Head of Group Pricing - Actuary

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Date: Nov 23, 2021

Location: Philadelphia, PA, US

Company: New York Life Insurance Co

 

When you join New York Life, you’re joining a company that values development, career growth, collaboration, innovation, and diversity & inclusion. We want employees to feel proud about being part of a company that is committed to doing the right thing. Through various resources and programs, you can grow your career while developing personally and professionally.

 

 

 

New York Life’s Group Benefit Solutions team is seeking a Vice President & Actuary, Head of Group Pricing lead for a critical role in the organization. This individual will report to the Chief Actuary of the Group Division.

 

Our Group Insurance division is a leading provider of group benefits products, including disability, life, accident and absence management. A top five player in all product lines, our strong risk management and underwriting capabilities drive consistent organic growth and profitability. With over $4 billion of in-force premium we maintain a nationwide presence across all size segments above 50 lives.

 

Position Summary:

In this significant people leadership role, the incumbent will lead the team responsible for developing and maintaining formula pricing across all Group Insurance products. S/he will partner heavily with Underwriting, Sales, Product Development and others to drive profitable growth and development of the company’s product and benefit suite, while ensuring strong governance and compliance across the board.

 

Functional Responsibilities

This role has accountability for a team that is responsible for:

  • Developing and maintaining accurate formula pricing across all Group Insurance products.
  • Complete periodic rate reviews for manual and experience rates and expenses.
  • Look for opportunities to enhance rating methodologies and variables.
  • Seek feedback and engage underwriting and sales partners to identify targeted improvement opportunities.
  • Providing strong case level support.
  • Case level pricing reviews.
  • Pricing adjustments for non-standard benefits and provisions.
  • Timely responses to underwriter questions.
  • Driving profitable growth.
  • Partner with sales / underwriting / risk management to develop strategies and identify areas of risk / opportunity.
  • Supporting the product development process by providing pricing for new and enhanced benefit offerings.
  • Ensuring compliance with all regulatory rate filing requirements.

 

Leadership Responsibilities

  • Lead a team of actuaries and actuarial students
  • Build and retain a high performing team; continuously look for opportunities to add, develop and upgrade talent.
  • Minimize voluntary turnover of strong performers.
  • Develop strong talent pipeline and ensure effective succession planning is in place.
  • Support development and exam progress of team members.
  • Network, participate at industry events to promote New York Life and connect with external actuarial talent.
  • Drive best practices across the pricing team.
  • Ensure appropriate structure / governance is in place to deliver on goals.
  • Build and maintain relationships across functions and ensure pricing team is engaged as needed to support business strategy and priorities.

 

Key Relationships:

  • Sales
  • Underwriting
  • Valuation
  • Product Development

 

Other Relationships (external):

  • Brokers and employee benefits consultants
  • Clients
  • Re-insurers and reinsurance brokers

 

Qualifications:

  • Fellow or Associate of the Society of Actuaries
  • Bachelor’s degree in actuarial science, mathematics, economics, or related field
  • Minimum 10 years of experience in actuarial roles
  • Exceptionally strong leadership qualities. Demonstrated accountability for development, coaching, talent pipeline and succession, networking.
  • Functional pricing technical expertise a must
  • Demonstrated influence skill and ability
  • Group Disability and Life experience strongly preferred

 

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 our Foundation. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

Job Requisition ID: 85235

 

 

 


Nearest Major Market: Philadelphia

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