Actuarial Intern, US Life

3 weeks ago

New York, New York, United States Munich Re Full time
POSITION: Actuarial Intern, US Life (2025 Summer Internship - New York, 4 months)

LOCATION: New York, NY

ANTICIPATED START DATE: Summer 2025

Together, we engage with everything we have and are, to help humankind act braver and better.

As the world's leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into manageable risk, we enable fundamental change. We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions. We dare to think big and are continuously innovating on behalf of our clients.

Our data, our technology, and our teams place us in a unique position to drive transformative change in the life insurance industry. We invest strategically in our world class talent, offering our employees a work experience that promotes professional development, innovation, and rewards high performance.

Munich Re Life US's Summer internship program provides you with an excellent opportunity to practically apply your classroom and technical training in the reinsurance industry. While with our team, you'll be; coached by experienced industry professionals, exposed to Munich Re leadership, challenged as a valuable team member and contributor doing meaningful work, and mentored to develop a solid foundation that will help position you as a future leader in the field.

You will be expected to relocate to the greater New York area, to meet our hybrid working model of at least 3 days a week in office. This provides a great opportunity to network, develop soft skills and become immersed within the greater Munich Re culture; including engaging with your team while in-office for face-to-face meetings, sharing meaningful moments, and allocating time to connect with your Manager. As there have been many changes throughout the pandemic/post pandemic, this policy is subject to change, based on business requirements.

Position Overview

Throughout your Summer internship, you will work closely with other Actuarial Associates and Actuaries within their respective departments, as well as with other key individuals across the organization. Departmental placements will be made closer to your start date based on internal business needs. In addition to the responsibilities in your assigned department, you will be exposed to all other actuarial departments in the firm through an immersive internship program which culminates in a capstone project that you will work on with other Summer interns.

Placement opportunities involve numerous departments, some of which are listed below:

Biometric Research:
As part of the Biometric Research team, you will help with the completion of experience studies and assist with quote reviews for different lines of business (Life, Longevity, Long Term Care). You will also use experience studies to analyze mortality and persistency trends within the life insurance industry as well as conduct research of key trends within the US general population. You can expect to gain valuable skills through working with large datasets, balancing multiple projects and learning from industry experts.

Corporate Actuarial:
This team is responsible for providing the financial results of the US Life & Health business. You will collaborate with many different functions across the company, to provide expertise and set assumptions for calculating policy liabilities. You will build and manage complex actuarial models, learn the details of current and upcoming regulations, perform analysis of the business, and work closely with other departments to invent creative solutions.

Pricing (Individual Life, Group, Living Benefits and Financial Reinsurance):
The focus of these teams is on acquiring and maintaining new business through fostering strong client relations, developing innovative solutions, and evaluating product profitability. You will be challenged to understand key drivers in profitability due to changes in assumptions, reinsurance agreements, industry trends, and product design. You will have the opportunity to work on high-impact projects including developing client strategies, building complex actuarial models, reporting key profit metrics, performing market research, and quoting on special business

Qualifications

We are looking for well-rounded individuals who are technically astute, have strong communication skills, and demonstrate the ability to build positive relationships with internal clients. We are seeking energetic and collaborative professionals who are excited to join our winning team and show promise of becoming a future leader in the reinsurance space.

Specifically, we're looking for the following qualifications:
  • Currently pursuing an Undergraduate or Master's degree in Actuarial Science, Math, Statistics, Risk Management, or equivalent program - in healthy academic standing;
  • Successful completion of one SOA exam (with two or more preferred);
  • Excellent communication skills - spoken & written, formal/informal presentation;
  • Proven capability to multi-task and successfully self-manage multiple priorities and projects of various significance;
  • Exhibits solid organizational skills and rigorous attention to detail/accuracy in a fast-paced environment;
  • Demonstrates leadership qualities - clear-thinking, curiosity, integrity, and drive;
  • Proficient Microsoft Excel skills;
  • Preference for candidates who have relevant work experience (in actuarial, insurance, or financial services desired).
The hourly pay rate range anticipated for this temporary position is $28 to $39. The hourly rate range estimate displayed represents the typical pay rate for candidates hired in this position. Factors that may be used to determine your hourly pay rate include your SOA exam progress, and your previous work term experience.

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