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Head of Product Strategy and Development
Pacific Life
Aliso Viejo, CA, United States
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Job Description
POSITION SUMMARY
Currently, we are seeking a talented Head of Product Strategy and Development to join Pacific Life in Aliso Viejo, CA. Reporting to the Executive Vice President of the Life Insurance Division, you will be a key member of the Senior Leadership Team. You will drive variety of strategic initiatives, providing your actuarial expertise and perspective to influence strategic business decisions within the division and throughout the company. You will be instrumental in driving transformations in the Life Insurance Division by leading a new era of products and services. You will create a multi-year strategy and roadmap. Additional responsibilities include:
•Lead and develop team of 30+ actuarial professionals responsible for product design and pricing by providing insights, guidance, and oversight. This includes setting and communicating clear objectives and expectations aligned with business goals, providing stretch assignments based on employee’s skills and level, providing knowledge transfer, experience, coaching, and support. Drive collaboration and communication between pricing and financial actuarial functions to develop and communicated integrated actuarial perspective on a variety of business decisions.
•Provide overall actuarial perspective for the division, which includes Pricing, Asset and Liability Management, Reinsurance and Valuation
•Drive the use of data analytics across all actuarial functions in the Life Insurance Division
•Synthesize macro, customer, and other research and insights to inform business mix, product portfolio, and pricing strategy.
•Influence strategic underwriting decisions including reinsurance to ensure financial and underwing objectives are achieved.
•Provide leadership and expertise in the development of pricing and risk segmentation strategies form multiple distribution channels (e.g., independent brokerage, institutional brokerage, regional BGA, e-retail or, and platforms) and consumer markets (e.g., high net worth, broad market)
•Advise senior executives on matters related to product pricing, inforce block management, and profit emergence; including GAAP and STAT perspectives.
•Accountable for all product pricing. Perform highly complex product lien evaluations including analysis and advice on actuarial pricing tools and techniques, new products, risk modeling.
•Accountable for independent assessment of adequacy of pricing strategy and tools to support long term business success. Oversee development of strategy and tools as required.
•Develop informed management function and produce regular review and updates to Senior Leadership Team.
•Develop comprehensive view of actuarial skills across Life Insurance Division. Participate in division and corporate talent reviews. Provide perspectives on organization design of actuarial functions within the Life Insurance Division
•Stay abreast of competitors pricing strategies and methodologies.
•Establish target profit margins consistent with pricing guidelines and business objectives.
•Implement best practices for actuarial assumption reviews and ensure processes are effective and efficient.
•Help manage risk accumulation by closely monitoring expertise against thresholds. Recommend effective management solutions. Assist in defining thresholds where needed.
•Champion innovative practices for pricing, risk selection, management of inforce block.
•Drive enhancement of automation of pricing, testing, portfolios management tools to provide timely insights to various key stakeholders.
•Build and maintain active relationships in the actuarial community within Pacific Life and through various industry forums. Identify industry trend and collaborate with others to determine impact to Pacific Life and select course of action.
•Work with producers as necessary to discuss, evaluate, design, and/or develop product solutions to meet market needs. Requires ability to develop solutions that balance market needs, competitiveness, profitability, and risk management.
FACTORS FOR SUCCESS
•Fellow Society of Actuaries (FSA) required. Member of American Academy of Actuaries (MAAA) preferred.
•20+ years’ experience in a variety of life insurance actuarial functions (I.e., Pricing, Product Design, ALM, Valuation, Reinsurance)
•Demonstrated examples of strategy development
•Proven record of change and transformative initiatives
•Thorough knowledge and significant experience in product design and pricing (GAAP and STAT familiarity) of complex permanent life insurance products for accumulation and protection sales in the affluent market is required.
•Experience in and/or working knowledge of valuation, reinsurance, asset liability management, and inforce book management.
•Strong ability to develop individuals to meet their career goals and the organization’s goals
•Excellent ability to relate openly and comfortably with diverse groups of people
•Ability to communicate complex actuarial concepts and their related impact on other areas of the business so that senior business leaders with other backgrounds understand the implications and can make sound business decisions for the division.
•Ability to build partnerships with other functional business areas, including finance, distribution, marketing, IT, operations, underwriting, compliance, and risk management to deliver business results.
•Ability to use compelling arguments to gain support for changes across departments within Life Insurance Division and at corporate level.
•Occasional business travel to industry meetings, distribution partner meetings, and company operations centers.