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Associate Actuary
Prudential Securities
Shelton, CT, United States
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Description
This position will be in the Model Development and Research team within the Annuities Pricing group. The role will be responsible for supporting various annuity product innovation, model development, and modeling research. The candidate will have a special focus on the fixed annuity and fixed index annuity models to support the increasing product offering demands, but will also have opportunities to work on multiple variable and payout annuity related projects. Recent projects include: enhancing the FIA model in GGY AXIS, creating tools and frameworks and performing analysis to capture cross-product capital diversification, supporting fixed annuity cost-of-capital analysis, and creating methodology prototypes and models for payout annuity reserving framework.
The individual will work closely with other members of the annuities pricing team as well
as interact with other functions, which may include Valuation, Modeling COE, Capital Management and ERM. This position requires an individual with strong quantitative and programming skills who can quickly pick-up concepts to work on a wide-range of projects in a dynamic and fast-paced environment.
Primary Responsibilities:
• Research, design, develop, maintain and enhance the GGY AXIS-based Fixed Index Annuity pricing model
• Create tools, design automation process and develop model prototypes for fixed annuity methodology refinement and new product development purposes
• Support various aspects of model development lifecycle including model design, user request communication and documentation in a control conscious environment that meets model governance requirements
• Proactively drive model improvements, generate new modeling capabilities, improve model efficiencies and enhance pricing methodologies by conducting innovative research
• Work with the pricing methodology team, New Initiatives team and model testing team to ensure methodology refinements & product design changes are incorporated correctly into the model
• Play a supporting role in variable annuity modeling and risk analysis of various product concepts that provide sufficient support for sound product decision making
• Connect with peers and other business partners to create robust solutions to complex business challenges
Qualifications
• 3+ years of actuarial experience or equivalent experience in a similar quantitative financial field; annuity product knowledge is desirable
• Prior experience with fixed annuities pricing/valuation or modeling is a positive.
• ASA preferred; advanced degree in a quantitative or financial field is a plus
• Strong quantitative modeling and analytical skills; understanding of financial instruments and asset and liability modeling preferred
• Solid programming skills (e.g., in VBA or other programming languages); programming/modeling experience with Matlab and/or GGY AXIS is a big plus
• Highly motivated individual who can work equally well independently and in a team environment