Actuarial intern at Companion Life assisting with analytical and data - driven projects in an internship role. Learning tasks under supervision while participating in various business unit training.
About the role
- Assistant Actuary supporting Global Life Product Development Team with term life insurance line growth. Responsible for product development, pricing, and providing product support across multiple markets.
Responsibilities
- Complete term market analysis in each market/company
- Design product features, riders and additional benefits that match market needs
- Collaborate with sales, management, and other applicable areas to define product, rider and additional benefit features and create product specifications
- Prepare high-quality documentation and presentations for management review of new or existing products
- Develop pricing models for term products and applicable riders in GGY AXIS, incorporating design variations as needed by market and actuarial assumptions
- Develop and/or review pricing/actuarial assumptions based on experience analysis or external sources, using actuarial judgment to adjust assumptions to suit the specific situation
- Develop insight into the most sensitive assumptions and product risks and their impact on design and pricing
- Calculate required profitability metrics and conduct sensitivity testing
- Recommend product designs and pricing based on profitability levels
- Complete pricing memos and review results with management to obtain approvals
- Calculate and document all required product rates
- Monitor policy activity, experience, and profitability of the term line of business in each market/company
- Review or generate regularly scheduled reports and ad-hoc reports as needed and distribute with a summary of findings
- Research irregularities or points of interest in emerging experience, provide feedback, and present findings as needed
- Improve efficiency of reporting
- Analyze competitor products and trends, evaluate market opportunities from distributor feedback and industry sources
- Compare existing products offered to competitor products in the market and recommend updates
- Stay up to date with regulations that impact pricing, such as reserves, applicable taxes, and required capital, and analyze the pricing impact
- Stay up to date with regulations that impact product features, illustrations, or customer communications
- Update and/or improve pricing models with changing experience or pricing assumptions, providing results and recommending product changes to management
- Lead product implementation of product changes
- Update product documentation with product changes
- Lead product implementation on administration and illustration systems
- Lead or provide support for product implementation within surround systems, materials, or processes
- Create technical specifications, calculation tools, references, and documentation for system testing
- Create test plans, conduct tests, resolve issues, and approve system configurations and coding
- Gain familiarity with system capabilities to determine which design features are feasible to administer in applicable systems
- Conduct product training and provide product documentation for relevant teams
- Support all tasks necessary for product launches or production changes
- Prepare policy form language in required language(s) that are compliant with insurance regulations in various markets/companies, consulting with relevant areas such as legal, compliance, and operations
- Prepare actuarial memoranda/certifications for submission to applicable regulatory bodies
- Provide required supporting documents for regulatory filings and support the filing process to obtain approvals
- Provide responses to regulatory inquiries and requests
- Participate in the special case review process for term policies
- Provide special illustrations or quotes as requested and approved
- Provide in force product and policy support to the operations team as requested
- Support sales, operations, legal, and other company teams by answering questions and solving problems related to products or policies
- Conduct product training sessions
Requirements
- Bachelor’s degree
- 3 years of product development and pricing experience of term insurance products, actuarial modeling software and model interpretation
- Associate of the Society of Actuaries (ASA) designation or a Fellow of the Society of Actuaries (FSA); near-FSA with additional experience may also be considered.
- Excellent oral and written communication skills
- Bilingual – Spanish/English preferred
- Proficiency in actuarial pricing software, GGY AXIS strongly preferred
- Proficiency in MS Office (Excel, Word, PowerPoint)
- Strong multitasking abilities, attention to detail, and problem-solving skills
Benefits
- Competitive compensation package (base salary & bonus)
- Comprehensive benefits, including medical, dental, 401(k), paid time off, and tuition reimbursement
- Medical and dental coverage effective the first of the month following 30 days of service
- Hybrid work opportunities
Job title
Job type
Experience level
Salary
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Degree requirement
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