Annuity Pricing - Actuarial Support

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Date: Nov 24, 2018

Location: New York, NY, US

Company: New York Life Insurance Co

New York Life Insurance Company is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life reported 2017 operating earnings of $2.06 billion. Total assets under management at year end 2017, with affiliates, totaled $586 billion.

 

New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+ (Source: Individual independent rating agency commentary as of 8/1/17).

 

Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.

 

 

Job Description

  1. Create / maintain various actuarial calculation tools (Excel based):
  • Understand the product features, business rules and regulatory requirements
  • Work with various annuity teams to identify the requirements
  • Design and create new Excel calculation tools as new products are introduced
  • Maintain/revise existing tools as changes are needed
  1. Create / update actuarial calculation specs documents
  • Understand the required actuarial calculations, business rules and regulatory requirements
  • Document the calculations and rules
  1. Explain product features, regulatory requirements and actuarial calculations to programmers and testers, as well as applicable business partners/stakeholders
  2. Work with programmers to resolve implementation issues (e.g. investigate, debug, resolve, communicate)
  3. Communicate with annuity product managers, pricing actuaries, programmers, testers and project managers, as well as other business partners/stakeholders where applicable
  4. Propose and implement calculation tool and process improvements
  5. Assist in the product filing process (e.g. prepare actuarial memorandum, demonstrate various compliance requirements, respond to regulatory objections, prepare annuitization factors, etc.)
  6. Perform ad hoc tasks requested by other areas (e.g. Legal, Compliance, Product Management, production issues, etc.)

 

Functional Knowledge / Problem Solving:

  • Interpret business/regulatory/system challenges, identifies issues, and recommends solutions and best practices
  • Collaborate with others to solve problems; use analytical thoughts and experiences to exercise judgment and identify solutions; problem solver
  • May play key role in functional projects and processes

 

Qualifications

  • At least 3-4 years of actuarial experience (Annuity preferred)
  • Strong analytical and technical skills, particularly with Excel, macros preferred
  • Proficient system programming process knowledge preferred
  • Excellent communication skills, both oral and written
  • Strong organizational skills
  • Ability to see the bigger picture
  • Problem solver
  • Takes initiative to learn, to identify issues, to propose resolutions, to improve existing processes, etc.
  • Team player and able to work independently, with minimum guidance in most situations
  • Attention to detail

SF:LI-MD1
SF:EF-MD1

 

EOE M/F/D/V

 

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