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Actuarial Associate
Summary
The Actuarial Associate assists with a variety of actuarial tasks including product development, in-force product management, assumption development, experience studies (i.e., mortality, lapse, etc.), policy illustrations, and various policy values calculations (i.e., cash values, reserves, dividends, and premiums). For those on Exam-Track, the position is subject to the provisions outlined in the “Actuarial Student Program Manual”. Expected to take a more proactive leadership role.
Core Responsibilities
- Pricing new and in-force life insurance and annuity products (e.g., premiums, dividend scales, reserves, credited rates and non-forfeiture values for new and existing plans of insurance).
- May assist with new pricing and/or analysis of in-force Long Term Care insurance products.
- Performs experience studies and other actuarial/statistical analysis.
- Provide support for new product implementations, including specifications and creation of validation tools.
- Provides support to agents and policyholders, including performing policy calculations, answering questions, and communicating information.
- Provides manual calculation support to the administrative system.
- Preparing actuarial filing materials for new insurance, annuity products and certifications required by regulators.
- Uses modeling software to assess risk and provide management information in support of product development and in-force product management.
- IF ON EXAM TRACK: prepares and sits for actuarial exams. Passes exams to meet minimum Program requirements for exam progress.
Skills Qualifications
- Knowledge of insurance industry. Experience with life insurance and/or annuity products.
- Insurance or annuity pricing experience is a plus.
- Experience with Participating Whole Life or Deferred Annuities products is a plus.
- Foundational background in Actuarial principles.
- Ability to quickly learn new concepts and apply that knowledge to solve problems.
- Strong communication skills and business judgment.
- At or near ASA designation preferred.
- Actuarial modeling software skills. Experience with GGY AXIS preferred.
- Computer programming skills. Experience with Excel macros/VBA programming and SQL preferred.
- Experience with life insurance administration and illustration platforms is a plus
- Microsoft Office, including Word, Excel, Access, and PowerPoint
Education
- BA or BS degree in Actuarial Science, Statistics, Mathematics, Economics, Finance, or similar degree.
- 3+ years of related actuarial and insurance industry experience or equivalent combination of training and experience.
- 4+ actuarial exams passed if on the exam track, including life contingencies.
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