Job Description

Position Summary

MassMutual is seeking an enthusiastic, well-rounded and motivated leader as Head of Liability ALM Strategy, a key leader in the companys Asset Liability Management (ALM) framework. This role will report directly to the Chief Actuary and will be a key member of the Corporate Actuarial Leadership Team. In concert with Investment Management (IM) and Enterprise Risk Management (ERM), this leader will be accountable for the ALM strategy and execution for all of MassMutuals insurance products, with particular focus on liability risks, and will successfully partner with stakeholders to develop a clear vision and strategic plan driving ALM methodologies, reporting, and analytics in support of ALM processes and decisions. The leader will serve as model owner of the actuarial systems and tools utilized to provide liability projections and insights in support of ALM production deliverables and future enhancements to enterprise ALM strategies. This leader will be responsible for the recruitment, development and effective management of a team of talented actuarial and quantitative professionals.

Skills

• Communicate effectively with the IOC and leaders in CFO, IM, ERM and business partners, including the translation of technical topics to different audiences and providing clarity of the business impact and insights to inform decisions
• Innovate and implement practical solutions in the development of complex liability models used in ALM/CFT across MassMutuals broad range of insurance products, including data issues/limitations
• Lead/facilitate discussions in cross-functional work groups (e.g., VA Oversight Committee, VA Risk Committee, Asset Liability Work Group, etc.) on ALM issues and topics; Influence via thought leadership, drive alignment and implement best practices/processes
• Collaborate across teams to ensure alignment of goals, effective execution of deliverables, and monitoring progress
• Navigate issues that arise and/or competing priorities; Effectively, negotiate the right solutions and positive outcomes across stakeholders
• Liaise with internal corporate and business departments and support a culture of service or proactive solutions and team support
• Establish strong credibility and executive presence with leadership to effectively drive ideas forward, impact management decision-making, and influence strategies
• Contribute to Corporate Actuarial thought leadership and positive team culture

Overall Responsibility

• In collaboration with IM and ERM, evaluate the on-going fit and adequacy of existing ALM strategies as the environment changes and make strategy, budget and other related recommendations, as applicable, while taking into account costs, risks and benefits of alternatives
• In collaboration with IM and ERM, evaluate existing ALM modeling and applicable metrics & measures to improve existing processes and/or make suggested changes
• Critically and logically build financial and/or non-financial analytical models that drive fact-based decision-making to support ALM decisions made by the leadership team
• Participate as member of the Capital Market Assumptions Group accountable for the review, update, management and monitoring processes and policies for recommending asset assumptions used in valuation, pricing and financial projections
• Provide thought leadership, technical expertise, and value-added support & guidance related to ALM
• Support enforcement of corporate guidelines and governance processes with respect to asset assumptions including sufficiency of documentation to meet CFT/VM-30, PBR/VM-31, VM-G, applicable SOPs and any other regulatory requirements
• Closely collaborate with the Product Pricing Oversight and Reinsurance Strategy & Management teams to ensure adequacy and appropriateness of investment assumptions and ALM strategies recommended as part of pricing exercises/financial reinsurance transactions
• Stay abreast of emerging regulations as they impact applicable aspects of ALM, hedging, economic assumptions and related actuarial work
• Team leadership, clear communication and solid partnership with the business and other departments
• In concert with IM and ERM, implement effective model governance, standards, testing procedures, and controls in the development, manufacturing, and delivery of ALM related models and projections
• Leverage expertise and industry insights in providing recommendations and driving decisions and actions to ensure delivery of leading-edge solutions
• Have a proven track record for attracting, developing, and retaining strong talent

Candidate Qualifications

• Bachelor's Degree or higher
• Fellow of the Society of Actuaries (FSA); CFA is a plus
• Minimum of 15 years of actuarial experience in ALM, hedging, capital management, actuarial/asset modeling, pricing, valuation/CFT, and/or in financial risk management
• Strong knowledge of US life insurance, annuity, and health products and the underlying actuarial and risk management concepts and practices; experience with quantifying, analyzing and managing a range of product risks
• Working knowledge and analysis of financial statements (Income Statements, Balance Sheet, Cash Flow Analysis) under different accounting frameworks
• Expertise in actuarial & financial modeling methodologies and techniques; Experience with actuarial projections software (Moody's AXIS, Prophet, etc.)
• Self-motivated and independent with strong analytical, critical thinking, and problem-solving skills; comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to problems and challenges
• Strong communication skills, both written and verbal, with experience in presenting to senior management; Able to convey complex materials to senior executives
• Ability to build and maintain strong working relationships across cross-functional groups
• Demonstrable experience with creative problem-solving and thought leadership
• Ability to work well under pressure and manage multiple deliverables

Seniority level

• Executive

Employment type

• Full-time

Job function

• Business Development and Sales

MassMutual is an equal employment opportunity employer. We welcome all persons to apply.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.

Job Tags

Similar Jobs