Job Category: Life Actuary
Job Type: Full Time Hybrid
Job Location: Texas
We are seeking a highly skilled and strategic Senior Actuary to lead initiatives within our actuarial department, driving improvements in life insurance product development while addressing and mitigating risks. This role requires specialized expertise in life insurance pricing, reserving, and regulatory compliance, with a focus on providing strategic insights and ensuring the financial soundness of our products.
Key Responsibilities
- Strategic Leadership:
Originate, lead, and evaluate updates to processes and frameworks of a specialized and complex nature. - Product Development:
Drive life insurance product development (including equity-indexed products), collaborating with sales, compliance, underwriting, and operations teams. - Actuarial Standards:
Ensure the appropriateness of actuarial techniques, influence company policies on actuarial standards, and address key risk management issues. - Profitability Monitoring:
Oversee profit trends and risk positions for life insurance products, providing actionable insights to management. - Regulatory Compliance:
Prepare actuarial portions of financial reports in accordance with Statutory Accounting Principles (SAP), GAAP, and tax reporting requirements. - Assumption Updates:
Lead the annual update of assumptions, including implementation and auditing within actuarial models. - Reserve Analysis:
Review and approve reserves for life principle-based reserves and non-forfeiture values for new and existing products. - Illustration Actuary:
Serve as the Illustration Actuary, ensuring compliance with regulatory standards. - Mentorship and Leadership:
Mentor and lead team members, delegate responsibilities, and review work to ensure high-quality outcomes. - Industry Representation:
Represent the company on industry and professional committees, maintaining extensive knowledge of insurance products, operations, and regulations. - Risk Oversight:
Act as an independent body for evaluating risk management concerns and recommending solutions.
Qualifications
- Education and Experience:
- Fellow of the Society of Actuaries (FSA) or equivalent designation.
- 10+ years of experience in life insurance actuarial roles, with significant expertise in pricing and reserving.
- Technical Expertise:
- Deep knowledge of life insurance products, including equity-indexed products.
- Proficiency in Statutory, GAAP, and tax reporting standards.
- Experience in interest rate and market rate hedging.
- Leadership and Collaboration:
- Proven ability to lead teams, mentor staff, and collaborate across departments.
- Strong communication and decision-making skills, with the ability to influence company policies.
- Regulatory Knowledge:
- Extensive understanding of existing regulations and compliance requirements.
- Strategic Mindset:
- Ability to anticipate business challenges and recommend process improvements to enhance product development and risk mitigation.