LTC Pricing Actuary

LTC Pricing Actuary

Full-Time

Springfield, MA or Boston, MA

The Opportunity

This is a mastery level actuarial position within the Health and Worksite Product organization with primary responsibility for the long-term care product line. Responsibilities include product development and pricing of long-term care hybrid products, as well as long-term care riders on our life insurance products. Activities include collaborating across a wide variety of functions, including sales, operations, underwriting, corporate actuarial, marketing, claims and IT.

The Team

The Health and Worksite pricing team is responsible for new individual health and group worksite insurance products, product enhancements, riders, and pricing initiatives within MMUS. This is a dynamic team with expert actuaries representing the existing product lines of Disability Income, Long Term Care, Critical Illness, Accident, and Worksite Life products, plus all new initiatives in the Health and Worksite space. We are responsible for new products, pricing, experience monitoring, and ultimately the profitability of these product lines. Team members are expected to form an opinion, advocate for our policyowners and the company, and drive action.

The Impact:

Product Design and Pricing

Participate in product development ideation and lead the design for new long term care combination products, riders, enhancements, and other initiatives

Lead the development of pricing assumptions, leveraging senior pricing actuaries and peers as needed for consistency, when possible, over multiple product lines

Apply actuarial pricing and management models, building or enhancing them as necessary, to support product pricing analysis and design

Identify risks inherent in new and current product design and develop strategies and processes to manage and mitigate such risks

Perform sensitivity testing on key assumptions to help quantify risks and mitigations

Extract relevant insights from data and/or models and present complex analysis in simple and straightforward manner to key stakeholders

Secure required pricing approvals from key stakeholders by balancing competitive benchmarks and acceptable levels of expected profit and risk

Form opinions, make recommendations, and drive decisions and execution

Create and maintain pricing assumption version controls and final pricing documentation

Product Implementation

Research state/federal regulations that govern health insurance and ensure products and rates adhere.

Develop the Actuarial Memorandums and Rate Manuals for product filings and respond to all actuarial objections

Work with implementation teams on all product initiatives, specifications, and testing

Analyze experience studies and develop assumptions for new product development and overall product portfolio risk assessment

Comply with Actuarial Standards of Practice, Code of Professional Conduct and company standards

Support continuous improvement through:

Keeping innovation in the forefront

Improving processes and practices

Providing fresh perspectives, breakthrough ideas, and new paradigms to create value

Advocating for change, improvement, and optimal value added across the organization

Asking questions and challenging the status quo

Taking ownership and personal responsibility

Support other Health and Worksite pricing and product development initiatives as needed

The Minimum Qualifications

Bachelor’s degree in actuarial science, math, statistics, or related discipline

ASA designation

5+ years relevant actuarial experience

Qualified to sign statements of actuarial opinion for disability income, long term care, chronic illness or accident products.

Experience with actuarial software and modeling, demonstrating the ability to build, validate, enhance, and maintain pricing models

The Ideal Qualifications

FSA and MAAA designations

Experience with long term care insurance

Experience with state product filing, rate filings, and objection responses

Experience with GGY AXIS

Strong interpersonal and communication skills, both written and verbal

Demonstrated ability to interact with technical and non-technical audiences at all levels, within and across organizational boundaries

Ability to use a disciplined work approach to initiatives, projects, and day-to-day activities

What to Expect as Part of MassMutual and the Team

Regular meetings with the Health and Worksite Product Team

Focused one-on-one meetings with your manager

Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, Veteran and disability-focused Business Resource Groups

Access to learning content on Degreed and other informational platforms

Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits

#LI-ST1

MassMutual is an equal employment opportunity employer. We welcome all persons to apply.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.

Full Time