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Actuary, Model Governance

Lincoln Financial Group Hartford, CT
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Job Description

Alternate Locations: Greensboro, NC (North Carolina); Hartford, CT (Connecticut)

Relocation assistance will be considered/provided for this opportunity within our company guidelines.

Hiring Manager: Kenneth Reeves

Requisition #40604

About The Company

Led by over 9,000 employees  – including you –  Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses.

The Role

As the Actuary, youwill be responsible for supporting the model governance and model review initiatives. You will interact with many functional units within and outside Insurance Solutions, defining and documenting best practices for actuarial modeling and assessing the consistency and accuracy of new business profitability models for the many types of products we offer.

Responsibilities

Model Governance

  • Partners with product governance, product development, and risk management to monitor the product developmental cycle and ensure that the pricing models have adopted proper assumptions for Universal Life, Variable Universal Life, or other Interest Sensitive products.
  • Perform review of statutory/GAAP income statement and pricing model, especially related to the reserve methodology to ensure the reserving methodology is consistent with how it will be implemented in Valuation.
  • Review profit measurements to ensure it meets to the corporate standard and communicate the results with various stakeholders.
  • Assess any new risks were introduced by the new product.
  • Work with Product Model team to ensure any changes post rate launch are appropriately reviewed, and to assist in integrating good models to Quality of New Business team and Product Positioning team for budget review cases.
  • Serve as a consultant and provide review of new product implementation to valuation system.
  • Provides direction and support of key corporate initiative and projects as needed.

Project Management

  • Leads projects or programs with moderate resource requirements, risk and/or complexity.
  • Provides subject matter expertise to team members and applicable internal/external stakeholders on complex assignments/projects for his/her assigned area(s) of responsibility.
  • Ensure group's processes and procedures are compliant.

Communication

  • Communicate with product teams and others on issues and corporate standards

Organizational Effectiveness

  • Provides direction on complex assignments, projects, and/or initiatives to build and enhance the capability of his/her assigned area(s) of responsibility.
  • Directs and enhances organizational initiatives by positively influencing and supporting change management and/or departmental/enterprise initiatives within assigned area(s) of responsibility.
  • Identifies and directs the implementation of process improvements that significantly improve quality across the team, department and/or business unit for his/her assigned area(s) of responsibility.
  • Maintains knowledge on current and emerging developments/trends for assigned area(s) or responsibility, assess the impact, and collaborates with senior management to incorporate new trends and developments in current and future solutions.

Modeling

  • Development of test plans for validation of pricing or valuation model functionality and assessing validity of approximations/proxy approaches, including identification of sample model points which cover key policy features and isolate areas of potential error, and selection of assumptions/scenarios to run against this set of model points for back testing, sensitivity testing and stress testing.
  • Creation/modification of benchmark testing tools, including developing spreadsheets based on model specifications to replicate model functionality and assembling benchmark data from financial statements and production systems for back testing and comparison testing.
  • Documentation of testing and results, including actions taken upon uncovering model defects
  • Implementation of industry best practices and development of coding and control standards for testing tools developed in Excel or other programming platform.
  • Oversight of defect tracking tool, ensuring the tool is used efficiently and communicate and address model defects and deficiencies across the teams.

Requirements

Education

  • Undergraduate Degree or 4+ years of comparable work experience; educational concentration in Applied Science or Mathematics is preferred.
  • ASA designation is required.
  • FSA designation strongly preferred.

Experience

  • 5-7+ years of experience in Actuarial positions that directly aligns with the specific responsibilities of the position.
  • Educational experience and/or proficiency in pricing of Life and/or Long Term Care products and valuation of Life and/or Long Term Care products.
  • Computer skills:Prophet, MG-ALFA, or similar actuarial projection software systems.
  • A demonstrated track record of consistently meeting and/or exceeding performance expectations.
  • Possesses a bias for action and avoids workplace distractions.
  • Drives performance targets to completion.


This position may be subject to Lincolns Political Contribution Policy. An offer of employment may be contingent upon disclosing to Lincoln the details of certain political contributions. Lincoln may decline to extend an offer or terminate employment for this role if it determines political contributions made could have an adverse impact on Lincolns current or future business interests, misrepresentations were made, or for failure to fully disclose applicable political contributions and or fundraising activities.

Lincoln Financial Group (LFG) is an Equal Opportunity employer and, as such, is committed in policy and practice to recruit, hire, compensate, train and promote, in all job classifications, without regard to race, color, religion, sex (including pregnancy), age, national origin, disability, sexual orientation, gender identity and expression, veterans status, or genetic information. Applicants are evaluated on the basis of job qualifications. If you are a person with a disability that impedes your ability to express your interest for a position through our online application process, or require TTY/TDD assistance, contact us by calling 260-455-2558.

Job Details

Date Posted October 4, 2017
Date Closes November 3, 2017
Requisition 40604-en_US
Located In Hartford, CT
Department Actuarial
SOC Category 00-0000.00
Location