Actuarial Associate

Location Designation: Fully Onsite 

Location: 51 Madison Avenue, New York, New York 10010

Offered Wage: $143,200/year

Duties: As part of the company's Life Asset Liability Management (ALM) team, performs quarterly testing related to asset liability management (ALM) metrics, including cash flow testing (CFT), risk-based capital (RBC), embedded value (EV), and durations. Assists with ALM metrics research, analysis, and report preparation and presents ALM reports to senior management. Stays abreast of developments related to ALM models, process, and methodology. Performs analysis and tests required by senior management and regulators. Works on ad hoc ALM-related projects in partnership with the Projection, Model Risk, Assumption Development, and Valuation teams. Creates and maintains clear, relevant, and robust process documentation. Reviews income statements and balance sheets. Develops solutions that contribute to quality improvements and work process efficiency.

Education & Experience Requirements: Bachelor's degree in Actuarial Science, Mathematics, Statistics, Economics (willing to accept foreign education equivalent) plus two (2) years of experience performing actuarial modeling and analysis for health insurance, life insurance or annuity products. Experience must include 2 years in all components each of the following skills: (1) Developing, testing, and maintaining actuarial models, analyzing data, and performing and validating actuarial calculations according to Actuarial Standards of Practice (ASOP) leveraging VBA, Toad for SQL Server, SQL in SAS, and MS Access with SQL; and, leveraging Python or R programming languages; (2) Developing interactive tools leveraging R Shiny, Python, and VBA to perform data and model results visualization and analyses; (3) Documenting and maintaining actuarial models and tools on GitHub to ensure collaborative workflow and version control; and performing project and model management leveraging Jira to create systematic collaboration with Underwriters; (4) Assessing actuarial models, identifying enterprise-level risks, and employing insurance product model resolutions leveraging Excel, VBA, R, and SQL; performing actuarial model runs and Excel regression calculations and writing memoranda and reviews; and, (5) Writing formal insurance regulatory-facing memoranda, communicating pricing recommendations and justifications according to ASOP and state Departments of Insurance requirements to ensure regulatory compliance and successful approval of insurance product rates and rate increases.

Must possess: Must have Associate of the Society of Actuaries (ASA) designation and be working toward Fellow of the Society of Actuaries (FSA designation) or recent FSA.

Eligible for Employee Referral Program.

To apply, visit https://jobs.newyorklife.com/, search job title.

Overtime eligible: Exempt

Discretionary bonus eligible: Yes

Sales bonus eligible: No

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Pay Transparency

Overtime eligible: Exempt 

Discretionary bonus eligible: Yes 

Sales bonus eligible: No 

Actual base salary will be determined based on several factors but not limited to individual’s experience, skills, qualifications, and job location. Additionally, employees are eligible for an annual discretionary bonus. In addition to base salary, employees may also be eligible to participate in an incentive program.

Our Benefits

We provide a full package of benefits for employees – and have unique offerings for a modern workforce, including leave programs, adoption assistance, and student loan repayment programs. Based on feedback from our employees, we continue to refine and add benefits to our offering, so that you can flourish both inside and outside of work. Click here to discover more about our comprehensive benefit options or visit our NYL Benefits Site.

Our Diversity Promise

We believe in a diverse workforce because it is our mission to advocate for the financial security and success of people in every community. This is why diversity, equity, and inclusion (DEI) are guiding principles that are embedded in our brand and our culture. Click here to learn more about how we have been recognized for our leadership.

Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. To learn more about career opportunities at New York Life, please visit the Careers page of www.NewYorkLife.com.

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Job Requisition ID: 91560