What are the responsibilities and job description for the Actuarial Associate position at MetLife?
Role Value Proposition
MetLife actuaries aspire to be trusted advisors in the insurance industry by using their expertise to design and price insurance policies, manage financial risks, and make informed decisions about managing risk and uncertainty. The Retirement & Income Solutions (RIS) Annuity business is seeking an Actuarial Associate, within the US Pension Risk Transfer (PRT) Pricing team. Reporting to the Director, Annuity Pricing, this role will provide actuarial and technical expertise for pension risk transfer transactions and other key strategic & product development initiatives in the Pensions business.
Key Responsibilities
Essential Business Experience and Technical Skills:
MetLife actuaries aspire to be trusted advisors in the insurance industry by using their expertise to design and price insurance policies, manage financial risks, and make informed decisions about managing risk and uncertainty. The Retirement & Income Solutions (RIS) Annuity business is seeking an Actuarial Associate, within the US Pension Risk Transfer (PRT) Pricing team. Reporting to the Director, Annuity Pricing, this role will provide actuarial and technical expertise for pension risk transfer transactions and other key strategic & product development initiatives in the Pensions business.
Key Responsibilities
- Perform PRT case level pricing end to end including review of plan documents; analyze participant & case data; develop & assess assumptions; perform calculations and sensitivity analysis; thorough review offer letters and contracts for consistency with pricing assumptions
- Provide support for assumption development, including spectrum of behavioral assumptions, for PRT transactions based on company, case, and industry data
- Provide actuarial support to internal partners (i.e. Implementation and Global Operations) on pricing issues.
- Collaborate with the Contract team to develop a comprehensive bid letter and term sheet for each case and contracts after the sale.
- Perform post-sales pricing related functions, such as creating individual cost listing, analyzing price variance, handling amendment calculations, etc.
- Provide support to refine current processes to enhance the quality of work and improve efficiency.
Essential Business Experience and Technical Skills:
- Minimum of 3 years of actuarial experience
- ASA/Pre FSA designation on Society of Actuaries
- Good computer skills (Excel, Access, Visual Basis, C or other programming languages).
- Excellent analytical and spreadsheet skills.
- Good communication skills.
- High degree of business and financial acumen
- Bachelor's degree in mathematics, statistics or actuarial science
- Experience with Prophet