Actuary jobs in Providence, RI

Managing Life Actuary
Life Product Risk and Data
10 Amica Way, Lincoln, RI 02865

Your future is our business.

Our office in Lincoln, RI is seeking a Managing Life Actuary. This position will lead the product pricing, development & management process from idea generation to launch. This position will also lead the Asset-Liability-Management (ALM) process. Develop capital efficient and yield optimizing strategies to elevate product competitiveness, while maintaining healthy solvency.

The role is located in our Lincoln, RI office, and will be eligible for up to two work from home days per week. 

Job Responsibilities

• Lead and manage the company’s product function. In particular:
  • Originate and evaluate new life and simple annuity product ideas. Develop products with a strong focus on the growth of the product line. Design products in accordance with marketing strategies while balancing competitive needs against company profit standards.
  • Determine pricing structure and premiums. Oversee development of rates, rating plans, pricing strategies, reserve programs, and financial forecasts. Be responsible for assumption review and creation of pricing documentation.
  • Maintain documentation of actuarial analysis and assists in preparing the actuarial portion of state filings and responses to regulators.
  • Develop explicit product specifications for all new life & annuity insurance products. Support creation of systems specifications, contracts, commission structures, and other actuarial aspects of product development. Maintain systems and structures necessary for the testing and validation of all data processing systems (proposal, issue and administrative).
• Manage reinsurance relationships. Perform periodic reinsurance reporting.
• Manage and enhance the market intelligence function by performing periodic and ad-hoc market research assessing product competitiveness.
• Work with Distribution to support sales initiatives in the most competitive environments. Provide essential support in the Company's new ventures and expanding sources of distribution by analyzing the relevant cost structures and unique factors inherent in each venture and designing appropriate products to meet business objectives.
• Provide leadership and mentorship to the Company’s actuarial community.
  • Monitors and analyzes developments in actuarial techniques, laws and regulations applicable to company operations, and competitive developments in the marketplace.
  • Coordinates, prepares, and performs actuarial analyses to be used in actuarial recommendations and reporting.
  • Works with others to prepare actuarial response and communication of results of actuarial research to business unit management.
  • Elevate the bar by developing and enhance existing documentation for product and reporting processes.

Position Requirements

• Bachelors or higher degree in mathematics, actuarial science, business or science. 10 years of Life actuarial experience. FSA designation.
• Demonstrated thorough level of Actuarial, Financial and ALM knowledge. Must be able to use quantitative methods to evaluate opportunities and be articulate and persuasive in forming consensus and recommendations. Must be able to communicate technical results to non-technical audiences.
• Demonstrated balanced ability of managing direct report and hands-on engagement. staff and direct involvement. Demonstrated ability to direct personnel not directly reporting to this position is critical since initiatives will almost always cross-functional and reporting lines. The ability to clearly articulate the benefits associated with given initiatives, and to motivate those responsible for implementing new course of action, is necessary for the effective completion of the projects.
• Must possess the knowledge of the functions and structure of various areas of the Company. This position will be required to coordinate the efforts of each of these areas as they relate to specific Individual Product & Market Development projects and initiatives.
• Must be able to assimilate the requirements imposed both internally (by senior management) and externally (through regulators and professional standards boards) into our daily operations and reporting mechanisms.
• Must make clear and concise recommendations to management in order to communicate the benefits and costs of initiatives. Since time will often be of the essence, and opportunities of presentations to senior management limited, the position must work independently in identifying issues and resolutions.

Perks and Benefits 

• Paid vacation, holidays and sick day
• Competitive salaries and exceptional benefits
• Generous leave programs, including paid parental bonding leave
• Medical, dental, vision coverage, short- and long-term disability, and life insurance
• Student Loan Repayment and Tuition Reimbursement programs
• Fitness and wellness reimbursement
• Generous retirement benefits
• Employee community involvement
• Strong relationships, lifelong friendships
• Opportunities for advancement in a successful and growing company

About Amica

Amica Mutual Insurance Company is America’s oldest mutual insurer of automobiles. A direct national writer, Amica also offers home, marine and umbrella insurance. Amica Life Insurance Company, a wholly owned subsidiary, provides life insurance and retirement solutions. Amica was founded on the principles of creating peace of mind and building enduring relationships for and with our exceptionally loyal policyholders, a mission that thousands of employees in offices nationwide share and support.

Equal Opportunity Policy: All qualified applicants who are authorized to work in the United States will receive consideration for employment without regard to race, color, religion, sex, gender, gender identity, gender expression, sexual orientation, family status, ethnicity, age, national origin, ancestry, physical and/or mental disability, mental condition, military status, genetic information or any other class protected by law. The Age Discrimination in Employment Act prohibits discrimination on the basis of age with respect to individuals who are 40 years of age or older. Employees are subject to the provisions of the Workers' Compensation Act.

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