Assistant Director & Actuary at Northwestern Mutual

Milwaukee, Wisconsin, United States

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Not SpecifiedCompensation

Senior (5 to 8 years), Expert & Leadership (9+ years)Experience Level

Full TimeJob Type

UnknownVisa

InsuranceIndustries

Requirements

Attainment of Fellow of the Society of Actuaries (FSA) designation
A minimum of five years proven actuarial experience
Strong communication skills
A high degree of expertise in one or more areas of Department activities

Responsibilities

Provide professional actuarial advice/services critical to development, implementation, and maintenance of the Company's insurance, disability, annuity, and long-term care products
Develop appropriate premiums, dividends, reserves, and surplus requirements by analyzing mortality, morbidity, persistency, investment, and expense experience
Maintain equity and consistency among all policy owner underwriting classes while safeguarding the Company's long-term financial strength
Perform/supervise actuarial work required to advise on matters related to product pricing, dividend setting, reserve levels, mortality/morbidity issues, and field compensation
Stay current on actuarial techniques, and on laws and regulations pertinent to area of expertise
Provide guidance to others within assigned field of expertise
Life Insurance Pricing: Uphold industry-leading life insurance product line, including new product design and pricing, implementation of evolving regulations, and management of inforce policies, ensuring equity across all life insurance policyowners
Long-Term Care Insurance Pricing: Implement and maintain products offering long-term care insurance benefit, working with innovations like death benefit acceleration riders and life/long-term care hybrid products
Valuation: Perform Principle Based Reserve (PBR) calculations, analysis, and reporting; investigate assumptions; work with model development team on regulatory changes; present results to senior management; develop new processes for products under principle-based framework
Modeling: Design enhancements or new features for in-house models used for pricing, cashflow testing, reserving, and corporate projections; work closely with model users

Skills

Key technologies and capabilities for this role

Actuarial AnalysisLife Insurance PricingLong-Term Care PricingPrinciple Based Reserve (PBR)Mortality AnalysisMorbidity AnalysisProduct PricingReserve ValuationDividend SettingRegulatory Compliance

Questions & Answers

Common questions about this position

What is the salary range for the Assistant Director & Actuary position?

The pay range starts at $112,210.00 and ends at $208,390.00, with a geographic specific structure of $123,410.00.

Is this a remote position or does it require office work?

This is a hybrid role.

What qualifications are required for this actuarial role?

Candidates must have attainment of Fellow of the Society of Actuaries (FSA) designation, a minimum of five years proven actuarial experience, strong communication skills, and a high degree of expertise in one or more areas of Department activities.

What teams or areas might this role involve at Northwestern Mutual?

Roles could be in areas like Life Insurance Pricing, Long-Term Care Insurance Pricing, Valuation, or Modeling, providing opportunities to stretch into new areas based on interests and development objectives.

What makes a strong candidate for this Assistant Director & Actuary position?

A strong candidate holds an FSA designation, has at least five years of proven actuarial experience, demonstrates strong communication skills, and possesses deep expertise in departmental activities, with interest in areas like pricing, valuation, or modeling.

Northwestern Mutual

Provides financial security services, and wealth management

About Northwestern Mutual

Northwestern Mutual offers personalized financial planning, life insurance, and investment services, leveraging leading-edge technology to manage over $125 billion in client assets for more than 4.5 million clients.

Milwaukee, WisconsinHeadquarters

1856Year Founded

N/ACompany Stage

Consulting, Fintech, Financial ServicesIndustries

10,001+Employees

Benefits

Growing your Career

Compensation & Time Off

Insurance plans

Health Savings Account

Wellness programs & resources

401(k) plan and cash balance contributions

Risks

Fintech platforms like Carefull challenge traditional financial advisory services.

Internal competition may arise from Wellthi's focus on the Black community.

Customer dissatisfaction may grow due to increased retirement age expectations.

Differentiation

Northwestern Mutual maintains the highest financial strength ratings in the industry.

The company launched 'The Great Realization' campaign to refocus customer priorities.

Northwestern Mutual offers a unique Long-Term Advantage product with life insurance benefits.

Upsides

The aging population increases demand for retirement planning and long-term care solutions.

Partnerships with tech firms enhance Northwestern Mutual's data analytics capabilities.

Digital transformation in insurance leads to more personalized customer experiences.

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