Actuarial Associate - Individual Annuities (Modeling)

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Job Summary:

The Standard’s Individual Annuities division is currently looking to add an Actuarial Associate to our team. This role will play a support role in creating the models, data processes, and analytics needed to support our VM-22 implementation. 

This role is ideal for someone that is process oriented, enjoys solving new problems, effectively explains results, and wants to develop their modeling skill set.  This role will further support the development and refinement of our processes to implement VM-22 in pricing, FP&A, ALM, and governance frameworks. 

As part of this team, you will have opportunities to support other modeling initiatives in our near-term future state, potentially including strategic initiatives such as reinsurance to a Bermuda affiliate, strategic asset allocation, or ALM reporting.

Key Responsibilities:

• Applies understanding of functional area to support enhancement of AXIS models and processes supporting VM-22 valuation.
• Support key element of VM-22 model implementation, such as model improvements, including structure, assumptions, and runtime optimization.
• Develop of working understanding of VM-22 in order to effectively support governance needs (change management, controls, validation readiness).
• Partner with valuation, pricing, FP&A, and investment management to ensure consistency and usability of results.
• Analyze model output to identify drivers, limitations, and opportunities for improving model performance and scalability (automation, workflow, cloud integration where applicable)
• Partners with the core VM-22 team as well as other members of the actuarial community of practice.

* Note: This role may be filled at either of the levels noted below based upon applicable experience and career path:

Actuarial Associate III: 3+ yrs. hands-on actuarial experience & ASA required. Applies understanding of functional business area to support model creation and enhancements. Seeks out industry and professional information to enhance individual annuities acumen. (Salary Range: $94,500.00 - $138,500.00)

Actuarial Associate II: 2+ yrs. hands-on actuarial experience & successful completion of a minimum of 3 actuarial exams. Applies understanding of functional business area to support model creation and enhancements. Seeks out industry and professional information to enhance individual annuities acumen. (Salary Range: $82,250.00 - $120,750.00)

Skills and Background You’ll Need:

Education:

• Bachelor’s degree (or equivalent combination of education and experience) in mathematics, actuarial science, business, or a related field preferred.

Certification:

• See requirements above based on the level of the role.

Experience:

• 3+ years of experience sufficient to have gained a seasoned actuarial business perspective
• Prior modeling experience with GGY AXIS (preferred).
• Hands-on experience with Individual annuities (preferred).
• Asset modeling and Asset Liability Management (ALM) experience (preferred).
• Projection and Valuation modeling experience (CFT, LDTI MRB, VM-20, or VM-21) (strongly preferred).
• Python experience (preferred)
• Strong analytical skills, attention to detail, and the ability to own and explain reserve movements.

Key Behaviors of a Successful Candidate:

Driving success: Independently drives work forward and takes responsibility for achieving job requirements, tasks, and objectives. Approaches business challenges from a broad perspective and anticipates and removes barriers to accomplish business objectives. Contributes actuarial, financial and industry expertise combined with unique product line knowledge and pursues exceptional results that take us “next level”.

Improvement Mindset: Acts independently to determine methods and procedures on new assignments.  Plays a significant role as a resource/mentor to others in the actuarial career. Viewed as a key resource to the division and providing thought leader9ship in their key areas of responsibilities.  Strives to exceed customer needs.  Innovative, brings ideas to life, and seeks continuous improvement.  Proactively identifies business issues and develops solutions to resolve them.  Approaches business challenges from a broad corporate perspective and assesses business recommendations from a strategic viewpoint.

Winning together: Excellent communication skills and the ability to develop positive internal and external stakeholder relationships by consistently and effectively delivering value. Seeks out and encourages diverse perspectives; helps individuals relate to, understand, and accept other perspectives.

Adaptability: Ability to take ambiguous tasks and align it to the working model of the team to ensure execution.

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Why Join The Standard?

We have built an enduring legacy of stability, financial strength and exceptional customer service through the contributions of the service-oriented people who choose to work at The Standard. To ensure we can attract and retain the best talent, when you join The Standard you can expect:

• A rich benefits package including medical, dental, vision and a 401(k) plan with matching company contributions

• An annual incentive bonus plan

• Generous paid time off including 11 holidays, 2 wellness days, and 8 volunteer hours annually — PTO increases with tenure

• A supportive, responsive management approach and opportunities for career growth and advancement 

• Paid parental leave and adoption/surrogacy assistance

• An employee giving program that double matches your donations to eligible nonprofits and schools

In addition to the competitive salary range below, our employee-focused benefits support work-life balance. Learn more about working at The Standard.

• Eligibility to participate in an incentive program is subject to the rules governing the program and plan. Any award depends on a variety of factors including individual and organizational performance.

The actual compensation for this role will be based on a combination of education and experience, knowledge and skills, position budget, internal equity, and market data.

Salary Range:

$94,500.00 - $138,500.00

Positions will be posted for at least 5 days from original posting date.

Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, Inc., StanCorp Mortgage Investors, LLC, StanCorp Investment Advisers, Inc., and American Heritage Life Insurance Company and American Heritage Service Company, marketed as The Standard, are Affirmative Action/Equal Opportunity employers. All qualified applicants will receive consideration for employment without regard to race, religion, color, sex, national origin, gender identity, sexual orientation, age, disability or veteran status or any other condition protected by federal, state or local law. Except where precluded by state or federal law, The Standard will consider for employment qualified applicants with arrest and conviction records pursuant to the San Francisco Fair Chance Ordinance. The Standard offers a drug- and alcohol-free work environment where possession, manufacture, transfer, offer, use of or being impaired by an illegal substance while on The Standard's property, or in other cases which the company believes might affect operations, safety or reputation of the company is prohibited. The Standard requires a criminal background investigation and employment, education and licensing verification as a condition of employment. After any conditional offer of employment is made, the background check will include an individualized assessment based on the applicant’s specific record and the duties and requirements of the specific job. Applicants will be provided an opportunity to explain and correct background information. All employees of The Standard must be bondable.