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Director / Actuary
American International Group
Nashville, TN, United States
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Estimated Travel Percentage (%): No Travel
Relocation Provided: Yes
Travel: 0% to 15%
Experience: 12+ years
Actuarial Credentials: Fellow (preferred) or Associate, Society of Actuaries and Member, American Academy of Actuaries
Reporting Relationships and Organizational Scope
This role will report to the US Valuation Actuary, Fortitude Re. The US Valuation Actuary is responsible for managing the life valuation team and reporting Fortitude Re’s, life insurance liability reserve calculations and financial reporting.
This role will be responsible for technical accuracy and controls of US GAAP, Stat and Tax reserve calculations for all Life Insurance business assumed by Fortitude Re. This role will be solely dedicated to Fortitude Re.
Role and Responsibilities
• Manage the life valuation actuarial team.
• Serve as the technical expert and supervise the technical aspects of the life valuation actuarial team to update, run, and report on all US GAAP, Stat and Tax liabilities for contracts assumed by Fortitude Re.
• Support development and maintenance of a production data and calculation environment for the valuation model, Moody’s Analytics Axis. The environment will be data centric, minimize the use to spreadsheets, and have a robust control infrastructure. The data environment will tie to the Fortitude Ledger or values reported to ceding companies.
• Maintenance of the robust control infrastructure for Life valuation.
• Serve as technical expert with the Fortitude Re Axis production Life modeling team to migrate valuation systems to Moody’s Analytics Axis.
• Support the US Valuation Actuary in developing reliance statements to ceding companies Appointed Actuaries ensuring compliance with US GAAP, Stat and Tax regulations.
• Support the technical aspects in developing the life reporting infrastructure with an emphasis on building repeatable processes with built-in review capability.
• Work with internal and external auditors (e.g. FCU, PwC) in their periodic reviews.
• Assist in review, understand, and interpret results. Provide technical expertise in formally explaining variations in earnings vs the best estimate expectation and prior period.
• Provide subject matter expertise in evaluating new blocks of business for acquisition.
The Person
Candidate Profile
The ideal candidate will have significant technical experience and expert-level knowledge in US Stat, GAAP and Tax liability valuation and considerable knowledgeable in assumption-setting, economic risk, reinsurance and statutory and GAAP accounting aspects for US individual life insurance as well as life insurance product knowledge. The candidate must have excellent communication skills, and the ability to interact with business partners and business unit actuaries effectively in a team environment. The successful candidate must have a desire to improve process efficiency and appearance of final work product.
An undergraduate degree is required. This individual will be preferred to be a Fellow of the Society of Actuaries (FSA) or similar designation, or an Associate of the Society of Actuaries (ASA).
Experience
• 12+ years of progressively more responsible actuarial experience in the insurance industry
• Leadership experience in a large actuarial or insurance organization
• Deep technical understanding of solvency, management, and economic valuation regimes including but not limited to US Statutory and US GAAP accounting
• Significant technical experience and expertise with US valuation systems
• Proven track record of standing up new valuation systems
• Experience with financial reinsurance
• Experience with product development or pricing and/or reinsurance
• Demonstrated success working in cross-functional collaborative teams and in working with senior management
• Proficient with MS Word, Excel, non-Excel tools, and data base software
• Actuarial competency related to valuation and modeling of Life, including Non-par Whole Life, Par Whole Life, ROP Term, and EIWL products.
Personal Characteristics
• Goal oriented and well-organized, with the ability to develop and manage disciplined processes
• Desire to work in a ‘start-up’ environment
• Excellent written and oral communication skills
• Strong project management and organizational skills
• Solid interpersonal and influencing skills
• Desire to deliver a complete work product
• Highly motivated and results-oriented
• Strong analytical skills
• Ability to work independently and across geographies
• Desire to eliminate manual and spreadsheet-based processes
It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
At AIG, we believe that diversity and inclusion are critical to our future and our mission – creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.