Actuarial Assistant Manager

Job Summary

Holds an actuarial qualification and, acting in an actuarial capacity, performs routine reserving, economic valuation, product development, risk management or pricing tasks as assigned requiring minimal direct supervision, and performs more complex analyses under the supervision of more senior actuaries, all for the purpose of setting appropriate reserves, valuing life business, evaluating risks and/or developing new, or maintaining existing, products. Assists in the training of less experienced personnel.

Job Accountabilities - Key Accountabilities

• Under minimal supervision, support valuation of actuarial reserves, financial reporting of embedded value and new business value, preparation of data for solvency and risk-based capital calculations to required quality and timelines for management reporting and business decision- making purposes.
• With appropriate review, coordinate, prepare, and perform actuarial analyses including demographic experience analysis, new business profitability analysis and forward looking projections of capital availability and solvency to required quality and timelines for management reporting and business decision-making purposes.
• Provide advice and technical expertise on actuarial and risk quantification modeling approaches and implement routine cash flow model developments to ensure quality of model output.
• Support Finance, market-facing business units, Claims, Risk, Capital Management, Investment Management, Actuarial and other functions and actuarial business partners on reserving, reinsurance, solvency, risk and capital management and other operational and strategic business decisions by providing necessary data and analyses to required quality and timelines.
• Ensure that the valuation processes for the assigned Business Unit(s) are appropriately governed and controlled in accordance with Group, Regional, and Local internal / regulatory policies.
• Calculate premiums for new and/or existing products in line with agreed methodologies.
• Review summary datasets.
• Perform statistical analysis e.g. monitoring levels of business, business mix analyses, comparisons of actual to expected.
• Research and analysis of experience trends and expenses (biometric risks, persistency etc).
• Provide support for development of rates, rating plans and pricing and portfolio management strategies.
• Where appropriate, provide rate filing support.
• Specify and test IT developments for new products.

Risk Management Specific

• Support provision of Risk challenge and review to relevant first line functions.
• Support and perform actuarial services to deliver independent deep dive analyses and risk assessments.

Additional Job Functions

Business Accountabilities

• Provide professional actuarial support and advice to actuarial management and actuarial business partners including insights into underlying performance and implications for the business.

• Under supervision, analyze data and undertake complex modeling using established methodologies to quantify risk and support business decision making; perform more complex analyses as assigned under the supervision of a more experienced actuary.

• Manage the flow and quality of relevant actuarial data to ensure robust output.

• Contribute to developing best practice, enhancing collaboration and improving analysis of profitability/performance by providing insights from own area in order to promote cross-functional sharing of information.

• Ensure that processes and standards are consistent with internal Zurich actuarial policies and guidance and, where relevant, compliant with regulations; lead the implementation of systems and process improvements in own area.

• Participate in analyses and provide high quality actuarial advice to facilitate business decisions related to special projects e.g. mergers & acquisitions and/or regulatory/methodology developments that are outside of normal business as usual or geographic responsibilities.

• Assist in the development of risk based capital models as well as calibration and parameterization activities to support actuarial services.

• Research best actuarial practice and review/analyze current practice area to support senior management in developing and improving processes and systems.

• Make informed actuarial and business recommendations based on professional judgment and experience.

• Proactively identify professional development opportunities for less experienced actuarial staff in order to promote career progression and maintain the talent pipeline.

Education & Experience

Required:
• Bachelors Degree and 5 or more years of actuarial experience that includes pricing and/or valuation experience in one or more of the key life product groups: Universal Life, Variable Universal Life and Term Life.

Preferred:
• FSA
• Experience with actuarial modeling software such as Prophet, MG-ALFA or GGY Axis
• Strong written and verbal communication
• Strong organization skills
• Ability to multi-task
• Excel and/or VBA and/or Access and/or SQL and/or other programming language such as Perl, SAS or C
• Knowledge of Prophet actuarial modeling software, or other actuarial tool for the life industry such as MG ALFA, GGY Axis
• Knowledge of US statutory reserving methods and guidelines, both current and upcoming; UL CRVM, XXX, AG38, VM20
• Knowledge of IFRS reserving methods and guidelines
• Knowledge of Embedded Value