Responsible for proactively managing in force business within established risk and profit objectives while continuing to honor contractual policyholder commitments; and the establishment and maintenance of traditional reinsurance programs applicable to both in force business and the design, pricing and implementation of new products.
1. Maintain existing traditional reinsurance programs and develop new ones as needed.
a. Solicit, obtain and analyze reinsurance bids in order to form coinsurance or YRT pools as needed.
b. Identify risk of rate changes on existing treaties and manage responses to proposed changes. Assess options including ability to recapture or cede to other reinsurers and recommend action to Pricing Committee.
c. Negotiate new reinsurance treaties or amendments to existing treaties.
d. Assist the Reinsurance Admin dept as needed to facilitate compliance with terms of existing treaties.
e. Maintain a good working relationship with reinsurance partners and facilitate conference calls and/or onsite meetings as needed.
f. Support profit and risk objectives of the company by proposing and implementing optimal retention levels based on periodic evaluations of mortality, risk profile and capital requirements.
g.Analyze new reinsurance solutions and assess impact on the company’s capital and surplus position.
h. Oversee creation of and adherence to LGIA reinsurance policy consistent with Group policy and guidance.
i. Analyze the risk mitigation effectiveness of in force reinsurance arrangements and the impact on projected profitability and prepare reports on these topics for management review and decision making.
2.Oversee implementation of reinsurance treaties for new products.
a. Review language and negotiate terms of new treaties or amendments.
b. Review sample LifePro test cases for accuracy and completeness.
c. Provide guidance to IT and other product development staff for complex calculations as require.
3. Management of in force blocks of term, universal life, whole life and annuity business.
a. Coordinate the statistical analysis of these blocks and the subsequent development of and the ongoing use of statistical models to optimize the profitability of these blocks.
b. Identify the key drivers of policy holder behavior and develop models that can be leveraged to proactively influence policy holder behavior in order to maximize the projected value of in force business.
c. Oversee implementation of modifications to current premium scales or other non-guaranteed product features in order to optimize company profitability.
d. Periodically review LifePro test cases for accuracy and provide guidance to IT and Administrative Services.
e. Periodically review and analyze the non guaranteed elements of the in force block (COI’s, interest spreads, etc) and prepare summary reports to senior management with recommendations for any action items needed to achieve company goals for profit and risk tolerance.
f. Develop, maintain and manage compliance with company policies related to reinsurance and redetermination of non-guaranteed elements of in force contracts.
4. Review new state and federal regulations pertaining to in force business.
a. Assess impact of new regulations on existing products.
b. Research any product changes to minimize negative impact of new regulations.
c. Summarize and distribute findings.
5. Oversee the development and maintenance of advanced actuarial projection models as needed related to in force business.
a. Create custom model modification as necessary to support product design and pricing assumptions.
b. Provide documentation of model modifications for embedded value and corporate plan use.
c. Summarize impact of modifications.
6. Perform analysis of changes to actuarial assumptions with respect to in force management strategies.
a. Oversee the building and running of projection models as needed.
b. Reconcile differences from results under previous assumptions.
c. Summarize results and prepare reports for senior management.
7. Provide actuarial support for administrative areas and marketing areas as required.
8. Other duties as assigned.
10 years of life insurance/actuarial experience
5 years leadership experience
Term and Universal Life experience required
Experience conducting reinsurance RFPs and negotiating final terms
a. Expertise in term and universal life insurance with at least ten years of experience in the life insurance industry. Particularly strong knowledge of the life insurance regulatory frame workand its impact on products is required.
b. Excellent/Proficient written and oral communication skills, including presentation skills
c. Database/Spreadsheet capabilities (Excel, Microsoft Access)
d. Strong documentation skills
e. Strong project management skills
f. Ability to multi-task in a deadline-oriented environment
g. Ability to work independently and collaboratively
h. Strong actuarial analytical skills and problem solving ability