Corporate Vice President & Actuary

  • Competitive
  • Austin, TX, USA
  • Festanstellung, Vollzeit
  • New York Life Insurance Company
  • 23 Sep 17

Corporate Vice President & Actuary

New York Life Insurance Company ("New York Life" or "the company") is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.

New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).

Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.

LTC Experience Analysis and Assumption Setting

a. Set the strategic vision for all assumption setting and experience analysis (used in Pricing, Reserving, Cash Flow Testing, Loss Recognition Testing, ALM and business plan.) Present the vision to the senior management of NYL and get their buy in. Develop and implement the strategic vision.
b. Initiate, organize, and direct actuarial research, experience studies and statistical analysis. Develop the experience analysis system and all appropriate reports, analysis and controls. Prepare documentation and reports supporting current assumptions and perform the assumption governance process for LTC. Partner with pricing and valuation teams to incorporate the emerging experience into these functions.
c. Manage the model development and refinement of assumptions, all related experience studies and develop highly transparent analysis of emerging experience.
d. Perform all experience analysis and determine appropriate assumptions for the following:
i.Morbidity - including incidence rates, termination rates, utilization rates, etc.
ii.Mortality
iii.Voluntary Lapse
iv.Asset Assumptions
v.Expense Assumptions
e. Monitor emerging experience with analysis on actual to expected results.
f. Assist in quantifying impact of proposed changes and communicate results to a diverse audience of senior management, actuaries, investment professionals and general staff. The incumbent must identify and communicate key issues and important trends and support the analysis in Q&A sessions.
g. Develop and review all analytics necessary to ensure the accuracy of these complex projects.
h. Review data for reasonableness and resolve issues.
i. Manage employees supporting these activities.

The role requires collaboration with other departments including:
i. Accounting
ii. IT
iii. Claims
iv. Office of the Chief Actuary
v. Controller's Department
vi. NYL Prophet Team

The role has the potential for lateral and upward movement in the organization.

Requirements

  • BA/BS is required.
  • Completion of specific and general continuing education requirements.
  • An FSA designation in the Society of Actuaries is essential. Candidate must be a member of the American Academy of Actuaries.
  • This position requires at least 8 years of previous actuarial experience. Experience with Long-Term Care is highly preferred.
  • Candidate must:
    • Possess strong individual accountability;
    • Possess strong leadership skills, judgment, organizational and prioritization skills;
    • Possess strong management skills to motivate and develop staff;
    • Possess strong technical and analytical skills.
    • Be a good self starter and innovator and a catalyst for change;
    • Possess high quality of work ethics while remaining committed to corporate values.
    • Have strong oral and written communication skills and the ability to influence management and staff;
    • Have ability to evaluate information and have strong analytical ability;
    • Be able to assimilate a large amount of information and analysis and identify those key facts or trends which may have a material impact on the business.
    • Possess ability to manage projects effectively.
    • Be proficient in Microsoft Word and Excel and various database platforms and modeling software.
    • Responsible for many critical financial reports for the Long-Term Care Division. Information produced in this unit is vital in LTC Executive decision-making.

SF:LI-JL1
SF:EF-JL1

EOE M/F/D/V

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* Based on revenue as reported by "Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
** Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.

1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.

2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.