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Vice President and Actuary - Individual Life Mortality and Data Analytics Assumption Lead
Prudential Securities
Newark, NJ, United States
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Description
This position resides in the Individual Life Insurance (ILI) Strategy & Assumptions Group within the Individual Solutions Group (ISG) Actuarial Department and can be located in either Newark, NJ or Hartford, CT.
The primary responsibility of the Assumptions Group is the development of assumptions used for a variety of critical business purposes including: the pricing of new products, GAAP and STAT financial reporting including Principle Based Reserves (PBR), forecasting, Economic Capital, Asset Adequacy Testing (AAT), as well as support of other regulatory and reporting requirements. In addition, the group performs analyses to support special projects and to contribute to the full understanding of financial results. Members of the group regularly interact with individuals from a broad array of functional areas within and outside of ILI, as well as other business units. Additionally, the group is offered exposure to a broad spectrum of life insurance business issues that are discussed weekly in an executive setting called the Assumptions Review Committee. Here, assumptions are discussed for endorsement by a group of senior leaders within ILI.
Primary responsibilities of this position include:
• Oversee the development of all mortality related assumptions within ILI
• Oversee generation and enhancements to mortality and lapse experience studies
• Responsible for explanation of impact of mortality experience on life financial results and forecasts
• Partner with underwriting, reinsurers, product strategy, distribution, and other areas to provide actionable business insights based on mortality data analysis
• Participate in Cross Business Unit and Industry mortality-related working groups
• Collaborate with business partners (pricing, modeling, valuation, finance, corporate teams) to understand and support their assumption needs
• Review and sign off on documentation pertaining to the development of assumptions
• Provide management with actionable business insights based on assumption data analysis
• Proactively drive process, analysis, and control improvements
• Manage team of 5-8 actuarial associates
Qualifications
The successful candidate will have all of the following core qualifications:
• Fellow or Associate of the Society of Actuaries
• Excellent analytical and problem-solving skills
• Strong oral and written communication skills
• Strong Microsoft Excel and Word skills
• Strong attention to detail and organizational skills
• Highly motivated, conceptual thinker who is able to work effectively on a wide variety of assignments
• Demonstrated interpersonal and partnering skills
Strongest consideration will be given to candidates who possess the core qualifications and who have some of the following qualifications:
• Knowledge of life insurance experience studies and assumption development
• Knowledge of life insurance products
• Experience in GAAP or STAT financial reporting
• Knowledge of predictive analytics
• Demonstrated management experience