Senior Actuary, Product Development
Company: American Equity
Location: Des Moines
Posted on: January 26, 2023
Job Description:
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Investments & Client Solutions At -American Equity Investment Life
Holding Company, we think of ourselves as -The Financial Dignity
Company. Our policyholders work with independent agents, banks and
broker-dealers through our wholly-owned operating subsidiaries, to
choose one of our leading annuity products best suited for their
personal needs to create financial dignity in retirement. We remain
steadfast in our commitment to quality products, excellent customer
service, integrity, safety and delivering on our promises to our
policyholders. Our success comes from hiring people who embody the
beliefs that drive our unique, energetic, fast-paced and caring
culture of collaboration, ownership and innovation.We currently
fund over half a million retirements nationwide, and have been
headquartered in West Des Moines, Iowa, for over twenty-five years,
with -satellite offices slated to open in 2022 in Charlotte, NC,
and New York, NY. We are a NYSE-listed company and maintain an
"excellent" rating from AM Best. Our company -has over $57 billion
in assets, 26,000 active agents and over 650 employees.GENERAL
PURPOSE OF THE JOB: -This actuary provides pricing support and
analysis for new and existing products. The actuary will design and
build new pricing frameworks and analysis as well as prepare and
present the results of the analysis to the Manager, Product
Development and senior leadership. They will work independently to
identify the requirements of projects and develop and execute on
the required tasks. The actuary will also aid in researching
non-financial aspects of new product concepts including regulatory
filings, operational requirements, and admin development.ESSENTIAL
DUTIES AND RESPONSIBILITIES:
- Performs technical analysis for new and existing products
- Develop framework to assess the risk and profitability of new
and existing annuity product concepts
- Perform initial economic feasibility analysis
- Build pricing models using MG ALFA that will require
significant creativity and custom coding to assess a variety of
unique products and product features
- Develop assumptions for products
- Explore and understand reserve and capital impacts
- Price/value embedded derivatives and assess hedging
implications and costs
- Utilize strong actuarial & risk management knowledge including
stochastic modeling and understanding of hedging and embedded
derivatives to capture all potential risks and costs in pricing
analysis
- Create presentations & documentation of analysis to present
results to senior management & other key stakeholders
- Participate in & contribute to product ideation process
- Participate & contribute to discussions regarding potential
future product concepts
- Apply deep technical understanding of pricing, hedging,
solvency standards and financial reporting to:
- provide educated and thorough feedback on product concepts,
and
- generate original product concepts factor in enterprise
objectives and constraints
- Develop & employ creative and innovative solutions to
challenges that arise in the development, design, pricing, and
implementation of new product concepts
- Utilize strong actuarial & risk management knowledge and
understanding of hedging and embedded derivatives to apply in
development and assessment of new concepts
- Accountable to work with ALM, valuation, finance, tax, hedging,
legal, and various other partners as part of the new product
development and implementation process to ensure pricing analysis
accounts for all key elements involved in product concept
- Partner with hedging team to ensure hedging costs are
incorporated into pricing and risk analysis
- Responsible for governance required within pricing and modeling
work, ensuring pricing and modeling meets internal Product
Development Process governance and other governance and
documentation requirements
- Responsible for development and management of actuarial
staff
- Perform other related work as assigned.SUPERVISORY
RESPONSIBILITIES: -Direct Reports: 2CERTIFICATES, LICENSES,
PROFESSIONAL DESIGNATIONS:
- FSA
- MAAAKNOWLEDGE, SKILLS AND ABILITIES:
- Candidate must have strong understanding of, and be able to
participate in highly technical discussions surrounding annuity
pricing concepts, including profitability mechanics, sources of
risk, and solvency & accounting requirements
- Candidate must have strong understanding of risk-neutral
pricing & hedging concepts
- Candidate must be able to independently identify potential
challenges surrounding new product concepts and explore potential
solutions
- Candidate must have strong verbal and written communication
skills to present and discuss results of analysis
- Candidate must have experience building annuity pricing
frameworks using industry standard annuity pricing software, or
have strong software coding background to be applied to learning
standard annuity pricing software. Applications will include:
- Coding new products & features
- Summarizing modeling results
- Developing new metrics and methods for summarizing results to
capture and communicate relevant risks of various designs
- Proficient in the use of Microsoft Office Suite including Word,
Excel, Visio, Microsoft Project and Outlook.
- Minimal to no travel is required in this position.EDUCATION
AND/OR EXPERIENCE: -
- B.S. in Actuarial, Mathematics or other quantitative
fields
- FSA with 7+ years of experience in annuity pricing and product
development.
- Proficient in the use of excel
- Experience with Stochastic Modeling, or Deterministic
Approximations there of (MG-ALFA a plus)
- Experience with hedging and arbitrage free, risk-neutral
pricing/valuation concepts
- Excellent verbal Communication, facilitation, and relationship
management experience
Keywords: American Equity, Des Moines , Senior Actuary, Product Development, Accounting, Auditing , Des Moines, Iowa
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