Willis Towers Watson

Actuarial Manager - Life Insurance Consulting

Posted on Mar 29 133 views Chicago, IL

As an Actuarial Manager - Life Insurance Consulting, you will be responsible for key actuarial functions, which may change from time to time, as needed for an outsourced actuarial department. The role will encompass aspects of end to end performance of some key actuarial functions that might reasonably be expected of an equivalent in-house actuary. These actuarial functions include the migration and continuous improvement of relevant systems and processes including those for reserving, pricing, experience studies, financial reporting, asset adequacy testing and loss recognition testing, integrating these into other systems and processes as needed and validating that key values you produce are captured appropriately in the relevant administration and financial systems, when applicable. Our client demands leading edge products, services, and expertise, and as a manager with our firm, you can expect to gain tremendous exposure to all facets of their actuarial operations.

The Role

We are looking for an experienced actuary who has a strong knowledge of in-house insurance company actuarial functions and operations and who has a strong vision for how these should be done. The individual must be inquisitive and proactively contribute noticeably to the client’s business and deliver exceptional performance in the following areas:

  • Serve as a key actuary, ensuring delivery against established objectives, budget, timeline, deliverables and quality standards
  • Engages actively with the client’s life insurance leaders, discussing relevant strategic and operational matters such as for example the potential impact on pricing and reserving of different management actions, which management actions may be best under a given set of circumstances, and how to decide when a data set is “good enough”
  • Work collaboratively with others at WTW providing pricing, reserving, experience study and other services to this outsourcing client
  • Ensure that the proper actuarial tools (e.g., models, automation tools and others) are built, put in place, and integrated with other relevant systems and processes e.g., what will be the relationship between the pricing and valuation models or between the experience study tools and the actuarial projection model.
  • Ensure that relevant values produced by our team are implemented effectively by the client in financial reporting and the policy administration system
  • Provide mentoring and training to junior staff
  • Keep abreast of industry developments and actively pursue opportunities to expand the services of the actuarial department and undertake special projects that help the client be more successful and profitable.

The Requirements

  • 5+ years of actuarial experience in a role in an in-house actuarial department of a life insurance company
  • ASA is required; FSA credentials are encouraged and a major advantage
  • Experience or general knowledge with home services products
  • Wide experience covering many aspects of actuarial services carried out by a typical actuarial department
  • Has a point of view and vision on how to do in-house actuarial work and has an inquisitive and dynamic personality
  • Is comfortable engaging with life insurance leadership, can discuss strategic as well as operational matters with them and is a strong communicator that gives confidence to others by managing internal politics, influencing and presenting of challenging matters
  • Strong interpersonal and team skills
  • Well-developed verbal and written communication skills
  • Strong analytical, creative thinking and problem solving skills
  • Enjoy training and mentoring junior staff
  • Availability to travel on an as needed basis
  • Strong technical skills, preferably in at least one of Microsoft Excel with VBA, SQL, or R
  • Expertise in actuarial software (GGY AXIS, Risk Agility, MG-ALFA, Moses, Prophet, and/or Polysystems). Strong expertise a plus. Axis experience preferred.
  • Ability to direct and do work involving technical issues and requiring problem solving skills
  • Motivated, independent learner willing to share their knowledge with others
  • Ability to explain the big picture as to why an assignment needs to be performed, how it fits in to the final objective and ensure that tasks performed are directly linked to client objectives

EOE, including disability/vets