LTC Pricing ActuaryFull-TimeSpringfield, MA or Boston, MAThe OpportunityThis 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 TeamThe 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-ST1Salary Range: $141,300.00-$185,400.00At MassMutual, we focus on ensuring fair equitable pay, by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component.Why Join Us.We’ve been around since 1851. During our history, we’ve learned a few things about making sure our customers are our top priority. In order to meet and exceed their expectations, we must have the best people providing the best thinking, products and services. To accomplish this, we celebrate an inclusive, vibrant and diverse culture that encourages growth, openness and opportunities for everyone. A career with MassMutual means you will be part of a strong, stable and ethical business with industry leading pay and benefits. And your voice will always be heard.We help people secure their future and protect the ones they love. As a company owned by our policyowners, we are defined by mutuality and our vision to put customers first. It’s more than our company structure – it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources, and rely on each other when it counts. At MassMutual, we Live Mutual.MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.If you need an accommodation to complete the application process, please and share the specifics of the assistance you need.At MassMutual, we focus on ensuring fair, equitable pay by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component. For more information about our extensive benefits offerings please check out our
