Actuarial Consultant-US Insurance Group

The MassMutual Financial Group is a global, diversified financial services organization with more than $395 billion in total assets under management. Our family of companies serves the needs of nearly 13 million clients by providing a broad-based portfolio of financial products and services including: investments, annuities, disability income insurance, life insurance, retirement services/401(k) plans, trust services, mutual funds and long-term care insurance. MassMutual Financial Group is committed to providing an inclusive work environment that capitalizes on the talents and contributions of all employees, regardless of age, race, gender, background, religion, disability, national origin, sexual orientation, or personal interests and beliefs.  We understand the importance of a diverse range of talent and ideas, and encourage our employees to share in this understanding. We foster respect for our employees, and provide a culture where each individual has the opportunity to be just that – an individual. Our impressive array of talented employees enables us to provide exceptional service to our continually expanding, diverse client base.  The strong growth of our business, ongoing development of new products and expansion into new markets is dependent on the inclusive work environment we maintain.  The position reports to the AVP in USIG Finance responsible for the valuation of the Universal Life and Variable Universal Life blocks of business.   Success in the position requires a solid commitment to excellence and to the actuarial profession, attention to detail, the ability to communicate effectively with other students and managers in the division, the ability to work on multiple projects simultaneously, and the ability to make progress towards the FSA designation.  RESPONSIBILITIESCandidate will play a key role on many interesting valuation and financial reporting projects such as: ·  Quarterly Reserve reporting – Statutory and tax policy reserves are calculated in accordance with regulations such as UL CRVM, XXX, Actuarial Guideline 37 (VUL GMDB Reserves), Actuarial Guideline 38 (AXXX Reserves), Regulation 147, and many others.  The Non Traditional Modeling area is not involved in producing the reserve reports directly but rather reviews and vouches for the appropriateness of the calculation techniques on both new and existing plans. ·  Quarterly Deferred Acquisition Cost (DAC/URR/SOP 03-1) reporting – DAC for UL and VUL falls under the guidelines of SFAS 97.  Plans with gains followed by losses fall under the auspices of SOP 03-1.  The candidate will be intricately involved in the quarterly projections of the inforce (in Triton) and recalculations of the DAC/URR and K% and U% factors.  Annual unlocking of assumptions also occurs along with the analysis of recoverability and loss recognition testing.  Model improvements are also continuously made as better modeling approaches are discovered. ·  Annual asset adequacy analysis which includes cash flow testing for the universal life and variable universal life blocks of business.  This annual exercise done during fourth quarter is very visible to senior management.  Improvements to the models are made on an ongoing basis. ·  Respond and plan for new laws and regulations such as Principles Based Reserves, Principles Based Capital (C-3 Phase 3), Emerging International Accounting Standards and Fair Value Accounting. ·  Sarbanes Oxley – maintain and improve control structures for all activities ·  Other responsibilities as needed.  REQUIREMENTS·  2+ years of relevant actuarial experience in the valuation of life insurance products.  ·  Universal Life or Variable Universal Life experience would be ideal but is not an absolute requirement.  ·  Successful completion of exams P, FM, MFE/MLC and C is required.·  Strong computer skills including a moderate to high level of skill in Microsoft Excel and Access.  ·  Ability to program in VB or other similar languages is a plus.  ·  Experience with actuarial software programs such as TAS, MoSes or other similar programs is also a plus. CONTACT: Marybeth Maino  Executive Recruiter – Actuarial Recruiting  MassMutual Financial  mmaino@massmutual.com   MassMutual is an Equal Opportunity EmployerM/F/V/D    Contact Information: Company: MassMutual Financial Group Location: Enfield, CT 06082 Job Category: Accounting/Finance/Insurance Career Level: Entry Level Status: Full Time, Employee