Life Pricing Actuary

MassMutual

MassMutual

Accounting & Finance
Multiple locations
Posted on Wednesday, June 5, 2024

Life Pricing Actuary

Life Insurance Pricing and Profitability Team

Full time

Springfield, MA or Boston, MA

The Opportunity

As an Actuary on the Life Insurance Pricing and Profitability team you will be responsible for supporting the pricing initiatives for new life insurance products and product enhancements within MMUS. This is an opportunity to have a significant impact on a product line critical to our company’s success.

The Team

The team is responsible for the pricing and profitability of MassMutual’s individual life insurance products. The team is comprised of a group of actuaries and quantitative consultants with extensive experience in life insurance pricing, product development, and modeling. The team is focused on meeting the needs of three key stakeholders – our end customers, our distribution partners, and our company.

The Impact:

Product Design and Pricing

  • Participate in product development ideation
  • Using actuarial principles and pricing models, lead the design and pricing of new life insurance products and/or enhancements to existing life products
  • Develop and/or enhance pricing models to support product pricing and design
  • Secure required pricing approvals from key stakeholders by balancing competitive benchmarks and acceptable levels of expected profit and risk
  • Create and maintain pricing assumption and final pricing documentation

Product Filing Support

  • Research state/federal regulations that govern life insurance and develop actuarial memorandums and demonstrations to support state and federal filings of life products

Product Implementation

  • Develop actuarial calculation specifications and review requirements for implementation
  • Assist with calculation testing and validation
  • Adhoc Analysis
  • Provide internal (home office) and external (agent) actuarial support as needed

The Minimum Qualifications

  • 5+ years' relevant actuarial experience, including working with life insurance and/or annuity products
  • FSA (or near FSA) designation required
  • Bachelor’s degree in actuarial science, math, statistics, or related discipline
  • 3+ years' experience with actuarial software and models

The Ideal Qualifications

  • 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 - 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
  • Candidates must be authorized to work in the United States without requiring visa sponsorship

#LI-CM1

Salary Range:

$137,800.00-$180,800.00

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.

Why Join Us.

We’ve been around since 1851. During our history, we’ve learned a few things about making sure our customers are our top priority. In order to meet and exceed their expectations, we must have the best people providing the best thinking, products and services. To accomplish this, we celebrate an inclusive, vibrant and diverse culture that encourages growth, openness and opportunities for everyone. A career with MassMutual means you will be part of a strong, stable and ethical business with industry leading pay and benefits. And your voice will always be heard.

We help people secure their future and protect the ones they love. As a company owned by our policyowners, we are defined by mutuality and our vision to put customers first. It’s more than our company structure – it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources, and rely on each other when it counts. At MassMutual, we Live Mutual.

MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.

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. For more information about our extensive benefits offerings please check out our Total Rewards at a Glance.