Managing our reinsurance business is a crucial aspect of supporting the Life business unit's earnings growth goals. Our team is looking for a Manager & Actuary to lead the analysis & management of our inforce reinsurance business.
What You'll Do In This Role
• Lead the analysis of and make recommendations on inforce activity (i.e. rate increases, recaptures, liability trades, recedes).
• Develop, maintain, continuously improve the reinsurance audit process.
• Lead the development, maintenance, and communication of inforce reinsurance analytics dashboards.
• Report on audit findings.
• Assist with treaty and amendment negotiations.
• Engage in ongoing internal and external communications on inforce activity.
• Provide actuarial reinsurance support as needed (i.e. for reinsurance administration, Corporate Actuarial, and other Life inforce initiatives).
• Assist in reinsurer relationship management and communications.
• Apply strong knowledge of SFG products related to area of focus. Understand new products and make recommendations regarding how to incorporate into existing models and/or actuarial processes.
• Apply strong knowledge of insurance contracts and actuarial related regulations to perform existing functions. Recommend enhancements to existing processes or lead development of new processes to accommodate regulatory changes. Oversee preparation and review of materials required to comply with applicable regulations.
• Develop and recommend assumptions for management approval. Oversee application of assumptions needed for actuarial calculations or financial projections. Leverage company data, industry data and/or any other information indicating a potential change in the future to justify recommendations for individual assumptions. Oversee use of actuarial models to understand and explain the impact of a change in assumptions. Ensure assumptions and sources of underlying data are well documented.
• Lead staff to create, understand and interpret complex financial models. Assist in choosing the appropriate modeling approach and using the right tools and methods to maximize efficiency. Provide leadership and direction in the analysis and explanation of the results of both deterministic and stochastic projections. Ensure proper governance, peer review and documentation is completed.
• Leverage knowledge of accounting standards and other reporting requirements covering insurance liabilities and the assets backing liabilities to understand, analyze and explain financial reporting as needed. This includes balance sheets and income statements produced by actuarial models. Assist in interpreting and implementing changes in accounting and/or actuarial standards.
• Lead staff to create spreadsheets, databases and other data analytic software as needed to perform data analysis and summarize, manipulate, transform and aggregate data efficiently and accurately. Present aggregated data verbally, numerically, graphically or in another written format to highlight key features to inform management decisions. Oversee checks to confirm the robustness of the data and analysis.
• Understand concepts of relevant actuarial risks and the implications of failing to manage risk. Direct team to quantify risk exposure and use model projections to produce management information to measure and to monitor on-going exposure. Assist in developing risk mitigation techniques which may include product changes or new product designs.
• Develop and manage a team of actuaries and/or analysts. Manage and lead multiple projects. Effectively plan and prioritize your team's work in accordance with broader department objectives and priorities. Provide technical guidance to the team and review their work for accuracy. Execute performance management responsibilities on a timely basis.
• Develop relationships and collaborate with other departments and business units. Communicate effectively with other actuarial teams to ensure consistency in modeling approaches and assumptions across actuarial functions. As needed, oversee preparation of actuarial calculations to support administration or test IT functionality.
What We're Looking For
- Bachelor's Degree preferably in the area of mathematics, or a business related field Required
- 6-8 years' experience in the field of Actuarial Science Required
- Demonstrate a superior level of mathematical ability and attention to detail and strong analytical skills
- Demonstrate strong computer skills including proficiency in the use of applicable technical tools
- Demonstrate strong written and verbal communication skills including the ability to present highly technical information to non- technical audiences
- Ability to apply insurance industry knowledge, preferably in the fields of individual life and annuities
- Ability to identify and direct the analysis of problems or questions and provide recommendations to appropriate audiences
- Experience leading projects and/or supervising work of others is preferred
- Ability to work both individually and as part of a team
- Highly organized with the demonstrated ability to prioritize multiple projects and to switch priorities as necessary
- Ability to work effectively in an office environment
- Commitment to embrace SFG shared values (Respect, Accountability, Integrity, and Openness)
- FSA Required Or
- Will consider near-FSA actively pursuing completion of FSA or career ASA Required
Other Requirements
• Due to the financial nature and level of accountability of this position, a credit and criminal background check is required.
What you can expect when you join Sammons Financial Group
• Sammons Financial Group offers a competitive benefit package that includes: Health, Dental, Vision, Company Paid Retirement, PTO and Holiday Pay.
• Our Employee Stock Ownership Plan (ESOP) is a 100% company-funded retirement plan, so you can save for retirement without contributing a penny of your own paycheck.
• Healthy balance between work and personal lives. Friday afternoons off all year long, competitive PTO, and generous number of paid holidays.
• Our incentive program for defined goals subject to eligibility and performance. Monetary rewards are based on individual and/or overall company performance.
• Colleagues who support one another, model our core values, and drive our healthy, high-performing culture.
Salary Range Information
USD $127,322.00 - USD $212,203.00 /Yr. Range includes data points from multiple labor markets. Specific range is dependent on the labor market where the incumbent will be hired to perform the position. Starting salary is dependent on candidate qualifications and experience. For a narrower salary range specific to your labor market, please inquire.
Work Authorization/Sponsorship
At this time, we're not considering candidates that need any type of immigration sponsorship now or in the future or those needing work authorization for this role (This includes, but is not limited to students on F1-OPT, F1-CPT, J-1, etc.)