Actuary - Worksite Life Pricing & Product Management
Health and Worksite Product Team
Full-Time
Springfield, MA or Boston, MA
The Opportunity
MassMutual Health and Worksite Product organization is looking for a career ASA or a new FSA to work on Worksite Life product pricing and product development. At MassMutual, we're passionate about helping all Americans find financial security, and this passion drives us to continually improve our suite of products. As a Worksite Life Pricing and Product Management Actuary on the Health and Worksite Product team you will get a chance to develop, implement and manage market-leading life products and benefits in a fast paced, innovative, and collaborative environment.
The Team
The Health and Worksite Product team is focused on developing new and managing existing Participating Whole Life, UL and VUL products. We are responsible for ensuring that our new products are market leaders, while ensuring healthy margins by overseeing the dividends and non-guaranteed elements within the products. We are relied upon by the leadership to derive Worksite product strategy to profitably grow our business and for providing superior actuarial support to our Worksite business partners.
The Impact
The candidate will become a subject matter expert for our Worksite life insurance products. The individual will support or lead cross-functional initiatives to bring new products to the market. The candidate hired for this position will:
Learn about the Worksite market and the latest innovations in this space
Develop insight into the inner workings of the insurance carrier via collaboration with other areas such as IT, Underwriting, Operations, Marketing, Sales support, and others
Design, price, implement and manage Worksite UL, VUL and Participating Whole Life products to fuel the growth of our Worksite business
Identify risks inherent in new and current product design and develop strategies and processes to manage and mitigate such risks
Form opinions, make recommendations, and drive decisions and execution
Build and enhance Microsoft Excel and Moody's Axis models to calculate pricing for new products or to calculate profitability and sensitivity analysis for our in-force block.
Work with the cross-functional product implementation teams to ensure accurate product build across the administration platforms
Provide actuarial and product expertise support to other teams across the Worksite departments, such as IT, Operations, Underwriting, and Sales
Build a deep understanding of Worksite business, generate insights from the data and present complex analysis in a simple and straightforward manner to key business partners.
Monitor the profitability of the products and support the critical product management processes of the annual dividend analysis, illustration regulation testing, NY210 and SIA reports
Comply with Actuarial Standards of Practice, Code of Professional Conduct and company standards
The Minimum Qualifications
Bachelor's Degree in Mathematics, Finance or Computer/Data Science, Actuarial Science, or related field
Career ASA
5+ years of actuarial experience
The Ideal Qualifications
Fellow of the Society of Actuaries (FSA)
5+ years of actuarial experience with a focus on Life Insurance
Experience with Group Life Insurance
Experience with product pricing & product development
Proficiency with Microsoft Excel and Moody's Axis
Proven ability to independently drive and lead cross-functional projects
Innovative, self-motivated, and independent with strong analytical, critical thinking, actuarial, and communication skills
Comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to problems and challenges
Continuous improvement mindset and willing to challenge the status quo
Ability to build and maintain strong working relationships across cross-functional groups
Ability to convey complex issues, explain methodologies, and influence resolutions in writing and orally to a variety of audiences
Effective time management, planning and organization skills
What to Expect as Part of MassMutual and the Team
Regular meetings with the Worksite Heath and Life product team, Corporate Oversight and ERM teams
Focused one-on-one meetings with your manager
A company committed to helping you advance your professional development goals
Twice yearly company-sponsored internal actuarial event to support networking and CPD
Access to mentorship opportunities and to learning content on Degreed and other informational platforms
Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, Veteran and disability-focused Business Resource Groups
Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits
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