LTC Pricing Actuary

LTC Pricing Actuary

Full-Time

Springfield, MA or Boston, MA

The Opportunity

This 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 Team

The 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

The Minimum Qualifications

The Ideal Qualifications

What to Expect as Part of MassMutual and the Team

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