Life Actuarial Officer
Location: Lincoln, RI, United States
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Description
Life Actuary Officer
Life Actuary Officer- Hybrid
10 Amica Center Blvd, Lincoln, RI 02865
Thank you for considering Amica as part of your career journey, where your future is our business.
At Amica, we pride ourselves on being an inclusive and supportive environment. We all work together to accomplish the common goal of providing the best experience for our customers. We believe in trust and fostering lasting relationships for our customers and employees! We’re focused on creating a workplace that works for all. We’ll continue to provide training, guidance, and resources to make Amica a true place of belonging for all employees. Want to learn more about our commitment to diversity, equity, and inclusion? Visit our DEI page to read about it!
As a mutual company, our people are our priority. We seek differences of opinion, life experience and perspective to represent the diversity of our policyholders and achieve the best possible outcomes.
Our office located in Lincoln, RI is seeking a Life Actuary Officer who will drive the entire process from idea generation to launch, ensuring innovative and top-tier product development. This role offers the opportunity to shape product features, financing, underwriting, and marketing, all while prioritizing a swift market entry for new products. Be at the forefront of innovation and make a significant impact.
The role is located in our Lincoln, RI office, and will be eligible for up to two work from home days per week.
The role is located in our Lincoln, RI office, and will be eligible for up to two work from home days per week.
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).
- 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 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 enhancing existing documentation for product and reporting processes
Requirements:
- Bachelor’s or higher degree in mathematics, actuarial science, business or science. 10+ years of actuarial experience. ASA designation or above
- 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 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.
Total Rewards:
- Medical, dental, vision coverage, short- and long-term disability, and life insurance
- Paid Vacation – you will receive at least 13 vacation days in the first 12 months, amounts could be greater depending on the role. While able to use prior to accrual, vacation time will accrue monthly.
- Holidays - 14 paid holidays observed
- Sick time - 6 days sick time at hire, 6 additional days sick time at 90 days of employment
- Generous 401k with company match and immediate vesting. Additionally, annual 3% non-elective employer contribution
- Annual Success Sharing Plan - Paid to eligible employees if company meets or exceeds combined ratio, growth and/or service goals
- Generous leave programs, including paid parental bonding leave
- Student Loan Repayment and Tuition Reimbursement programs
- Generous fitness and wellness reimbursement
- Employee community involvement
- Strong relationships, lifelong friendships
- Opportunities for advancement in a successful and growing company
Amica conducts background checks which includes a review of criminal, educational, employment and social media histories, and if the role involves use of a company vehicle, a motor vehicle or driving history report. The background check will not be initiated until after a conditional offer of employment is made and the candidate accepts the offer. Qualified applicants with arrest or conviction records will be considered for employment.
The safety and security of our employees and our customers is a top priority. Employees may have access to employees’ and customers’ personal and financial information in order to perform their job duties. Candidates with a criminal history that imposes a direct or indirect threat to our employees’ or customers’ physical, mental or financial well-being may result in the withdrawal of the conditional offer of employment.
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.
At Amica, we pride ourselves on being an inclusive and supportive environment. We all work together to accomplish the common goal of providing the best experience for our customers. We believe in trust and fostering lasting relationships for our customers and employees! We’re focused on creating a workplace that works for all. We’ll continue to provide training, guidance, and resources to make Amica a true place of belonging for all employees. Want to learn more about our commitment to diversity, equity, and inclusion? Visit our DEI page to read about it!
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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