Mutual Opportunities
Actuary - Institutional Insurance Product & Pricing
Boston, Massachusetts; Springfield, Massachusetts
Thank you to our employees for voting us one of the top places to work in Massachusetts for five consecutive years!
Overview
A career with us means you’ll work alongside exceptional people and be empowered to reach your professional and personal goals. Our employees are at the foundation of what enables MassMutual to deliver on our purpose to help people secure their futures and protect the ones they love.
We embrace the idea that we all are stronger and better through our support for one another. We strive to create a culture where employees feel valued and are celebrated for who they are.
“Since our founding in 1851, mutuality has put our policyowners at the center of everything we do. At our core, we’re a company of people helping people in their time of need, and that spirit extends to the culture we’ve built at our company. Our employees support and rely on each other each day, collaborating to deliver the best solutions for our customers and help millions more secure their future and protect the ones they love.”
Job Description
Actuary - Institutional Insurance Product & Pricing
Full-Time
Boston, MA or Springfield, MA
The Opportunity
The Institutional Insurance product and pricing team is focused on pricing and product management of market-leading bank-owned (BOLI) and corporate-owned (COLI) products. The team performs all actuarial functions for new BOLI/COLI product development and provides pricing quotes for private placement COLI products. The team is responsible for ensuring that our BOLI/COLI products are competitive, while achieving risk-controlled profitable growth.
The Team
The Institutional Insurance product and pricing team is focused on developing new and managing existing Universal Life and Variable Universal Life products in the BOLI/COLI markets. MassMutual’s Institutional Insurance business line has been in existence for 30+ years, has grown to over $34 billion in Assets Under Management and is a key contributor to MassMutual’s profitability. We are hiring an FSA to join the team and report to the Head of Institutional Insurance Product and Pricing.
The Impact
The candidate will become a subject matter expert for our Institutional Insurance products.
The Institutional businesses are growing and represent a key component of the company’s business strategy. As an Actuary on the team, you will focus on pricing, product development, product management, modeling, underwriting, experience/profit management and risk analysis/management. This role will require combining technical actuarial skills with influence, collaboration, and effective communication with internal business and operational teams, corporate and other MassMutual functions.
Specific responsibilities include:
- Supporting and leading projects related to product changes and new product offerings including pricing, filing, operational testing and risk assessment
- Building and maintaining pricing and risk analysis models
- Pricing and reviewing private placement COLI pricing quotes
- Lead pricing reviews and approval process with Corporate Actuarial, Enterprise Risk Management, and other stakeholders
- Determine new business and in-force crediting rates
- Develop or coordinate appropriate experience assumptions for BOLI/COLI products.
- Provide leadership in the design and implementation of management tools to monitor in-force experience.
- Partner with Corporate Oversight, Enterprise Risk Management and other areas to establish appropriate risk tolerances, monitor results, and recommend risk mitigation actions.
- Influence and contribute to ongoing business strategy and growth
- 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
- Fellow of the Society of Actuaries (FSA)
- 5+ years of actuarial experience
The Ideal Qualifications
- 5+ years of actuarial experience with a focus on Life Insurance
- Experience with product pricing & product development
- Proficiency with Microsoft Excel and Moody’s Axis
- Detail oriented, innovative, self-motivated, and independent with strong analytical, critical thinking, and actuarial skills
- Effective time management, planning and organization skills
- Excellent interpersonal and communication skills (written, verbal, presentation)
- Ability to:
- Independently drive and lead cross-functional products
- Convey complex issues, explain methodologies, and influence resolutions in writing and orally to a variety of audiences
- Effectively manage and deliver on multiple concurrent deliverables
#LI-ST1
MassMutual is an equal employment opportunity employer. We welcome all persons to apply.If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
MassMutual will accept applications on an ongoing basis until such time as a candidate has been offered employment. The job description includes the main duties of this position, which may evolve over time. You may be required to perform other duties not listed.
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment.
Salary Range: $141,300.00-$185,400.00
Hiring Process
Explore
Explore our open jobs by clicking 'search jobs' to find a position that aligns with your experience and skills. You may also consider joining our Talent Network.
Apply
Click the “apply” button on that job posting to complete and submit your application. Your application will be reviewed by a recruiter, which, due to the volume of applications received, may take some time as we carefully consider each application.
Screen
After your application has been reviewed, if you meet the qualifications for the role, a recruiter will reach out to you to start a conversation.
Interview
If you are invited for an interview, you will be scheduled to meet with the hiring manager and hiring team.
Offer
If you are extended an offer to join MassMutual and accept, your start will be contingent upon a satisfactory background check.
Hire
If you accept the offer, we will be so excited to welcome you to the MassMutual community!
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
By the numbers*
- 88% of employee respondents say they are proud to work at MassMutual
-
90
% of employee respondents say they feel encouraged to bring forth new ideas - 86% of employee respondents say MassMutual cares about and supports the well-being of their employees
*Source: 2024 MassMutual employee engagement survey
Award-Winning Culture
MassMutual is guided by a single purpose: We help people secure their future and protect the ones they love. As a company operated for the benefit of our members and participating policyowners, we are defined by mutuality and our vision to provide financial well-being for all Americans. It’s more than our company structure — it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources and rely on each other when it counts.
We strive to build a thriving community where everyone is valued, included, and feels that they belong.
At MassMutual, we Live Mutual.
How We Work
MassMutual’s flexible workplace approach combines the importance of connecting in person and the flexibility of working remotely. Our hybrid model puts collaboration first with employees coming in at least three days per week to our spectacular campus settings and also enjoying the flexibility of remote Fridays, company-wide remote weeks, and a bank of flexible remote weeks to use throughout the year.
Benefits for the whole you (and your loved ones)
There’s more to your life than your job and there’s more to your aspirations than a paycheck. We take a holistic view of compensation and benefits that provides the flexibility to create a healthy balance in your life for work, family, and community. We offer the benefits you’d expect, like medical, dental, 401(k), and generous vacation time, but we also offer ones you might not expect, like three paid days for volunteering, a $1,250 annual Well-Being Wallet, and up to 320 hours of caregiver leave.
Explore some of our offerings below. Benefit details can be found here.
Why MassMutual?
Kevin
Compliance Consultant
Seth
Service Management Consultant
Kymberly
Head of Experience Journey Mapping
where we work
Springfield Office
1295 State Street, Springfield, MA
Boston Office
10 Fan Pier Blvd, Boston, MA
New York Office
2 Park Ave,
New York, NY
Virtual
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