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 initiativesLead the development of pricing assumptions, leveraging senior pricing actuaries and peers as needed for consistency, when possible, over multiple product linesApply actuarial pricing and management models, building or enhancing them as necessary, to support product pricing analysis and designIdentify risks inherent in new and current product design and develop strategies and processes to manage and mitigate such risksPerform sensitivity testing on key assumptions to help quantify risks and mitigationsExtract relevant insights from data and/or models and present complex analysis in simple and straightforward manner to key stakeholdersSecure required pricing approvals from key stakeholders by balancing competitive benchmarks and acceptable levels of expected profit and riskForm opinions, make recommendations, and drive decisions and executionCreate 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 objectionsWork with implementation teams on all product initiatives, specifications, and testingAnalyze experience studies and develop assumptions for new product development and overall product portfolio risk assessmentComply with Actuarial Standards of Practice, Code of Professional Conduct and company standardsSupport continuous improvement through:Keeping innovation in the forefrontImproving processes and practicesProviding fresh perspectives, breakthrough ideas, and new paradigms to create valueAdvocating for change, improvement, and optimal value added across the organizationAsking questions and challenging the status quoTaking ownership and personal responsibilitySupport other Health and Worksite pricing and product development initiatives as needed

The Minimum Qualifications

Bachelor’s degree in actuarial science, math, statistics, or related disciplineASA designation5+ years relevant actuarial experienceQualified 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 designationsExperience with long term care insuranceExperience with state product filing, rate filings, and objection responsesExperience with GGY AXISStrong interpersonal and communication skills, both written and verbalDemonstrated ability to interact with technical and non-technical audiences at all levels, within and across organizational boundariesAbility 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 TeamFocused one-on-one meetings with your managerNetworking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, Veteran and disability-focused Business Resource GroupsAccess to learning content on Degreed and other informational platformsYour ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits

#LI-ST1

MassMutual is an equal employment opportunity employer. We welcome all persons to apply.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.

MassMutual will accept applications on an ongoing basis until such time as a candidate has been offered employment. The job description includes the main duties of this position, which may evolve over time. You may be required to perform other duties not listed.

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment.

Salary Range: $141,300.00-$185,400.00