In business for 70 years, Sentinel Security Life Insurance Company is a rapidly growing insurer of life, accident, health and Medicare supplement insurance as well as underwriting annuities and other financial products. This is a full-time, Exempt position located in Salt Lake City, UT.
Job Description: VP/Actuary
PURPOSE: Manage product valuation, financial report, pricing, corporate profitability and planning for all Sentinel Security Life products, including Annuities, Medicare Supplement, and Final Expense Life Insurance. Develop data management, financial projections, actuarial experience studies, rate increases, and related reports.
Statutory and GAAP Valuation- Enhance existing AXIS statutory reserving models and build out GAAP reserving and DAC capabilities for various Fixed/Fixed Indexed Annuity products.
Financial Projections & Profit Modeling- Manage monthly, quarterly and annual projections using AXIS to evaluate past and future expected financial performance of the company. Compare actual monthly and quarterly financial outcomes to the expected results and prepare easy-to-understand summaries. This includes updating and projecting premium, commissions, expenses, investment income, claims, taxes and profits to support long term planning.
Cash Flow Testing and Asset/Liability Management- Build out internal CFT/ALM functionality in AXIS. Validate that current and projected assets are adequate to cover current and future liabilities (primarily for Fixed/Fixed Indexed Annuity products, as well as some Life products).
Product Development- Manage the design, pricing and contract language for all new products, including Annuities, Medicare Supplement and Final Expense.
Data, Analysis and Reporting:
· Obtain data and develop analyses to support financial projections, pricing, reserving, expense analysis, investment performance and other actuarial or corporate planning needs. These include studies related to persistency, mortality, claim costs, actual-to-expected, sales-agent risks and annuity performance.
· Support preparation of monthly annuity reserves and associated data scrubbing.
· Support the creation and maintenance of an internal actuarial data warehouse containing summary level and detail level information of premium, claims, reserves, reinsurance, commissions, etc.
· Coordinate the monthly updating of this actuarial data warehouse. Using this data, develop reports required by management, regulatory agencies and business partners.
· Complete various actuarial exhibits and schedules for Annual and Quarterly Financial Statements and related regulatory reports/data calls.
· Manage preparation of monthly business reports including production reports (by line of business, plan, channel, etc.), agent profitability reports, loss ratio monitoring, persistency reports and other pertinent management reports.
Communication- Communicate complex concepts regarding actuarial risk management, product pricing and reserving to other departments when necessary. Communicate clearly and frequently to keep Actuary and Management informed.
Rates- Recommend appropriate rate increases and develop new product pricing. Prepare and review related state filing documents including loss ratio experience exhibits, actual-to-expected studies, revised premium rate sheets, and other required supplemental information. If disapproved, help address objections from Insurance Departments and follow through until implemented.
EXTERNAL RESPONSIBILITIES: Work with financial auditors and state Departments of Insurance on rate filings and actuarial compliance issues. Works closely with other Sentinel business units including Accounting, Claims, Underwriting, IT and Marketing.
Some travel will be required.
Reports to and performs other work or projects as directed by Sentinel Security Life’s Executive VP Actuary
EXPERIENCE, KNOWLEDGE, SKILLS AND ABILITIES:
· Bachelor’s degree in finance/insurance, mathematics, or related field with 6+ years of relevant experience; or any combination of education, professional training, or work experience that demonstrates ability to perform the job.
· Expert knowledge and experience with use of Microsoft Excel and Access, SQL, Visual Basic and related tools to assist in analyzing and managing data.
· Intermediate to Expert proficiency with GGY-AXIS modeling software.
· Experience with Annuity actuarial work (pricing, valuation, cash flow testing, etc.).
· Familiar with actuarial principles and practices of managing insurance risk.
· Ability to communicate professionally and effectively. Skill in clearly communicating complex concepts verbally and written.
· ASA designation.
· FSA designation.
· Experience with Individual Life and Supplemental Health lines of business.
· 10+ years of relevant experience.
· Management experience.
Sentinel Security Life Insurance Company's Home Office in Salt Lake City, Utah is full of energetic, fun, engaged and dedicated employees. Come and be a part of our growing team and enjoy an on-site gym, free massages once a month, monthly staff meeting luncheons, energizing work environment, wellness programs, quarterly bonus opportunities, competitive salary, generous benefit package, 401(K) matching program, tuition reimbursement and friendly co-workers. If you are looking for a chance to work hard, have fun, and make a significant contribution to our dynamic company, submit your resume today! We are an equal opportunity employer dedicated to workforce diversity and a drug-free workplace. A background check is required.
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