Staff Actuary Job Description

Staff Actuary Job Description

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Staff actuary provides actuarial analysis needed to support growing Fixed Indexed Annuity block within Annuity and Life Insurance Valuation team.

Staff Actuary Duties & Responsibilities

To write an effective staff actuary job description, begin by listing detailed duties, responsibilities and expectations. We have included staff actuary job description templates that you can modify and use.

Sample responsibilities for this position include:

Professionally accountable for statements of actuarial opinion (SAO)
Professionally accountable for statements of actuarial opinion (SAOs)
Responsible for variable or fixed/payout annuity base product pricing and related projects
Manage, prepare and perform financial results and plans
Calculate the effect on profitability for contractual guarantees for inforce annuities
Provide support to internal partners
Primary focus placed on reserve and capital modeling, and the evolution of these models in light of new requirements
Prepares documentation, reports and presentations on the methodologies and rationale for recommended changes
Prepares actuarial portion of financial reports or other documents
May supervise Actuarial Analysts, Actuarial Students or Actuarial Technicians

Staff Actuary Qualifications

Qualifications for a job description may include education, certification, and experience.

Licensing or Certifications for Staff Actuary

List any licenses or certifications required by the position: ACAS, MAAA, FCAS

Education for Staff Actuary

Typically a job would require a certain level of education.

Employers hiring for the staff actuary job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Master's Degree in Actuarial Science, Statistics, Mathematics, Math, Economics, Science, Business, Finance, Accounting, Computer Science

Skills for Staff Actuary

Desired skills for staff actuary include:

Using Microsoft office
Actuarial Modeling systems
Experience working with PDE data
Cancer and Dental
Developing and maintaining annuity models
Fixed and /
Life and retirement
Life insurance and annuity product designs
Life insurance industry and RiverSource’s Life Insurance Products
Medicare Supplement

Desired experience for staff actuary includes:

Supporting the pricing of new products, helping to assess the feasibility of potential new products, supporting rider pricing, completing ad hoc pricing requests and analysis, modifying pricing models and ensuring pricing models and assumptions are accurate and up-to-date
Supporting advanced pricing by being able to perform complex modeling, understanding and summarizing results
Pricing and development of Universal Life products and their riders
Review product materials such as prospectuses, marketing materials, webpages, for accuracy and completeness
Oversight of monthly and quarterly traditional insurance valuation
Lead development of PBR reserves for all insurance

Staff Actuary Examples

1

Staff Actuary Job Description

Job Description Example
Our innovative and growing company is hiring for a staff actuary. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for staff actuary
  • Responsible for completion of year-end annual statement exhibits and validation of business controls
  • In charge of annual cash flow testing for insurance products
  • Conduct the annual GPV for traditional life products
  • Support ad-hoc regulatory requests
  • Designs, develops, and maintains analytical models, using a variety of corporate software tools
  • Influences and leads development of appropriate assumptions and methods to use in models
  • Performs and/or leads testing, analysis, and evaluation of model results, and identifies additional analysis needed
  • Applies actuarial principles commensurate with the Fellow of Society of Actuaries certification
  • Occasionally provides guidance and direction to less experienced staff members on some assignments
  • Acts as a guardian of the company’s financial strength while also striving to increase the value we are able to deliver to members
Qualifications for staff actuary
  • Oversee strategic and tactical business planning, requiring close communication
  • Serve as a point contact for the Actuarial department and manage ad-hoc requests from OCFO and other internal and external parties
  • Serve as a direct communication channel to the Chief Actuary for any matters requiring their attention
  • Manage the department communications through both formal and informal channels
  • Plan, prepare and follow up on key calendar events and key recurrent meetings led by the Chief Actuary
  • Assist the organization in its transformation efforts and ensure achieving operational efficiencies
2

Staff Actuary Job Description

Job Description Example
Our company is growing rapidly and is looking to fill the role of staff actuary. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for staff actuary
  • Assist the HR function as it relates to the Actuarial organization
  • Develop workpapers and client deliverables
  • Understand pension plans, investments and be able to read and understand financial statements
  • Conduct interviews/inquiries with third party vendors
  • Complete quarterly and annual valuation reporting projects for retirement plan business, such as financial planning, budget, cash flow testing, dac voba k factor and amortization calculations, target surplus calculations, reserve reporting, and
  • May supervise junior staffs
  • Relevant industry data, studies and actuarial judgment to recommend assumptions where data may not be readily available
  • Competitive developments in the marketplace
  • Assist in project management tasks, hours reports, status reports
  • Assist in determining if data collection is complete and in following up with third parties to obtain additional data if needed
Qualifications for staff actuary
  • Candidate should have extensive experience using ALFA as a developer (versus a user)
  • Knowledge of other modeling platforms such as AXIS and MoSes may be acceptable
  • Demonstrated experience analyzing economic, legal and social trends impacting financial results
  • Demonstrated experience analyzing the impact on loss reserving methods of internal changes in systems, claims, underwriting, legal and accounting
  • Demonstrated experience dealing with information in an accurate and complete manner
  • Solid knowledge and understanding of computer concepts in both personal computer and mainframe environments
3

Staff Actuary Job Description

Job Description Example
Our innovative and growing company is looking to fill the role of staff actuary. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for staff actuary
  • Communicate potential issues to project leadership
  • Learn to understand pension plan documents, investments and be able to read and understand financial statements
  • Ensure appropriate modeling of our products, including
  • Drive key projects to completion by providing leadership and direction to individuals both inside and outside the organization
  • Prepare related reports
  • Lead the development of risk modeling requirements under the new accounting standards for life and health product lines
  • Production and analysis of quarterly financial projections under a range of scenarios
  • Manage the development of the quarterly analytics
  • Calculate and analyze current risk / return metrics to validate reasonableness of results
  • Communicate results with key business colleagues
Qualifications for staff actuary
  • 3 years of experience converting and manipulating data
  • Solid knowledge and understanding of insurance products and related reserving concepts
  • The ideal candidate should have a solid understanding of Risk Neutral valuation/price theory and a strong understanding of the models underneath
  • Bachelor's Degree with an emphasis in Actuarial Science, Math, Statistics, or related disciplines
  • Minimum of five (5) years of professional pension and OPEB experience in financial services or experience working within pension consulting firms
  • Strong analytical thinking, creative problem solving skills, and have a passion for details
4

Staff Actuary Job Description

Job Description Example
Our company is searching for experienced candidates for the position of staff actuary. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for staff actuary
  • Participate in projects as the insurance subject matter expert
  • Provide support for other risk initiatives or special projects of the Insurance and Annuity business
  • Manage the process of updating pricing results due to updated assumptions, design changes, and/or regulations
  • Play a key role as subject matter expert in pricing projects - working with other areas of the company including sales, marketing, compliance, valuation/LFO and GCO
  • May provide pricing model direction to 1-2 staff actuary/analysts in product / pricing projects
  • During the implementation of a new product, supports product implementation as a subject matter expert
  • Researches product design ideas directs competitive intelligence work for development
  • Supports and/or oversees ad-hoc sales illustration questions from the sales organization
  • Lead one actuarial student band 30-32
  • Develop and run Risk Agility pricing models for GMWB’s, GMDB’s, and GMAB’s
Qualifications for staff actuary
  • Have basic insurance knowledge, especially general insurance
  • Have a good programming skills (SQL/SAS/VBA) is advantageous
  • Have a designation / pursuing actuarial certification (PAI, SOA, from other recognized international Actuarial institute)
  • Excellent proficiency in English in both Verbal and Writing
  • FSA or ASA designation and 5+ years of actuarial experience
  • Establishes and manages priorities
5

Staff Actuary Job Description

Job Description Example
Our growing company is looking to fill the role of staff actuary. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for staff actuary
  • Develop expertise on Capital Markets pricing and hedging techniques
  • Review experience data related to policyholder behavior
  • Play a key role as subject matter expert in insurance, annuity, and certificate product features
  • Design and implement behavioral analytical models using predictive modelling techniques
  • Communicates modelled results and is able to articulate actual versus expected values and reasoning's for deviations
  • Works with technology to obtain new or better data for experience
  • Calculates sensitivities on behavioral assumptions
  • Serve as the subject matter expert or a key supporting role in assigned projects and may have an expanded scope and responsibility within a project
  • May have accountability of the validation and development of business controls
  • Owner of the process to implement monthly LTC rate increases, providing oversight & guidance to two actuarial students
Qualifications for staff actuary
  • Communicates effectively with middle / upper managers
  • Leads / supports a variety of complex projects and develops solutions
  • Experienced ASA or FSA, CPD Compliant
  • Ability to establish and manage priorities for self and staff
  • Ability to communicate effectively with middle and upper management
  • Previous experience with pricing and valuation

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