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Head of Stable Value Product, Pricing and Investment Analysis

2 months ago


Boston, United States MassMutual Full time

POSITION SUMMARY

Reports to: Head of Institutional Product and Actuarial

MassMutual is seeking an accomplished Leader and Actuary to join the company’s Institutional Product and Actuarial team within MassMutual Institutional Solutions. The Institutional businesses, particularly Stable Value Investments are undergoing growth and represent a key component of the company’s overall business strategy. MassMutual is an industry leading provider of stable value with over three decades of stable value experience and a large book of business across a broad product suite of general account, separate account, CIT and wrapped solutions.

The Role:

This is a management role where the incumbent will utilize strong leadership, influence, product and technical knowledge to influence strategy and help drive risk-controlled profitable growth. The primary responsibilities will be to support the Stable Value line of business in areas of new product development, pricing as well as In-force product management, underwriting, and financial & risk management. A strong understanding of fixed income portfolio management and investment risk management is highly desirable. This role requires deep collaborative mind-set and high accountability. A successful candidate will build effective relationships with key stakeholders such as head of the business, business team, product and actuarial oversight, legal and other MassMutual functions as well as interact with external clients, intermediaries and partners as needed.

Key Responsibilities:

  • Management and development of the Stable Value actuarial team
  • Oversee the Stable Value pricing & product development process internally including prioritizing work being accountable for timely execution and delivery to the business
  • Oversee Stable Value asset and liability monitoring and management processes
  • Develop and bring to market new MassMutual products particularly in the Adviser segment of the market, including both general and separate account solutions
  • Oversee modifications of existing products including pricing, contracts, filing, risk assessment, and approvals from our corporate risk functions working in close partnership with the business lines
  • Maintenance of the Stable Value products including setting crediting rates, market value calculations, annuity rate calculations, and other product support needed for Stable Value
  • Manage team for underwriting new business and participating in contract negotiations as needed.
  • Financial & Risk analyses including capital usage, scenario modeling, investment strategies, risk limits, profit metrics, and actual to expected analyses
  • Risk Reporting and Re-Underwriting of Stable Value
  • Serve as a Key Liaison with corporate risk & finance functions, support the business as a critical technical partner
  • Solicit & analyze competitive data and develop strategies to ensure competitive pricing that fits within enterprise and business risk tolerances
  • Analyzing in depth available portfolio information underlying nearly 80 portfolios across various investment mandates representing over $30 Billion in assets
  • Leading other significant projects related to fixed income investments for Institutional Products
  • Assumptions & experience studies
  • Influence and contribute to ongoing business strategy and growth
  • Other unanticipated Stable Value actuarial projects in support of the Institutional businesses

QUALIFICATIONS

  • An accomplished FSA with experience in pricing, product development or investments
  • 10+ years experience in an Actuarial leadership role
  • Exceptionally strong knowledge of fixed income markets and instruments
  • Prior work in understanding of the stable value products and markets – Institutional wrap as well as general account solutions applied to various Defined Contribution plans
  • Demonstrates initiative and sense of urgency; delivering on multiple concurrent deliverables that are not always known in advance in a dynamic constantly evolving business line
  • Takes ownership and is results-orientated with a high accountability
  • Commitment to transparency and inclusive behaviors in dealings with business and other cross functional teams
  • Strong management skills with the ability to develop, coach, and delegate to a team of actuaries
  • Disciplined approach to strategic initiatives, business projects and day-to-day activities
  • Ability to analyze and comprehend complex information, as well as convey complex materials to non-technical audiences.
  • Comfortable dealing with both complexity and ambiguity, with ability to explore multiple solutions to a problem to meet the needs of our clients
  • Detail oriented with strong analytical, critical thinking and problem-solving skills
  • Excellent interpersonal and communication skills (written, verbal, presentation)
  • Advanced business degree and/or professional qualifications
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