Head of Health Products Valuation & ProjectionsSpringfield, Massachusetts Actuarial Job ID R14042
What great looks like in this role
This leader will exhibit strong leadership and communications skills in presenting valuation results to various levels of management. This will require technical skills and the ability develop sound valuation methodologies and assumptions, efficient processes, and robust modeling capabilities to effectively deliver timely and insightful results. This individual will be proactive in developing team vision & strategy, driving change and transformation of our valuation capabilities, and executing on projects effectively. This leader will play a key role in actively managing team performance and developing talent within the valuation team.
The Key Objectives and Impact
Leadership, Culture and Engagement: Contribute to continuous improvement and culture
- Exhibits passion, curiosity and pursue learning opportunities. Takes ownership of professional development of self and team.
- Drive collaborative solutions and results by seeking and valuing diverse backgrounds, experiences and perspectives, and driving execution.
- Maximize team effectiveness by driving a compelling vision & strategy, managing priorities effectively and adapting quickly to achieve goals.
- Earn confidence and trust by demonstrating ownership, commitment, and follow-through in achieving results.
- Give employees opportunities to learn and grow; and help them identify the right developmental actions to help them improve.
- Create an environment where the team is inspired, engaged and motivated to deliver quality work and continuously improve capabilities.
Reporting and Analysis: Analyze results/provide insights
- Oversee monthly/quarterly preparation, analysis and reporting of direct and ceded reserves, DAC, and other actuarial items.
- Oversee preparation of the annual reserve adequacy testing including analysis and communication of results for Health products.
- Ensure use of the valuation governance framework for monthly responsibilities, model development, testing and management.
- Work to continually improve model processes and streamline work processes.
Trusted Business Partner: Collaborate effectively and provide solutions for business partners
- Prepare and effectively communicate financial information for various customers (e.g. Corp Finance, ERM, Investment Management, Tax, Audit, etc.) and understand the ways assumption / data changes affect results.
- Proactively drive valuation connection to product pricing / repricing and reinsurance / capital transactions.
- Partner on new business initiatives and ensure appropriate implementation into valuation processes.
- Oversee review of Health valuation assumptions and actively participate in experience studies/assumption governance framework.
Valuation Methodology and Systems Management: Interpret, develop and implement valuation methodologies and ensure effective systems supporting valuation processes
- Perform or lead others through analysis and implementation of valuation issues, providing recommendations for action, financial impact.
- Perform or lead others to monitor/influence/implement relevant emerging valuation regulation, determine an appropriate action and inform and influence others, participating on industry committees as relevant.
- Lead team through the development, analysis and enhancement of data and modeling projects for Health by providing strategic direction and decisions.
The Minimum Qualifications
- Bachelor’s Degree or higher
- Fellow or Associate of the Society of Actuaries and Member of the American Academy of Actuaries, and “Compliant” with regards to SOA CPD Attestation Status
- Minimum of 10 years’ actuarial experience in valuation and reporting, and/or in pricing, assumptions development, risk management
- Demonstrated financial statement knowledge of US Statutory and GAAP reporting
- Experience in management of small teams
- Continuous improvement mindset
- Strong working knowledge of valuation techniques
- Strong working knowledge of US health products and pricing
- Strong communication skills, both written and verbal
- Ability to build and maintain strong working relationships across cross-functional groups
The Ideal Qualifications
- We are seeking someone with strong technical and leadership skills with ability to oversee valuation processes and communicate results, and a desire for a continuous improvement mindset.
- We are also looking for an ability to build and maintain strong working relationships across cross-functional groups and to proactively resolve issues
- Deep knowledge of health products valuation techniques, regulations and methodologies
- Experience with cash flow testing
MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
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At MassMutual, we believe in the value of being together in our offices and in personal flexibility.
Our work environment is one where the majority of our team members work a hybrid schedule — working at least three days in the office (Tuesday, Wednesday and a third day) and the rest remotely, balancing flexibility with in-person collaboration. While the majority of our employees follow this hybrid model, some of our roles continue to be 100% on-site and others may be 100% remote, subject to business needs.
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, policyowners and customers, we are defined by mutuality and our vision to put customers first. 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. At MassMutual, we Live Mutual.