Legal & General America

  • Actuary, Pricing

    Job Locations US-MD-Frederick
    ID
    2018-2011
    # of Openings Remaining
    1
    Category
    Actuarial
  • Overview

    Career minded? Goal oriented? Searching for a position that rewards hard work and experience?  Legal & General America is always looking for talented people who want to make Every Day Matter.  We strive to attract, develop, retain and motivate people, those who care and who work together as partners across business units and functions.  It takes the efforts of smart, capable people to help us build strong agency relationships and provide the high-touch service our customers deserve.  We care about our work and our relationships with coworkers, with people in the brokerage agencies that sell our life insurance and with customers our products protect.  We believe everyone on our team is important and deserves respect for who they are and how they contribute to our success. We offer the perfect blend of career advancement, compensation and recognition for a job well done. 
     
    Legal & General America is a nationally recognized market leader in the individual life insurance industry.  It is our goal to provide financial protection for American families from coast to coast.  Banner Life Insurance Company, located in Maryland and its subsidiary William Penn Life Insurance Company of New York, make up the Legal & General America companies. Our parent company is Legal & General Group Plc., an international insurance organization which shares our mission of protecting financial interests.
     
     

    This position is responsible for providing actuarial analysis of new products and changes to existing products.  Support product implementation and inforce testing.  

    Responsibilities

     

     

    Purpose and Objective

    This role is an integral part of the pricing and product development team, ultimately responsible for evaluating, proposing, and implementing new product ideas and changes to existing products to ensure market competitiveness while meeting profit and risk requirements.

     

    Essential Responsibilities

    Product Development, Design, and Pricing

      • Provide thought leadership and actuarial expertise to a cross-functional team responsible for evaluating and prototyping new product, capital management, and underwriting ideas.
      • Lead pricing efforts on new and existing products while balancing competitiveness, profitability, and risk standards.
      • Analyze and document financial impacts of any new products or product changes and communicate results to key stakeholders
      • Present business cases and pricing proposals to the Legal & General America’s executive team for final approval.

    Regulatory and Product Implementation Support

      • Review, analyze the pricing impact of, and implement into the pricing models domestic and international regulatory capital and accounting regimes such as Solvency II, PBR, and IFRS-17.
      • Lead a cross-functional team to develop or revise, and file policy forms.
      • Provide actuarial support for product filings, including the authoring of actuarial memorandums and guidance as to potential pricing impacts of any changes to the policy language.
      • Collaborate with employees from across the organization to help bring products to market. Work may include development and review of marketing material, building and testing policy administration and sales illustration systems, and development of tools for use by other areas across the company.
      • Perform assumption review, analysis, and documentation for annual Illustration Actuary Testing for new and inforce products.

    Actuarial Pricing Assumption Review and Development

      • Assist with the research, development, analysis, and proposal of assumptions for new product or product features, and prudent margins on experience based assumptions for existing products
      • Work with Data Science, Valuation, and Inforce Management teams to understand how emerging experience will impact new business pricing

    Actuarial Model Development and Maintenance

      • Develop, utilize, and maintain actuarial models that comply with Legal & General’s Model Risk Control Framework.
      • Implement, review, and document model and assumption changes. 

    Ad hoc Projects and other duties as assigned

    Qualifications

     

    Education

    BS/BA Math/Statistics/Actuarial Science

    FSA, or advancing ASA or Career ASA with 12+ years of experience

     

    Experience/Knowledge

    FSA with 7 years of experience (or equivalent, combination of advanced education and work experience), advancing ASA or Career ASA with 12+ years of experience

    Universal Life experience (or equivalent) desirable.

     

    Skills

    The ideal candidate will have strong critical thinking skills, be results oriented, and be driven to strive for continuous improvement.

    The candidate must have the ability to communicate complex financial issues to both technical and non-technical audiences.

    Significant experience with GGY Axis, MG-ALFA, or similar actuarial software is highly preferred

    Excellent communication skills, written and oral.

                     

    Organizational Structure

    Reports To

    Director, Pricing and New Product Development

     

    Staff

    None

     

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