Pan-American Life Insurance Group

Assistant Actuary

Pan-American Life Insurance Group

full-time

Posted on:

Location Type: Hybrid

Location: New Orleans • Florida • Illinois • United States

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About the role

  • Complete term market analysis in each market/company
  • Design product features, riders and additional benefits that match market needs
  • Collaborate with sales, management, and other applicable areas to define product, rider and additional benefit features and create product specifications
  • Prepare high-quality documentation and presentations for management review of new or existing products
  • Develop pricing models for term products and applicable riders in GGY AXIS, incorporating design variations as needed by market and actuarial assumptions
  • Develop and/or review pricing/actuarial assumptions based on experience analysis or external sources, using actuarial judgment to adjust assumptions to suit the specific situation
  • Develop insight into the most sensitive assumptions and product risks and their impact on design and pricing
  • Calculate required profitability metrics and conduct sensitivity testing
  • Recommend product designs and pricing based on profitability levels
  • Complete pricing memos and review results with management to obtain approvals
  • Calculate and document all required product rates
  • Monitor policy activity, experience, and profitability of the term line of business in each market/company
  • Review or generate regularly scheduled reports and ad-hoc reports as needed and distribute with a summary of findings
  • Research irregularities or points of interest in emerging experience, provide feedback, and present findings as needed
  • Improve efficiency of reporting
  • Analyze competitor products and trends, evaluate market opportunities from distributor feedback and industry sources
  • Compare existing products offered to competitor products in the market and recommend updates
  • Stay up to date with regulations that impact pricing, such as reserves, applicable taxes, and required capital, and analyze the pricing impact
  • Stay up to date with regulations that impact product features, illustrations, or customer communications
  • Update and/or improve pricing models with changing experience or pricing assumptions, providing results and recommending product changes to management
  • Lead product implementation of product changes
  • Update product documentation with product changes
  • Lead product implementation on administration and illustration systems
  • Lead or provide support for product implementation within surround systems, materials, or processes
  • Create technical specifications, calculation tools, references, and documentation for system testing
  • Create test plans, conduct tests, resolve issues, and approve system configurations and coding
  • Gain familiarity with system capabilities to determine which design features are feasible to administer in applicable systems
  • Conduct product training and provide product documentation for relevant teams
  • Support all tasks necessary for product launches or production changes
  • Prepare policy form language in required language(s) that are compliant with insurance regulations in various markets/companies, consulting with relevant areas such as legal, compliance, and operations
  • Prepare actuarial memoranda/certifications for submission to applicable regulatory bodies
  • Provide required supporting documents for regulatory filings and support the filing process to obtain approvals
  • Provide responses to regulatory inquiries and requests
  • Participate in the special case review process for term policies
  • Provide special illustrations or quotes as requested and approved
  • Provide in force product and policy support to the operations team as requested
  • Support sales, operations, legal, and other company teams by answering questions and solving problems related to products or policies
  • Conduct product training sessions

Requirements

  • Bachelor’s degree
  • 3 years of product development and pricing experience of term insurance products, actuarial modeling software and model interpretation
  • Associate of the Society of Actuaries (ASA) designation or a Fellow of the Society of Actuaries (FSA); near-FSA with additional experience may also be considered.
  • Excellent oral and written communication skills
  • Bilingual – Spanish/English preferred
  • Proficiency in actuarial pricing software, GGY AXIS strongly preferred
  • Proficiency in MS Office (Excel, Word, PowerPoint)
  • Strong multitasking abilities, attention to detail, and problem-solving skills
Benefits
  • Competitive compensation package (base salary & bonus)
  • Comprehensive benefits, including medical, dental, 401(k), paid time off, and tuition reimbursement
  • Medical and dental coverage effective the first of the month following 30 days of service
  • Hybrid work opportunities
Applicant Tracking System Keywords

Tip: use these terms in your resume and cover letter to boost ATS matches.

Hard Skills & Tools
product developmentpricing experienceactuarial modelingpricing modelssensitivity testingprofitability metricstechnical specificationssystem testingactuarial judgmentpolicy form language
Soft Skills
communication skillsmultitasking abilitiesattention to detailproblem-solving skills
Certifications
Bachelor’s degreeAssociate of the Society of Actuaries (ASA)Fellow of the Society of Actuaries (FSA)