AXA Equitable's Life Product Development team is investing in a new Actuarial Design team tasked with helping to drive the creation of new Individual Life Insurance products and enhancements that will better serve the needs of our customers and distributors. Working alongside Life product experts in our Market Strategy team, this team will contribute to the creation and analysis of these new ideas for growth while assessing financial, operational and regulatory risk.
New Product ideas require an approved business case prior to implementation. Members of the Actuarial Design team efficiently structure and vet new product or process ideas to answer the question "will it work?" This role requires strong, conceptual thinkers with the ability to understand market objectives and envision product designs that maximize value, minimize cost / risk while meeting regulatory and operational constraints. The Actuarial Design team is expected to provide reasonable initial assessment of profit results at key ages along with a rough sketch of product specifications as part of the submitted Business Case.
The Actuarial Design team will work closely with the Individual Life Pricing Team to understand and operate within the AXA Equitable pricing framework and financial objectives. The teams will also collaborate as appropriate on expansion of analyses toward the full pricing and implementation of approved Product Initiatives.
Key responsibilities include:
• Partner with the Pricing team to create working models for quick high-level initial profit/risk assessment
• Understand Operational and Regulatory constraints
• Create initial cost-benefit analyses
• In-depth knowledge of topics in the actuarial field, or an actuarial related field in finance
• ASA with at least 3 years of actuarial experience
• Software skills including MS Office/Excel/VBA. Additional computer programming knowledge including familiarity with Life Insurance pricing software (e.g. AXIS) is a plus
• Flexibility to adapt to dynamic projects
• Solid interpersonal/relationship management/communication skills – the ability to foster good working relationships with business partners is needed to gather required data and analyses
• Individual Life Insurance experience with knowledge and understanding of:
o Profitability and Risk impacts
o Product implementation lifecycle (design, specs, testing, etc.)
o Regulatory requirements (filing, admin)
o Policy administration
o Underwriting and New Business processing
• Ability to think outside the box with ability to get to "Win/Win" solutions to complex problems