Corporate Finance’s vision – “as a trusted partner, we maximize our potential to deliver policy owner value through financially-based solutions and guidance”.
The Non-Traditional Valuation Team performs V&M functions for all universal and variable life products. This team is responsible for over $30 billion of reserves.
What great looks like in this role
The successful incumbent for this role is a detail-oriented person who values collaboration and holds themselves and their team accountable for a quality work product.
In this role, you will help shape the vision, planning, execution, and culture of CFO’s Valuation & Modeling area. Your work will directly influence MassMutual’s financial position and more specifically, give business leaders insights into our solvency and capital requirements backing policyholder liabilities.
Objectives of this role:
Culture and Engagement: Contribute to continuous improvement and innovative culture
- Exhibit curiosity and pursue learning opportunities. Take ownership of professional development (Development)
- Drive collaborative solutions and results by seeking and valuing diverse backgrounds, experiences and perspectives (Inclusion)
- Manage priorities effectively and adapt quickly to achieve goals. (Agility)
- Earn confidence and trust by demonstrating ownership, commitment, and follow-through in achieving results. (Accountability)
- Collaborate with to other team as needed to help with load-balancing of work priorities
- Give employees opportunities to learn and grow; and help them identify the right developmental actions to help them improve. Grant others the authority to make decisions and take independent action (Leading Others)
- Create an environment where the team is inspired, engaged and motivated. (Leading Others)
- Cross boundaries to build partnerships and share resources. Work with team to establish a clear mission and goals (Leading Others)
Reporting and Analysis: Analyze results/provide insights
- Oversee monthly preparation, analysis and reporting of direct and ceded reserves and DAC
- Oversee preparation of the annual reserve adequacy testing including analysis and communication of results
- Ensure use of the valuation governance framework for monthly responsibilities, model development, testing and management
- Work to continually improve model processes and streamline work processes
Trusted Business Partner: Collaborate effectively and provide solutions for business partners
- Provide forecasting advice
- Prepare and communicate financial information for various customers (e.g. Financial Planning & Analysis (FP&A), Investment Management, Tax) and understand the ways assumption / data changes affect results
- Oversee report and information distribution, and understand the ways assumption / data changes affect results
- Provide valuation advice to product pricing / repricing and reinsurance / capital transactions
- Actively participate in experience studies/assumption governance framework
Valuation Methodology: Interpret, develop and implement valuation methodology
- Oversee the analysis and implementation of GAAP Long Duration Targeted Improvements
- Oversee the implementation of Principle-Based Reserves
- Perform or lead others through analysis and implementation of valuation issues, providing recommendations for action, financial impact
- Oversee the monitoring/influencing/implementation of relevant emerging valuation regulation, determine an appropriate action and inform and influence others, participating on industry committees as relevant
Actuarial Systems Management: Analyze current data and processes to explore new innovative approaches to optimize them and allow our staff more time to analyze results and provide insights to business leaders
- Serve as V&M representative in various working groups across the organization involved with development, analysis and enhancement of any data and modeling related projects
- Steward the evaluation and communication of the systems/data/modeling impacts stemming from key strategic projects and management actions
- Manage/lead/coach the team through various data and modeling initiatives by providing strategic direction and resource, project management
SKILLS AND QUALIFICATIONS
Required:
- Bachelor’s Degree or higher
- Fellow or Associate of the Society of Actuaries and Member of the American Academy of Actuaries, and â€Compliant†with regards to SOA CPD Attestation Status
- 15 years of actuarial experience with life products underwriting, pricing and valuation in a life insurance setting.
- Demonstrated financial statement knowledge
- Proven leadership and talent development experience
- Adept at engaging and inspiring others
- Continuous improvement mindset
- Strong working knowledge of valuation techniques
- Strong working knowledge of US insurance products and pricing
- Strong communication skills, both written and verbal
- Strong project management skills
- Ability to build and maintain strong working relationships across cross-functional groups
Preferred:
- Bachelor’s Degree or higher with a background in one or more of the following: mathematics, statistics, computer science, data science
- Chartered Enterprise Risk Analyst (CERA)
- Advanced knowledge of life valuation techniques, ASOPS, and regulations
- Demonstrated knowledge of valuation regulation and methodology
- Demonstrated modeling capabilities, preferably in Axis software
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