Mutual Opportunities
Head of Product Pricing and Assumption Oversight
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
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 MassMutual’s 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 company’s 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
#LI-IZ1
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.
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
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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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