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Actuarial Associate
Ameritas Life Insurance Corp
Cincinnati, OH, United States
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Ameritas Life Insurance Corp is seeking an Actuarial Associate to drive the business by providing actuarial services for Individual Life actuarial model-based risk management applications such as Economic Capital / Risk Management, Asset Liability Management, Own Risk Solvency Assessment (ORSA) compliance, Cash Flow Testing, Liquidity Testing, and Financial Planning.
Essential Job Functions
• Help provide timely information to senior management, product management, regulators, rating agencies, and auditors.
• Work is performed for all the company's insurance products, including, but not limited to, individual life, individual annuity and retirement plan products.
• Participate in the financial management of the company by providing actionable information that enables good business decisions and empowers senior management to make appropriate decisions.
• Coordinate with Enterprise Risk Management as well.
Modeling Projects
• Manage the application of one or more Individual Life actuarial models. This involves developing a complete understanding of how the modeling software functions, maintaining documentation of assumptions, analyzing output from models, and meeting deadlines for projects in which high quality actuarial projections are required.
• Perform static and dynamic validation of actuarial models, ensuring accuracy of projections and compliance with departmental applications of that particular model.
• Projects can include but are not limited to Economic Capital, Risk Management / ORSA, Asset Liability Management, Asset Adequacy / Cash Flow Testing, Liquidity Testing, and Financial Planning.
• Assist in responding to modeling-related and risk management questions and requests for information from internal actuaries, accountants, auditors, management and other associates, as well as external rating agencies, auditors and regulators.
• Make recommendations on appropriate techniques to mitigate risks
• Perform stress testing and scenario analysis in order to equip management to make strategic decisions
• Adhere to risk management policies
• Update and document modeling assumptions as directed.
• Recommend and implement efficiencies in modeling processes.
• Provide support for the company's financial plan.
• Document decisions made, processes put into place and other work performed.
Model Development
• Assist in managing model risk
• Assist in maintaining and refining of actuarial models under the direction of the Model Steward.
• Assist in the analysis and review of new or revised product specifications to implement product changes in the modeling software. Includes identification of new data requirements for new product features and adherence to modeling standards.
• Learn and apply model coding standards to all model development work.
• Work with the model development unit to conform modeling practices and assumptions where appropriate.
• Participate in model code reviews for other model developers.
• Assist in building and test process for development of model point files.
• Assist in developing and implementing procedures to ensure quality and consistent model usage across the company.
• Test new versions of the modeling software as released by the vendor under the direction of the Model Steward.
Requirements
Credit for all VEE Subjects and a minimum of four Society of Actuaries exam requirements needed to obtain the Associate of the Society of Actuaries designation.
• Recent attainment of or active progress toward attaining the Society of Actuaries' ASA designation through passing exams and/or completing modules.
• Minimum of 2 years of actuarial or related experience
• Education or experience in modeling insurance product cash flows.
• Bachelor degree in Actuarial Science, Mathematics, Statistics Finance or a related field.
Intermediate Knowledge of
• Insurance company investments, insurance products and financial statements
• Insurance company asset liability management and hedging strategies
• Actuarial theory and techniques
• Regulation of the insurance industry.
• Principles-based, Statutory, GAAP and tax reserve calculations
• Ability to accurately perform detailed calculations with an understanding of how those calculations impact higher-level values and the company's financial statements.
• Ability to clearly and thoroughly document assumptions, decisions, processes and other work performed.
• Understanding of advanced mathematical and statistical concepts.
• Ability to work effectively both independently and as part of a team.
• Strong analytical, problem solving, written / oral communication and organizational skills.
• Experience with actuarial modeling software (Prophet preferred)
• Experience with Microsoft Office (and Visual Basic) and database programming.
• Ability to take initiatives and switch back and forth between projects as needed.
• Willingness to learn new software tools and packages.
We are Ameritas: proud to say we're in the business of fulfilling life.