Senior Actuary – Insurance Risk Management

Job Description:

Providing for loved ones, planning rewarding retirements, saving enough for whatever lies ahead – our policyholders count on us to be there when it matters most. It’s a big ask, but it’s one that we have the power to deliver when we work together. We collaborate and innovate – pushing one another to transform not just Pacific Life, but the entire industry for the better. Why? Because it’s the right thing to do. Pacific Life is more than a job, it’s a career with purpose. It’s a career where you have the support, balance, and resources to make a positive impact on the future – including your own.

We’re actively seeking a talented senior actuary to join our Enterprise Insurance Risk Management team in Newport Beach, CA. This role is hybrid. We believe in empowering our employees to get work done both in and out of the office. Candidates open to relocating are encouraged to apply.

Pacific Life seeks to strategically and profitably grow insurance risk.  We take on insurance risk both as a direct writer (through the Consumer Market Division, Institutional Division and Workplace Benefit Division) and as a reinsurer (via the international Pacific Life Reinsurance Division) through diverse product offerings and global geographies.  This provides a unique opportunity to consider and connect multiple perspectives in creating a consistent view of insurance risk and the business implications.  You will contribute to the monitoring and quantification of enterprise-wide insurance risk including mortality, longevity, morbidity, policyholder behaviors, reinsurance, underwriting, etc. and the interactions with other relevant risks. 

To support Pacific Life’s digital first and data driven strategy, you will work with stakeholders and analytics practitioners across the enterprise to manage the risks in the development and implementation of data analytics strategy including accelerated underwriting, assumptions development, economic capital, and emerging regulatory requirements on the use of AI, etc.

How you will make an impact:

• Collaborate across divisions and functions to support appropriate Economic Capital (EC) modeling, stress calibration and risk aggregation. Ensure existing thinking and approaches are leveraged effectively between divisions.

• Act as a subject matter expert and resource across divisions with respect to insurance decrement assumption setting, as well as the research and development of insurance risk quantification including EC and Value of New Business (VNB) in pricing, valuation and capital management.

• Develop and maintain robust documentation, ensuring the Enterprise approach with respect to insurance risk is clear and accessible.

• Own and improve quarterly monitoring to provide a consolidated and consistent view of the enterprise’s insurance risk exposure.

• Support the Head of Insurance Risk Analytics & Oversight, Divisional CROs and the wider Risk function in providing effective second-line challenge and oversight through risk reviews of material transactions or significant new retail products as well as ad-hoc projects.

The experience you will bring:

• Bachelor’s degree in Math or related field.

• Has a Fellow of the Society of Actuaries (FSA) designation, an ASA designation with additional years of actuarial experience, or a similar organization; an advanced degree in a quantitative field is preferred.

• At least 6 years of responsible actuarial experience with significant exposure to product pricing, reinsurance, and insurance risk management across retail and institutional lines of business; global experience preferred.

• Proven track record of developing and applying advanced analytics models in application such as pricing, assumptions development and/or economic capital.

• Demonstrated ability to analyze and distill emerging risk trends, effectively communicate insights and identify potential risk mitigants.

What will make you stand out:

• Demonstrated courage in effective challenges with solid analysis as well as business acumen to drive practical solutions.

• Self-starter, has a continuous improvement mindset. Manages ambiguity, exhibits courage, can work effectively with and influence different levels of the organization and across business lines.

• Strong visual communication skills to tell “the story” with right level of details for a wide range of audiences.

• An advanced degree in a quantitative field such as statistics

• Hands-on experience in developing data science models w