Position Summary:
MassMutual is seeking an enthusiastic and well-rounded actuarial leader as Head of Product Pricing and Assumption Oversight, reporting directly to the Chief Actuary and will be a key member of the Corporate Actuarial Leadership Team. This leader will be accountable for all aspects of pricing and actuarial assumption oversight for all of MassMutuals insurance products and is expected to successfully partner with the pricing and experience studies teams across the organization. This leader will establish strong relationships and collaborate closely with business partners in driving effective review of complex analysis and providing strategic insights and recommendations to senior management. This individual manages a small team of talented actuarial professionals.
As Head of Product Pricing and Assumption Oversight, this individual is expected to:
Strategically influence stakeholders inside and outside Corporate Actuarial to ensure alignment with the broader CFO and company goals and objectives while balancing appropriate risk taking with return on capital (e.g. balancing sales and profitable growth to further enhance value to participating policyowners, driving global assumptions that are sound and reasonable across each line of business and fit for purpose across all uses)
Provide thought leadership, technical expertise, oversight and value-added support & guidance to all actuarial aspects of new product development and inforce product re-pricings including assumptions, pricing methodologies and profitability
Significantly contribute to the analysis and maintenance of major elements of actuarial pricing review including metric setting, target/hurdle rates, mix of business and capital allocation
Lead discussions with senior management and stakeholders as part of Product Advisory Committee (PAC)
Monitor and analyze sales, emerging experience, profitability and risk exposures of the companys new and inforce products and pro-actively identify, discuss and escalate issues and/or opportunities as applicable
Accountable for the reporting, enhancements and annual planning for Value of New Business (VNB)
Develop and maintain adequate corporate guidelines and governance processes with respect to product pricing, re-pricings and actuarial assumptions
Oversight of the appropriateness and reasonableness of quote specific PRT mortality assumptions
Closely collaborate with the Experience Studies teams, Reinsurance Management & Strategy and Corporate Actuarial, ERM and pricing stakeholders to ensure adequacy and appropriateness of assumptions and strategies recommended as part of pricing exercises and actuarial assumption updates
Stay abreast of emerging regulations that may impact product pricing, setting of actuarial assumptions and related actuarial work
Participation on select Industry and Corporate projects and initiatives as applicable
Strong leadership skills and excellent verbal and written communications in leading others and driving insights and decisions
Establish effective partnerships and close collaboration with the business and other departments
CANDIDATE QUALIFICATIONS
Bachelor's Degree or higher
Fellow of Society of Actuaries (FSA), or equivalent professional credential from recognized professional actuarial association
Minimum of 15 years of insurance and annuity experience, preferably in the U.S. market, in areas such as pricing, valuation, reinsurance and/or capital management
Strong knowledge of actuarial and risk management concepts and practices; experience with quantifying, analyzing and managing a range of product risks
Self-motivated and independent with strong analytical, critical thinking, and problem-solving skills; comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to problems and challenges
Robust strategic thinking capabilities to influence others and align with broader organizational goals and objectives
Effective time management, planning and organization skills
Strong interpersonal, communication and influencing skills: ability to convey complex issues, explain methodologies and influence resolutions in writing and orally
Ability to rapidly respond to changes in direction, tight deadlines and high-pressure situations
Experience with managing teams and demonstrates ability to attract, retain and develop strong talent
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