Senior Financial Actuary

Bloomington, IL
$185,000 – $200,000

Job Description:
The Senior Financial Actuary oversees liability valuation, financial statement analysis and actuarial review of all life, annuity and health lines of business. Works with accounting area to prepare and analyze financial results and prepare regulatory financial statements. Responsible for coordinating monthly financial reporting processes, creates strategies for building financial reporting efficiencies and ensuring compliance with regulatory auditing requirements.
Qualified to serve as Appointed Actuary for a life insurance company, according to the American Academy of Actuaries Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States.
• Oversees efficient, accurate, controlled and auditable liability valuation and related financial reporting processes for all life, annuity and health lines of business. Ensures best practices are used for review and creates strategy for an efficient process. Ensures staff is well-trained on valuation systems. Adheres to new valuation regulations through appropriate testing and implementation. Oversees annual statement related projects to ensure work performed in an efficient manner. Reviews schedules for reasonableness. Ensures all reports and work papers are completed on time and passed on to internal and external customers. Coordinates with Information Systems areas to ensure that all information necessary for liability valuation are available in a timely manner.
• Oversees the cash-flow testing work supporting the analysis of adequacy of company assets compared to liabilities. Assists the appointed actuary in writing the actuarial opinion and supporting memorandum in accordance with regulatory requirements.
• Maintains projection models for all life/health/annuity products – ensures models balance needs of cash flow testing/valuation/budget projections. Ensure any Model Risk Management processes/guidelines are satisfied by modeling processes.
• Oversees creation of company experience studies on actuarial assumptions including mortality, morbidity, policyholder behavior, expenses and investment returns. Ensures experience studies are completed on time and to the level of detail needed for downstream dependent efforts. Implements improvements to experience studies to meet changing needs of downstream efforts.
• Leads the annual assumption setting process, based on experience studies, for annual asset adequacy testing, GPV, and budget projections. Ensures assumption setting is completed on time and is appropriately documented.
• Works with financial reporting areas to prepare financial analysis and review of life company income statements and balance sheets. Coordinates review of actual to expected financial results.
• Ensures work is completed in accordance with Model Audit Rule, where applicable.
• Fosters the highest level of commitment among our people through transparent communication about business challenges, successes and results.
• Creates an environment which encourages people to think, behave, take action, control work and make decisions autonomously to attain clear goals.
• Bachelor’s Degree in Actuarial Science, Math, Statistics or equivalent in related work experience. Advanced industry designations such as CLU, CFA or CERA is preferred.
• Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.
• Ten or more years of life insurance actuarial work experience with strong work performance, including four years management experience.
• Experience in oversight and development of actuarial and non-actuarial staff.
• In-depth experience working with actuarial modeling/valuation software, including programming new product features, solving for premiums, and analyzing output.
• Experience overseeing life/health/annuity valuation processes.
• Has experienced professional judgment necessary to assist with asset adequacy analysis/cash flow testing.
• In-depth knowledge of applicable life and health insurance regulations, actuarial guidelines, and actuarial standards of practice.
• Comprehensive and current knowledge of life, health, and annuity valuation standards, actuarial valuation techniques and federal income tax.
• Excellent knowledge and understanding of liability valuation on the balance sheet of a life insurance company and its effect on the company income statement.
• Proven communication, interpersonal and collaboration skills to work effectively with various and diverse internal personnel and external contacts.
• Effectiveness in working through conflict and ambiguity to meet the needs of business partners and customers.
• Excellent critical thinking and analysis skills with the ability to define value, service and efficiency.
• Effective verbal and written communication skills with staff, other corporate areas and management team, particularly with actuarial topics.
• Advanced skills in spreadsheets, databases, word processing, and programming. Ability to independently develop and create computer processes.
• Proven ability to manage multiple priorities while meeting deadlines.
• Must possess the ability to train actuarial and non-actuarial staff on products, technical solutions (e.g. excel, access, VBA, etc.), and systems.
• Advanced problem solving skills.


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