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Pramerica Limited

Actuarial Associate/Senior Actuarial Associate (Pr

Pramerica Limited

  • Donegal
  • Not disclosed
  • Permanent full-time
  • Updated 16/10/2017
  • Admin
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Description

The associate will assist in the product development process and modeling including gaining an understanding of US statutory reserving, nonforfeiture laws and policyholder taxation of life insurance.

 

Prudential offers a range of life insurance and associated savings products. This includes term life, universal life and variable universal life insurance that offers growth and income protection. For more information, please visit https://www.prudential.com/personal/life-insurance/

These roles are  for a position at Pramerica Ireland, a wholly owned subsidiary of Prudential. The Pramerica website can be found at http://www.pramerica.ie/

The selected candidates will be given the opportunity to learn about Prudential Financial’s portfolio of Individual Life Insurance (ILI) products and GGY Axis, in order to design, price and evaluate ILI products. The primary focus of this position is Pricing.  As a part of the broader Pricing and Reinsurance Negotiations team, the successful candidate may also have the opportunity to support Reinsurance Negotiations.

Primary Responsibilities

This position plays a critical role in supporting the business objective of Individual Life division, to broaden product and distribution capabilities and strengthen our position among the largest individual life insurance companies in the United States. As a member of the Pricing & Reinsurance Negotiations team, the associate will have the opportunity to work on a variety of products – our portfolio contains Universal Life, Variable Universal Life, Term, as well as Whole Life.

We also offer several survivor products, guaranteed Universal Life products, Indexed Unit Linked products, Living Benefit Riders and are continually looking for new product ideas.  In addition to the major pricing projects, this position will support ad hoc requests, produce rate files, support state filing efforts, and support pricing model builds.                                                                                                  

The associate will assist in the product development process and modeling including gaining an understanding of US statutory reserving, nonforfeiture laws and policyholder taxation of life insurance.

The Pricing & Reinsurance Negotiations team interacts with many other areas of Prudential, including Financial Reporting, Filing, Marketing, Product Management, Producer Services, Administration Systems, and Corporate Actuarial Pricing Oversight (CAPO).

The successful candidate will also gain experience with commercial modeling software packages such as GGY Axis, MoSes, and ALFA.

 

Pricing Responsibilities:

a. Product Feasibility/Design and Pricing
 (i) Aid in the design, pricing and maintenance of financially sound individual life insurance products.
 (ii) Actuarial pricing model maintenance and updates

b. Pricing model conversions to GGY-Axis

c. Implementation of emerging regulatory developments in pricing, such as US Principles-Based Reserves (PBR) and AG48

d. Help Set and Communicate Profitability:
 (i) Expectations
 (ii) Constraints
 (iii) Sensitivity

e. Product Rate Development and Distribution

f. Meet implementation objectives

g. Regulatory Compliance
 (i) Reserve
 (ii) Non Forfeiture
 (iii) Illustration Model Regulation testing

h. Support and implement strategies to improve our ability to bring products to market

i. Competitor Analysis - product reverse engineering

j. Development of actuarial material for US state filings

With respect to Reinsurance Negotiations, the associates may have the opportunity to participate in the reinsurance process with third-party reinsurers, work on internal reinsurance/capital management transactions, evaluate reinsurers with respect to Prudential's counterparty standards, and participate in projects related to inforce reinsurance deals.


Job Qualifications

• Actuarial exams are a plus
• Experience in MS Excel and/or modeling software a plus (GGY AXIS, ALFA, MoSes, etc.)
• High level of motivation and drive for results
• Ability to understand complex quantitative concepts
• Fast learner and ability to work independently as well as in a team environment
• Creative problem solver – having the ability to present new solutions to enhance production
• Individual Life experience is a plus
• Background in financial reporting is a plus

Personal Skills

• Time management, and communication skills
• The ability to work independently
• Problem solving and creative thinking skills
• Strong team player
• Strong desire to learn, develop and contribute

Ref: 909922
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Pramerica Limited

Pramerica Limited

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