Assistant Actuary - PRT Pricing

Company: Pacific Life
Location: Newport Beach
Posted on: May 26, 2023

Job Description:

Job Description:Pacific Life is investing in bright, agile and diverse talent to contribute to our mission of innovating our business and creating a superior customer experience. We're actively seeking a talented Assistant Actuary to join our Pension Risk Transfer Pricing Projects team in Newport Beach, CA . This role can be on-site, hybrid, or 100% remote.As an Assistant Actuary, you'll play a key role in Pacific Life's growth and long-term success by executing special pricing and product design projects for our Pension Risk Transfer (PRT) business. You will work closely and collaboratively with numerous areas including Pricing and Product Development, Risk Management, Modeling within the Institutional Division and across the enterprise. The Institutional Division is a rapidly growing and innovative Division, as such this role provides a great opportunity to continue to enhance the pricing process, think outside the box, and build oneself as an expert on the pricing of innovative products that are both novel to the company and the insurance industry. Candidates who meet most but not all requirements are encouraged to apply. Actual job title and offer will be based on experience and skillset. How you will make an impact:

• Identify and execute on planned pricing process improvements and transformation initiatives by leveraging Python, VBA, SQL, and other emerging technology to automate and standardize pricing processes
• Develop pricing methodology enhancements and collaborate closely with the PRT Transactions and Modeling teams to ensure methodology refinements and pricing framework changes are well understood and incorporated properly.
• Support pricing process improvement and redesign initiatives with quantifiable and tangible results
• Perform analysis to determine root cause of process barriers, identify sources of inefficiencies, and develop recommendations for process improvements
• Independently research, develop and recommend pricing methodologies, and risk mitigation strategies, on PRT products that adhere to regulatory requirements and the company's risk tolerance, respectively
• Assess the viability of product enhancements or new product initiatives with appropriate analytical rigor
• Build methodology prototypes to help address complex problems stemming from shock events, new pricing strategies, enterprise framework and/or regulatory framework changes
• Support sound methodologies with a particular focus on practical business applications in support of the Division's strategic objectives
• Provide overall support, assistance, direction, and communication to leaders regarding PRT market opportunity profit and risk analysis
• Deliver information required to support regular decision-making processes in a timely and accurate manner
• Conduct ad-hoc analysis and other special projects, as required The experience you will bring:
  • Bachelor's degree in Actuarial Science, Finance, Mathematics, Computer Science, or related field or equivalent work experience
  • ASA with 4+ years of strong actuarial work experience
  • Proficiency in Microsoft Excel is required with VBA coding experience.
  • Strong problem-solving skill, excellent strategic and critical thinking
  • Detail oriented with ability to work independently and collaboratively as part of a team
  • Ability to deliver timely, organized, and consistent results
  • Well organized with proven experience in handling multiple projects and meeting tight deadlines
  • Strong written and verbal communication skills What will make you stand out:
    • Prior experience with Pension Risk Transfer pricing or valuation a plus
    • Related programming (R, Python), data visualization, and database skills a plus
    • Experience with actuarial modeling systems, particularly Prophet Want to learn more about life at Pacific Life? Take an inside look at our company culture: lifeatpacificlife . Base Pay Range:The base pay range noted provides a basis to determine the appropriate offer dependent upon several factors including but not limited to geographic location, experience, skills, education and pay equity. Also, most employees are eligible for additional incentive pay.$93,700.00 - $117,100.00 - $158,100.00 Your Benefits Start Day 1 Your wellbeing is important to Pacific Life, and we're committed to providing you with flexible benefits that you can tailor to meet your needs. Whether you are focusing on your physical, financial, emotional, or social wellbeing, we've got you covered.
      • Prioritization of your health and well-being including Medical, Dental, Vision, and Wellbeing Reimbursement Account that can be used on yourself or your eligible dependents
      • Generous paid time off options including: Paid Time Off, Holiday Schedules, and Financial Planning Time Off
      • Paid Parental Leave as well as an Adoption Assistance Program
      • Competitive 401k savings plan with company match and an additional contribution regardless of participation EEO Statement: Pacific Life Insurance Company is an Equal Opportunity /Affirmative Action Employer, M/F/D/V. If you are a qualified individual with a disability or a disabled veteran, you have the right to request an accommodation if you are unable or limited in your ability to use or access our career center as a result of your disability. To request an accommodation, contact a Human Resources Representative at Pacific Life Insurance Company.

Keywords: Pacific Life, Newport Beach , Assistant Actuary - PRT Pricing, Accounting, Auditing , Newport Beach, California