Mutual Opportunities
Actuary - Annuity Pricing and Profitability
Springfield, Massachusetts; Boston, 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 - Annuity Pricing
Full-Time
Springfield, MA or Boston, MA
The Opportunity
As a member of the Fixed & Income Annuity Pricing team, you will help support the pricing of a $15B+ fixed and income annuity business. You will work in a collaborative environment partnering with a diverse group of stakeholders representing both the sales and risk management sides of the business. You will also help modernize and automate several key processes related to both rate setting and rate implementation to free up time for strategic projects.
The Team
The annuity pricing team is a motivated group focused on maintaining our position as a market leader in the annuity space. In this role you will interact mainly with the Annuity product team, distribution (Career Agency and third party), and corporate oversight teams to help us balance competitiveness and profitability.
The Impact:
- Support the pricing of new and existing annuity products with a focus on Fixed and Income Annuities
- Automate repetitive tasks to eliminate routine manual work wherever possible
- Create and maintain an efficient process for communicating income and credited rate decisions to key business partners
- Support negotiations with reinsurance partner and corporate oversight to maximize profitability and competitiveness
- Provide actuarial support for policy form and regulatory filings, competitive benchmarking, and industry analysis.
- Work with our business partners to understand the industry, competitive landscape, and be a key player in the design of new products
- Lead pricing review and approval process with Corporate Actuarial, Enterprise Risk Management, and other stakeholders.
- Provide technical guidance, mentoring and training to actuarial students on the Annuity team.
- Gain proficiency and be the subject matter expert in Prophet, the pricing actuarial software.
The Minimum Qualifications
- Bachelor’s degree in actuarial science, math, statistics, or related discipline
- Associate of the Society of Actuaries
- 5+ years of actuarial experience
- 2+ years Familiarity with fixed annuities, income annuities, and/or Pension Risk Transfer
- 1+ year Experience with actuarial software and models such as AXIS, Prophet, or ALFA
- 1+ year Experience with automation tools such as Alteryx, Python and/or VBA
The Ideal Qualifications
- Fellow of the Society of Actuaries
- Annuity, ALM or investment experience
- Experience with fixed and income annuities
- Prophet modeling experience
- Ability to build, validate, enhance, and maintain asset share pricing models
- Strong oral and written communication skills
- Ability to interact with technical and non-technical audiences at all levels, within and across organizational boundaries
- Ability to use a disciplined work approach to initiatives, projects, and day-to-day activities
- Inquisitiveness, critical thinking, professional skepticism, and business sense
#LI-BO1
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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