Actuarial - Shelton, CT | Hartford, CT | Dresher, PADirector, Actuary (Annuities Product)
About the position
The Annuity Calculation Management Team performs multiple functions within their area. These functions are broken down between the Methodology function; Tool Delivery function, Operations function, and Product Regulatory function. This person has end-to-end accountability for the functions outlined below for the specific new business and operations projects allocated to their team. The Annuity Calculation Management team is responsible for all technical aspects of annuity product initiatives and ongoing management of the current annuity product portfolio. Ensuring actuarial & product integrity of in-force block of business. This person is recognized within the organization as a product and calculation expert. This person has demonstrated the ability to collaborate effectively and train associates in different functions.
Duties and Responsibilities by Function:
Represent the Annuity Calculation Management team on cross-functional project teams. Coordinate with project leadership to define and manage to target dates for key milestones. Identify any obstacles, escalate, and resolve issues promptly.
Review product specifications and calculation methodologies used in new product development, changes to existing products, and in-force product escalations. Provide technical product perspective so the methodologies are in good order to serve as a blueprint to build and deliver tools. Raise any concerns, inconsistencies, or clarifications needed.
Review all contract forms and prospectus information, if available, to determine readability and consistency with product specifications.
Oversee the creation of all required actuarial regulatory documents including memorandum, certifications and exhibits as required by state and other regulatory bodies for new product development and in-force product management.
- Manage activities associated with methodology creation including:
- Planning and facilitating detailed calculation elicitation sessions.
- Development of high-level numerical examples as needed during early phases of product launches
- Engagement in creating calculation requirements and all other associated requirements
Manage and provide subject matter expertise on the algorithm, and ensure accuracy of system calculations, algorithm prediction tool, and prediction communication method and processes
Partner with Service in their utilization of tools (EUCS) that exist in lieu of administrative system functionality; manage tool demonstrations as needed to ensure that Service is equipped to use the tools to meet their needs
Proficiency in oral and written communications across technical calculations and complex methodologies
Consistent focus on streamlining and enhancing existing processes and tools to complement testing automation and enhance controls
Ensure that calculation tool deliverables and necessary signoffs are completed, including presenting the calculation methodologies to the product, pricing and control groups to secure signoff.
Manage and oversee actuarial tools process, to be used for testing administrative or illustration system functionality or to support a manual calculation in the absence of full system functionality, which includes troubleshooting and resolving testing fallout.
Oversee controls on new and modified tools in accordance with established controls (such as the EUCS policy).
Manage maintenance of illustration and administrative test tools to be used by Technology to test system changes and periodic updates
Manage annual and ad-hoc prospectus updates
Maintain the team’s EUCS inventory of all tools, ensuring that established controls for model governance are followed
Manage and support internal audits, RCSA’s, and other activities to reinforce the usage of sound processes and a control consciousness
Provide on-going actuarial knowledge and creative problem resolution within Product and to business partners across the organization
Demonstrate product/rider and technical expertise across Prudential annuity products
Ensure that calculation and output meet regulatory requirements
Maintain independence of tasks from Methodology to Tool Build to Peer Review process.
- Bachelor’s Degree
- FSA preferred; ASA required
Experience with Actuarial Regulatory support for contract filings is required (Actuarial Memos, nonforfeiture demonstrations)
5+ years of experience in financial services product support or product management, including Annuities Illustrations experience
Exceptional technical skills in Microsoft Excel including VBA. Microsoft Access experience is preferred but not required
- Continuous Improvement, AGILE, or process optimization experience
- Demonstrated proven ability to lead, develop, and grow talent
- Excellent verbal and written communication/presentation skills
Approach work with intellectual curiosity and transparency with an openness to giving and receiving feedback
Self‐motivated, proactive and visionary leadership, thinking beyond functional responsibilities to broader business strategy
Highly organized, collaborative, creative, and adept at handling multiple, changing priorities where creative solutioning is required
Skilled at resolving conflict and negotiating effectively and tactfully
- Proven strong attention to detail and follow‐through skills
Strength of convictions and ability to influence and champion product changes
Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.
We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit www.prudential.com to learn more about our values, our history and our brand.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status, or any other characteristic protected by law.
Note that this posting is intended for individual applicants. Search firms or agencies should email Staffing at email@example.com for more information about doing business with Prudential.