Corporate Vice President & Actuary, Group Pricing

Location Designation: Hybrid - 3 days per week 

 

 

When you join New York Life, you’re joining a company that values career development, collaboration, innovation, and inclusiveness. We want employees to feel proud about being part of a company that is committed to doing the right thing. You’ll have the opportunity to grow your career while developing personally and professionally through various resources and programs. New York Life is a relationship-based company and appreciates how both virtual and in-person interactions support our culture.

 

 

New York Life’s Group Benefit Solutions team is seeking a Corporate Vice President & Actuary, Group Pricing leader for a critical role in the organization. This individual will report to the VP, Head of Group Pricing.

 

Our Group Insurance division is a leading provider of group benefits products, including disability, life, accident, absence management and voluntary benefits. As a top player in the group market, our strong risk management and pricing discipline drive consistent organic growth and profitability. With over $4 billion of in-force premium we maintain a nationwide presence across all size segments above 50 lives.

 

Position Summary:

In this significant people leadership and relationship building role, the incumbent will lead a team responsible for developing and maintaining formula pricing across one or more of our Group Insurance products. S/he will partner heavily with Underwriting, Sales, Product Solutions and others to drive profitable growth and development of the company’s product and benefit suite, while ensuring strong governance and compliance.

 

Functional Responsibilities

This role has accountability for a team that is responsible for:

• Developing and maintaining accurate formula pricing across one or more of our key Group Insurance products
• Completing periodic rate reviews for manual and experience rates
• Looking for opportunities to enhance rating methodologies and variables
• Seeking feedback and engaging underwriting and sales partners to identify targeted improvement opportunities
• Providing strong case level support and working closely with our Underwriting teams
• Case level pricing reviews
• Pricing adjustments for non-standard benefits and provisions
• Timely responses to underwriter questions
• Driving profitable growth
• Partnering with Underwriting and Sales to develop strategies and identify areas of risk / opportunity
• Supporting the product development process by providing pricing for new and enhanced benefit offerings
• Ensuring compliance with all regulatory rate filing requirements

 

Leadership Responsibilities

• Lead a team of actuaries and actuarial students
• Continue to build and retain a high performing team; continuously look for opportunities to add, develop and upgrade talent
• Minimize voluntary turnover of strong performers
• Develop strong talent pipeline and ensure effective succession planning is in place
• Support development and exam progress of junior team members
• Network, participate at industry events to promote New York Life and connect with external actuarial talent
• Drive best practices across the pricing team
• Ensure appropriate structure / governance is in place to deliver on goals
• Build and maintain relationships across functions, especially Underwriting, and ensure pricing team is engaged as needed to support business strategy and priorities

 

Key Relationships:

• Underwriting
• Sales
• Product Solutions
• Valuation

 

Other Relationships (external):

• Brokers and employee benefits consultants
• Reinsurers and reinsurance brokers

 

Qualifications:

• Fellow or Associate of the Society of Actuaries
• Bachelor’s degree in actuarial science, mathematics, economics, or related field preferred 
• Minimum 10 years of experience in actuarial roles
• Exceptionally strong leadership qualities. Demonstrated accountability for development, coaching, talent pipeline and succession, networking
• Functional pricing technical expertise
• Demonstrated influence skill and ability
• Group Disability and Life experience strongly preferred

 

 

Salary range: $157,500-$237,500 

Overtime eligible: Exempt 

Discretionary bonus eligible: Yes 

Sales bonus eligible: No 

 

Click here to learn more about our benefits. Starting salary is dependent upon several factors including previous work experience, specific industry experience, and/or skills