requirements
+ Candidate must have strong understanding of risk-neutral pricing & hedging concepts
+ Candidate must be able to independently identify potential challenges surrounding new product concepts and explore potential solutions
+ Candidate must have strong verbal and written communication skills to present and discuss results of analysis
+ Candidate must have experience building annuity pricing frameworks using industry standard annuity pricing software, or have strong software coding background to be applied to learning standard annuity pricing software. Applications will include:
+ Coding new products & features
+ Summarizing modeling results
+ Developing new metrics and methods for summarizing results to capture and communicate relevant risks of various designs
+ Proficient in the use of Microsoft Office Suite including Word, Excel, Visio, Microsoft Project and Outlook.
+ Minimal to no travel is required in this position.
EDUCATION AND/OR EXPERIENCE:
+ B.S. in Actuarial, Mathematics or other quantitative fields
+ FSA with 7+ years of experience in annuity pricing and product development.
+ Proficient in the use of excel
+ Experience with Stochastic Modeling, or Deterministic Approximations there of (MG-ALFA a plus)
+ Experience with hedging and arbitrage free, risk-neutral pricing/valuation concepts
+ Excellent verbal Communication, facilitation, and relationship management experience
+ MS Office Suite experience
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Updated March 14, 2024
Updated March 14, 2024